Wipro Limited (NYSE:WIT – Get Rating) shares hit a new 52-week low during mid-day trading on Friday . The company traded as low as $4.92 and last traded at $4.96, with a volume of 2786455 shares. The stock had previously closed at $5.07.
Analysts Set New Price Targets
A number of equities research analysts have recently commented on the stock. Morgan Stanley downgraded shares of Wipro from an "overweight" rating to an "underweight" rating in a report on Thursday, July 14th. The Goldman Sachs Group upgraded shares of Wipro from a "sell" rating to a "buy" rating and set a $4.87 target price for the company in a report on Tuesday. They noted that the move was a valuation call. StockNews.com cut shares of Wipro from a "buy" rating to a "hold" rating in a research report on Wednesday, June 29th. Nomura cut shares of Wipro from a "buy" rating to a "neutral" rating in a research report on Wednesday, May 25th. Finally, Jefferies Financial Group cut shares of Wipro from a "hold" rating to an "underperform" rating and reduced their target price for the stock from $7.30 to $4.70 in a research report on Friday, July 8th. Five research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $4.79.
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Wipro Stock Down 2.2 %
The company has a current ratio of 1.95, a quick ratio of 1.94 and a debt-to-equity ratio of 0.09. The stock has a 50-day moving average of $5.22 and a 200-day moving average of $6.12. The firm has a market cap of $27.12 billion, a price-to-earnings ratio of 18.26, a price-to-earnings-growth ratio of 2.10 and a beta of 0.83.
Wipro (NYSE:WIT – Get Rating) last issued its quarterly earnings data on Wednesday, July 20th. The information technology services provider reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.02). Wipro had a net
margin of 14.06% and a return on equity of 17.66%. The firm had revenue of $2.72 billion during the quarter, compared to the consensus estimate of $2.75 billion. As a group, sell-side analysts forecast that Wipro Limited will post 0.27 EPS for the current fiscal year.
Institutional Trading of Wipro
Large investors have recently added to or reduced their stakes in the business. 1832 Asset Management L.P. bought a new position in shares of Wipro in the first quarter worth $26,000. Glassman Wealth Services lifted its holdings in Wipro by 66.9% in the fourth quarter. Glassman Wealth Services now owns 3,585 shares of the information technology services provider's stock worth $35,000 after purchasing an additional 1,437 shares during the period. CWM LLC grew its position in Wipro by 111.3% in the 1st quarter. CWM LLC now owns 7,582 shares of the information technology services provider's stock valued at $58,000 after buying an additional 3,994 shares in the last quarter. Lindbrook Capital LLC increased its stake in Wipro by 31.0% during the 1st quarter. Lindbrook Capital LLC now owns 8,000 shares of the information technology services provider's stock valued at $62,000 after buying an additional 1,895 shares during the period. Finally, Deuterium Capital Management LLC acquired a new stake in shares of Wipro in the 2nd quarter worth approximately $53,000. 2.13% of the stock is currently owned by institutional investors and hedge funds.
About Wipro
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Wipro Limited operates as information technology (IT), consulting, and business process services company worldwide. It operates through three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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.
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