Analysts Set Wipro Limited (WIT) Target Price at $141.50

Shares of Wipro Limited (NYSE:WIT) have received a consensus rating of “Hold” from the seven ratings firms that are covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, one has assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $141.50.

Several equities research analysts have commented on the company. BidaskClub raised Wipro from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 16th. BNP Paribas downgraded Wipro from a “hold” rating to a “reduce” rating in a report on Thursday, September 14th. Zacks Investment Research cut Wipro from a “buy” rating to a “hold” rating in a research note on Friday, September 8th. Finally, Goldman Sachs Group cut Wipro from a “neutral” rating to a “sell” rating in a research note on Sunday, September 17th.

Wipro (WIT) traded up $0.07 during trading on Thursday, reaching $5.24. The company’s stock had a trading volume of 610,269 shares, compared to its average volume of 1,371,966. The company has a quick ratio of 2.52, a current ratio of 2.53 and a debt-to-equity ratio of 0.06. Wipro has a twelve month low of $4.50 and a twelve month high of $6.40. The company has a market capitalization of $25,475.83, a P/E ratio of 19.05, a price-to-earnings-growth ratio of 2.62 and a beta of 0.74.

Wipro (NYSE:WIT) last released its earnings results on Tuesday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.01. Wipro had a return on equity of 16.14% and a net margin of 15.77%. The business had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.17 billion. equities analysts expect that Wipro will post 0.25 EPS for the current fiscal year.

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. raised its stake in shares of Wipro by 112.3% in the second quarter. BlackRock Inc. now owns 17,915,466 shares of the information technology services provider’s stock worth $93,159,000 after purchasing an additional 9,475,887 shares during the last quarter. Vanguard Group Inc. increased its position in Wipro by 108.9% during the second quarter. Vanguard Group Inc. now owns 13,490,025 shares of the information technology services provider’s stock valued at $70,148,000 after acquiring an additional 7,030,846 shares during the last quarter. Commonwealth Bank of Australia increased its position in Wipro by 100.1% during the second quarter. Commonwealth Bank of Australia now owns 8,822,315 shares of the information technology services provider’s stock valued at $45,875,000 after acquiring an additional 4,412,296 shares during the last quarter. Nordea Investment Management AB increased its position in Wipro by 52.7% during the second quarter. Nordea Investment Management AB now owns 7,072,417 shares of the information technology services provider’s stock valued at $36,777,000 after acquiring an additional 2,441,298 shares during the last quarter. Finally, State Street Corp increased its position in Wipro by 131.7% during the second quarter. State Street Corp now owns 5,965,542 shares of the information technology services provider’s stock valued at $31,022,000 after acquiring an additional 3,390,392 shares during the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.

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About Wipro

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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