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

Wipro Limited (NYSE:WIT) has been given an average recommendation of “Hold” by the seven brokerages that are covering the company, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and two have given a buy recommendation to the company.

WIT has been the topic of several analyst reports. The Goldman Sachs Group initiated coverage on shares of Wipro in a research note on Monday, December 21st. They issued a “sell” rating on the stock. Zacks Investment Research lowered Wipro from a “hold” rating to a “sell” rating in a research report on Saturday, April 3rd. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upgraded Wipro from a “neutral” rating to a “buy” rating in a research report on Friday. Finally, Nomura upgraded Wipro from a “reduce” rating to a “neutral” rating in a report on Friday.

Shares of WIT stock opened at $6.56 on Friday. The firm has a market capitalization of $37.35 billion, a price-to-earnings ratio of 28.52, a PEG ratio of 2.35 and a beta of 0.60. The company has a current ratio of 2.58, a quick ratio of 2.57 and a debt-to-equity ratio of 0.03. The business’s 50-day moving average price is $6.43 and its 200-day moving average price is $5.79. Wipro has a 12 month low of $2.79 and a 12 month high of $6.76.

Wipro (NYSE:WIT) last posted its earnings results on Wednesday, April 14th. The information technology services provider reported $0.07 EPS for the quarter, hitting the consensus estimate of $0.07. Wipro had a net margin of 15.72% and a return on equity of 17.14%. On average, sell-side analysts predict that Wipro will post 0.23 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of the business. JJJ Advisors Inc. raised its position in shares of Wipro by 196.8% in the 4th quarter. JJJ Advisors Inc. now owns 10,840 shares of the information technology services provider’s stock worth $61,000 after acquiring an additional 7,188 shares in the last quarter. Level Four Advisory Services LLC acquired a new stake in Wipro during the fourth quarter worth approximately $77,000. The Manufacturers Life Insurance Company bought a new stake in Wipro in the fourth quarter worth approximately $79,000. Raymond James Financial Services Advisors Inc. acquired a new position in Wipro in the fourth quarter valued at approximately $79,000. Finally, LPL Financial LLC bought a new position in shares of Wipro during the 4th quarter worth approximately $91,000. 2.32% of the stock is currently owned by institutional investors and hedge funds.

About Wipro

Wipro Ltd. is a global information technology, consulting and outsourcing company, which engages in the development and integration of solutions. It operates through the Information Technology Services and Information Technology Products segments. The Information Technology Services segment provides IT and IT-enabled services which include IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, BPO services, cloud, mobility and analytics services, research and development and hardware and software design.

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