Wipro (NYSE:WIT) Hits New 12-Month High at $4.73

Wipro Limited (NYSE:WIT) reached a new 52-week high on Wednesday . The stock traded as high as $4.73 and last traded at $4.72, with a volume of 976 shares changing hands. The stock had previously closed at $4.65.

Several equities analysts have recently issued reports on the company. Citigroup upgraded Wipro from a “neutral” rating to a “buy” rating in a research note on Thursday, July 16th. Zacks Investment Research upgraded Wipro from a “hold” rating to a “buy” rating and set a $4.25 price objective for the company in a research note on Saturday, July 18th. Finally, TheStreet upgraded Wipro from a “c+” rating to a “b” rating in a research note on Wednesday, July 29th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $3.86.

The firm has a 50 day moving average of $4.27 and a two-hundred day moving average of $3.47. The stock has a market cap of $26.47 billion, a PE ratio of 20.22, a PEG ratio of 2.21 and a beta of 0.63. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.58 and a quick ratio of 2.57.

Wipro (NYSE:WIT) last posted its earnings results on Tuesday, July 14th. The information technology services provider reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.01. The firm had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $1.89 billion. Wipro had a return on equity of 17.66% and a net margin of 15.88%. As a group, equities analysts anticipate that Wipro Limited will post 0.22 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Schroder Investment Management Group increased its position in Wipro by 45.4% during the first quarter. Schroder Investment Management Group now owns 13,846,577 shares of the information technology services provider’s stock worth $42,370,000 after buying an additional 4,324,368 shares during the period. State Street Corp increased its position in Wipro by 63.5% during the first quarter. State Street Corp now owns 12,100,248 shares of the information technology services provider’s stock worth $37,511,000 after buying an additional 4,700,185 shares during the period. AQR Capital Management LLC increased its position in Wipro by 22.9% during the first quarter. AQR Capital Management LLC now owns 9,047,624 shares of the information technology services provider’s stock worth $28,048,000 after buying an additional 1,687,345 shares during the period. LSV Asset Management increased its position in Wipro by 719.8% during the second quarter. LSV Asset Management now owns 6,602,483 shares of the information technology services provider’s stock worth $21,854,000 after buying an additional 5,797,062 shares during the period. Finally, Nordea Investment Management AB increased its position in Wipro by 118.9% during the second quarter. Nordea Investment Management AB now owns 6,579,648 shares of the information technology services provider’s stock worth $21,252,000 after buying an additional 3,573,535 shares during the period. 2.32% of the stock is currently owned by institutional investors.

Wipro Company Profile (NYSE:WIT)

Wipro Limited operates as an information technology (IT), consulting, and business process services (BPS) company worldwide. The company's IT Services segment offers a range of IT and IT-enabled services, including digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, infrastructure services, analytics services, BPS, research and development services, and hardware and software design services to various enterprises.

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