Wipro (NYSE:WIT) Sets New 1-Year High – What’s Next?

Shares of Wipro Limited (NYSE:WIT) reached a new 52-week high on Thursday . The stock traded as high as $3.75 and last traded at $3.75, with a volume of 844501 shares trading hands. The stock had previously closed at $3.66.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. HSBC raised shares of Wipro from a “reduce” rating to a “hold” rating in a report on Monday, December 9th. UBS Group raised Wipro from a “sell” rating to a “neutral” rating in a report on Thursday, January 2nd. StockNews.com upgraded shares of Wipro from a “hold” rating to a “buy” rating in a research report on Monday, January 20th. Finally, Investec downgraded shares of Wipro from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy”.

Wipro Stock Performance

The firm has a fifty day moving average of $4.74 and a 200-day moving average of $5.81. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $39.35 billion, a price-to-earnings ratio of 25.97, a PEG ratio of 3.09 and a beta of 0.91.

Wipro (NYSE:WIT) last released its quarterly earnings results on Friday, January 17th. The information technology services provider reported $0.04 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.04. Wipro had a return on equity of 15.71% and a net margin of 13.96%. As a group, sell-side analysts anticipate that Wipro Limited will post 0.14 EPS for the current year.

Hedge Funds Weigh In On Wipro

Institutional investors have recently made changes to their positions in the stock. Ridgewood Investments LLC increased its position in Wipro by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 7,114 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 3,557 shares in the last quarter. GAMMA Investing LLC raised its stake in Wipro by 37.8% during the third quarter. GAMMA Investing LLC now owns 8,841 shares of the information technology services provider’s stock worth $57,000 after purchasing an additional 2,426 shares during the period. Abacus Wealth Partners LLC acquired a new position in shares of Wipro in the 3rd quarter valued at $71,000. Werba Rubin Papier Wealth Management purchased a new stake in shares of Wipro during the 3rd quarter valued at $71,000. Finally, BOCHK Asset Management Ltd acquired a new stake in shares of Wipro during the 4th quarter worth $42,000. 2.36% of the stock is owned by institutional investors and hedge funds.

Wipro Company Profile

Wipro Limited operates as an information technology (IT), consulting, and business process services company worldwide. It operates through IT Services and IT Products segments. 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.