Wipro Limited (NYSE:WIT) Receives Average Rating of “Hold” from Brokerages

Shares of Wipro Limited (NYSE:WIT) have earned an average rating of “Hold” from the five brokerages that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation, one has given a buy recommendation and one has issued a strong buy recommendation on the company.

Several brokerages recently weighed in on WIT. HSBC upgraded Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. UBS Group upgraded Wipro from a “sell” rating to a “neutral” rating in a report on Thursday, January 2nd. Investec cut Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Finally, StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a report on Monday, January 20th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp raised its position in Wipro by 0.8% during the 3rd quarter. State Street Corp now owns 10,826,697 shares of the information technology services provider’s stock valued at $70,157,000 after purchasing an additional 87,682 shares during the last quarter. Millennium Management LLC raised its position in Wipro by 67.6% during the 2nd quarter. Millennium Management LLC now owns 5,622,699 shares of the information technology services provider’s stock valued at $34,298,000 after purchasing an additional 2,267,995 shares during the last quarter. Fisher Asset Management LLC raised its position in Wipro by 72.2% during the 3rd quarter. Fisher Asset Management LLC now owns 3,802,182 shares of the information technology services provider’s stock valued at $24,638,000 after purchasing an additional 1,593,619 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in shares of Wipro by 147.1% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 3,562,214 shares of the information technology services provider’s stock worth $12,610,000 after acquiring an additional 2,120,454 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Wipro by 116.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,610,319 shares of the information technology services provider’s stock worth $10,435,000 after acquiring an additional 867,516 shares in the last quarter. Institutional investors own 2.36% of the company’s stock.

Wipro Price Performance

WIT opened at $3.77 on Friday. The stock has a 50-day moving average price of $4.80 and a 200-day moving average price of $5.82. Wipro has a 12-month low of $2.55 and a 12-month high of $3.79. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $39.35 billion, a P/E ratio of 25.97, a PEG ratio of 3.09 and a beta of 0.91.

Wipro (NYSE:WIT) last posted its quarterly earnings data on Friday, January 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.04. Wipro had a return on equity of 15.71% and a net margin of 13.96%. Equities analysts predict that Wipro will post 0.14 earnings per share for the current fiscal year.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. The IT Services segment offers IT and IT-enabled services, including digital strategy advisory, customer-centric design, technology and IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, cloud and infrastructure, business process, cloud, mobility and analytics, research and development, and hardware and software design services to enterprises.