Wipro (NYSE:WIT) Sets New 12-Month High – Here’s What Happened

Wipro Limited (NYSE:WIT)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $7.29 and last traded at $7.27, with a volume of 8001 shares changing hands. The stock had previously closed at $7.18.

Analyst Ratings Changes

WIT has been the subject of a number of research analyst reports. Investec cut shares of Wipro from a “hold” rating to a “sell” rating in a research report on Thursday, October 3rd. HSBC raised shares of Wipro from a “reduce” rating to a “hold” rating in a report on Monday. Finally, StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a report on Wednesday, December 4th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Wipro presently has a consensus rating of “Hold” and a consensus target price of $5.60.

Wipro Stock Up 1.3 %

The company has a debt-to-equity ratio of 0.08, a current ratio of 2.69 and a quick ratio of 2.69. The stock has a 50-day moving average price of $6.72 and a 200-day moving average price of $6.30. The company has a market capitalization of $37.99 billion, a P/E ratio of 26.59, a P/E/G ratio of 4.72 and a beta of 0.92.

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

Wipro (NYSE:WIT) last issued its quarterly earnings results on Thursday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, meeting analysts’ consensus estimates of $0.07. The company had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.66 billion. Wipro had a return on equity of 14.98% and a net margin of 13.23%. On average, research analysts predict that Wipro Limited will post 0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Wipro

Several hedge funds have recently bought and sold shares of the company. Frank Rimerman Advisors LLC bought a new stake in shares of Wipro during the 2nd quarter worth $531,000. Segall Bryant & Hamill LLC bought a new stake in Wipro during the third quarter worth about $610,000. CWM LLC boosted its holdings in shares of Wipro by 11.8% in the 2nd quarter. CWM LLC now owns 20,621 shares of the information technology services provider’s stock worth $126,000 after purchasing an additional 2,178 shares in the last quarter. Allspring Global Investments Holdings LLC bought a new position in shares of Wipro during the 3rd quarter valued at about $860,000. Finally, AQR Capital Management LLC raised its holdings in shares of Wipro by 12.9% during the 2nd quarter. AQR Capital Management LLC now owns 694,610 shares of the information technology services provider’s stock valued at $4,223,000 after buying an additional 79,431 shares in the last quarter. Hedge funds and other institutional investors own 2.36% of the company’s stock.

About Wipro

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.