Wipro (NYSE:WIT) Reaches New 12-Month High – What’s Next?

Wipro Limited (NYSE:WIT) shares hit a new 52-week high during trading on Thursday . The company traded as high as $3.75 and last traded at $3.75, with a volume of 844501 shares traded. The stock had previously closed at $3.66.

Wall Street Analysts Forecast Growth

WIT has been the subject of a number of recent research reports. Investec lowered Wipro from a “hold” rating to a “sell” rating in a research note on Thursday, October 3rd. UBS Group raised shares of Wipro from a “sell” rating to a “neutral” rating in a research report on Thursday, January 2nd. StockNews.com raised shares of Wipro from a “hold” rating to a “buy” rating in a report on Monday, January 20th. Finally, HSBC upgraded shares of Wipro from a “reduce” rating to a “hold” rating in a research note on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy”.

Wipro Price Performance

The company has a debt-to-equity ratio of 0.08, a current ratio of 2.69 and a quick ratio of 2.69. The company has a fifty day moving average price of $4.74 and a 200 day moving average price of $5.81. The company has a market capitalization of $39.35 billion, a P/E ratio of 25.97, a price-to-earnings-growth ratio of 3.09 and a beta of 0.91.

Wipro (NYSE:WIT) last issued its quarterly earnings data on Friday, January 17th. The information technology services provider reported $0.04 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%. On average, sell-side analysts forecast that Wipro Limited will post 0.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Wipro

Hedge funds have recently made changes to their positions in the company. Glenmede Trust Co. NA boosted its holdings in shares of Wipro by 4.9% during the third quarter. Glenmede Trust Co. NA now owns 37,327 shares of the information technology services provider’s stock worth $242,000 after purchasing an additional 1,746 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Wipro by 16.7% in the second quarter. Bank of New York Mellon Corp now owns 14,686 shares of the information technology services provider’s stock worth $90,000 after acquiring an additional 2,104 shares during the last quarter. BSW Wealth Partners raised its holdings in shares of Wipro by 2.8% during the third quarter. BSW Wealth Partners now owns 88,446 shares of the information technology services provider’s stock worth $573,000 after acquiring an additional 2,418 shares in the last quarter. GAMMA Investing LLC boosted its position in Wipro by 37.8% during the third quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider’s stock valued at $57,000 after purchasing an additional 2,426 shares during the last quarter. Finally, Xponance Inc. grew its stake in Wipro by 21.7% in the second quarter. Xponance Inc. now owns 15,866 shares of the information technology services provider’s stock valued at $97,000 after purchasing an additional 2,832 shares in the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.

Wipro Company Profile

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.