Wipro (NYSE:WIT) Sets New 52-Week High – Should You Buy?

Wipro Limited (NYSE:WIT) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $7.14 and last traded at $7.13, with a volume of 86446 shares changing hands. The stock had previously closed at $7.08.

Analysts Set New Price Targets

WIT has been the subject of a number of research reports. Investec downgraded Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. StockNews.com upgraded shares of Wipro from a “hold” rating to a “buy” rating in a research note on Wednesday. Three investment analysts have rated the stock with a sell rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $5.60.

Wipro Trading Up 0.4 %

The company has a 50 day moving average of $6.67 and a 200 day moving average of $6.25. The firm has a market cap of $37.15 billion, a price-to-earnings ratio of 26.41, a price-to-earnings-growth ratio of 4.77 and a beta of 0.92. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 0.08.

Wipro’s stock is going to split on Wednesday, December 11th. The 2-1 split was announced on Tuesday, October 22nd. The newly minted shares will be payable to shareholders after the market closes on Tuesday, December 10th.

Wipro (NYSE:WIT) last announced its earnings results on Thursday, October 17th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.07. Wipro had a net margin of 13.23% and a return on equity of 14.98%. The business had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.66 billion. As a group, research analysts anticipate that Wipro Limited will post 0.27 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Franklin Resources Inc. increased its holdings in Wipro by 9.1% during the 3rd quarter. Franklin Resources Inc. now owns 35,371 shares of the information technology services provider’s stock valued at $233,000 after purchasing an additional 2,951 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Wipro in the third quarter valued at $696,000. XTX Topco Ltd bought a new position in shares of Wipro in the third quarter valued at about $347,000. State Street Corp lifted its position in Wipro by 0.8% during the 3rd quarter. State Street Corp now owns 10,826,697 shares of the information technology services provider’s stock worth $70,157,000 after buying an additional 87,682 shares in the last quarter. Finally, Quantinno Capital Management LP bought a new stake in Wipro during the 3rd quarter worth about $702,000. Institutional investors own 2.36% of the company’s stock.

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.