Macquarie Remains a Buy on Wipro Limited (WIPRO)

In a report released yesterday, Ravi Menon CFA from Macquarie maintained a Buy rating on Wipro Limited, with a price target of INR290.00. The company’s shares closed yesterday at INR235.75.

Elevate Your Investing Strategy:

• Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.

Menon CFA covers the Technology sector, focusing on stocks such as Tech Mahindra Limited, L&T Technology Services Ltd., and Birlasoft Limited. According to TipRanks, Menon CFA has an average return of -1.9% and a 46.15% success rate on recommended stocks.

The word on The Street in general, suggests a Hold analyst consensus rating for Wipro Limited with a INR258.46 average price target, a 9.63% upside from current levels. In a report released yesterday, CLSA also maintained a Buy rating on the stock with a INR319.00 price target.

Based on Wipro Limited’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of INR221.35 billion and a net profit of INR33.3 billion. In comparison, last year the company earned a revenue of INR219.64 billion and had a net profit of INR30.03 billion

Based on the recent corporate insider activity of 387 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of WIPRO in relation to earlier this year.