Wipro Ltd. (WIT) Receives $9.75 Consensus Target Price from Brokerages
Wipro Ltd. (NYSE:WIT) has been assigned a consensus rating of “Sell” from the nine research firms that are presently covering the firm. Five research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $9.75.
WIT has been the subject of a number of analyst reports. TheStreet downgraded shares of Wipro from a “buy” rating to a “hold” rating in a research report on Friday, September 16th. Zacks Investment Research upgraded shares of Wipro from a “sell” rating to a “hold” rating in a research report on Tuesday, September 6th. Nomura downgraded shares of Wipro from a “neutral” rating to a “reduce” rating in a research report on Monday, October 24th. HSBC downgraded shares of Wipro from a “hold” rating to a “reduce” rating in a research report on Tuesday, August 9th. Finally, Wedbush initiated coverage on shares of Wipro in a research report on Thursday, September 8th. They issued an “underperform” rating and a $8.50 price target for the company.
Wipro (NYSE:WIT) opened at 9.24 on Friday. Wipro has a 12 month low of $9.23 and a 12 month high of $13.08. The firm has a 50-day moving average price of $9.69 and a 200-day moving average price of $11.02. The company has a market capitalization of $22.33 billion, a price-to-earnings ratio of 17.77 and a beta of 1.00.
Wipro (NYSE:WIT) last released its quarterly earnings results on Friday, October 21st. The company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by $0.01. Wipro had a net margin of 15.96% and a return on equity of 18.06%. The business earned $137.66 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the previous year, the firm posted $9.08 earnings per share. The firm’s quarterly revenue was up 10.0% on a year-over-year basis. On average, equities analysts anticipate that Wipro will post $0.54 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently made changes to their positions in WIT. State Street Corp increased its position in shares of Wipro by 6.8% in the first quarter. State Street Corp now owns 2,252,451 shares of the company’s stock valued at $28,332,000 after buying an additional 144,090 shares in the last quarter. UBS Group AG boosted its stake in Wipro by 27.6% in the first quarter. UBS Group AG now owns 60,308 shares of the company’s stock worth $758,000 after buying an additional 13,032 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Wipro by 5.8% in the first quarter. Goldman Sachs Group Inc. now owns 187,392 shares of the company’s stock worth $2,357,000 after buying an additional 10,223 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Wipro by 52.9% in the first quarter. Renaissance Technologies LLC now owns 871,900 shares of the company’s stock worth $10,969,000 after buying an additional 301,800 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in Wipro by 2.3% in the first quarter. Legal & General Group Plc now owns 137,817 shares of the company’s stock worth $1,733,000 after buying an additional 3,100 shares during the last quarter. Institutional investors and hedge funds own 2.38% of the company’s stock.
Wipro Company Profile
Wipro Limited (Wipro) is a global information technology (IT) services provider. It operates through two segments: IT Services and IT Products. The Company’s IT Services business provides a range of IT and IT-enabled services, which include digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, analytics services, business process services, research and development and hardware and software design.
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