Jefferies Financial Group brokers raise earnings estimates for Wipro Limited (NYSE:WIT)


Wipro Limited (NYSE:WIT) – Equity researchers at Jefferies Financial Group have raised their earnings per share (EPS) estimates for fiscal year 2023 for shares of Wipro in a research note released Thursday, January 13. Jefferies Financial Group analyst A. Agarwal now expects the information technology services provider to post earnings per share of $0.31 for the year, up from its previous estimate of 0. $.30. Jefferies Financial Group also released estimates for Wipro’s fiscal year 2024 earnings of $0.34 EPS.

A number of other research analysts have also weighed in on the stock recently. Zacks Investment Research upgraded Wipro shares from a “hold” rating to a “buy” rating and set a price target of $11.00 on the stock in a report released Thursday. JPMorgan Chase & Co. upgraded Wipro shares from an “underweight” rating to a “neutral” rating in a Thursday, September 30 report. Finally, Morgan Stanley upgraded Wipro shares from an “underweight” rating to an “equally weighted” rating in a Thursday, October 14, report. Four research analysts gave the stock a hold rating and three gave the stock a buy rating. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $8.62.

Wipro stock opened at $8.63 on Friday. The company has a market capitalization of $47.29 billion, a P/E ratio of 29.76, a P/E/G ratio of 3.61 and a beta of 0.66. The company’s fifty-day simple moving average is $9.04 and its 200-day simple moving average is $8.91. The company has a current ratio of 2.30, a quick ratio of 2.30 and a debt ratio of 0.09. Wipro has a 1-year low of $6.09 and a 1-year high of $9.96. Wipro (NYSE:WIT) last released its results on Tuesday, January 11. The information technology services provider reported earnings per share (EPS) of $0.07 for the quarter, missing analyst consensus estimates of $0.08 per ($0.01). Wipro had a net margin of 17.33% and a return on equity of 21.07%. In the same quarter last year, the company posted EPS of $0.07.

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A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Liberty Wealth Management LLC increased its position in Wipro shares by 489.0% during the third quarter. Liberty Wealth Management LLC now owns 2,727 shares of the information technology service provider valued at $25,000 after acquiring 2,264 additional shares last quarter. Atticus Wealth Management LLC acquired a new equity stake in Wipro during Q3 valued at approximately $40,000. D Orazio & Associates Inc. acquired a new equity stake in Wipro during Q3 valued at approximately $45,000. Intersect Capital LLC acquired a new equity stake in Wipro during Q3 valued at approximately $91,000. Finally, Evergreen Capital Management LLC acquired a new equity stake in Wipro during Q3 valued at approximately $91,000. Institutional investors hold 2.30% of the company’s shares.

About Wipro

Wipro Ltd. is a global information technology, consulting and outsourcing company, which engages in the development and integration of solutions. It operates through Information Technology Services, India State Run Enterprise (ISRE) and Information Technology Products segments. The Information Technology Services segment provides a range of IT and IT-based services, which include digital strategy consulting, customer-centric design, technology consulting, IT consulting, design custom application services, development, re-engineering and maintenance, system integration, package implementation, global infrastructure services, analysis services, business process services, research and development and hardware design and software to businesses around the world.

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Earnings history and estimates for Wipro (NYSE:WIT)

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