Nomura Begins Coverage on Wipro (NYSE:WIT)

Analysts at Nomura initiated coverage on shares of Wipro (NYSE:WIT) in a report issued on Tuesday, Briefing.com reports. The brokerage set a “buy” rating on the information technology services provider’s stock.

Separately, StockNews.com upgraded Wipro from a “hold” rating to a “buy” rating in a research report on Friday, May 24th. Three analysts have rated the stock with a sell rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $5.30.

Wipro Stock Up 1.5 %

WIT opened at $6.19 on Tuesday. The business’s 50-day simple moving average is $5.51 and its 200-day simple moving average is $5.68. The company has a debt-to-equity ratio of 0.08, a quick ratio of 2.57 and a current ratio of 2.58. Wipro has a one year low of $4.48 and a one year high of $6.45. The stock has a market capitalization of $32.31 billion, a P/E ratio of 24.76, a price-to-earnings-growth ratio of 4.20 and a beta of 0.90.

Wipro (NYSE:WIT) last issued its quarterly earnings results on Friday, April 19th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.07. The firm had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.65 billion. Wipro had a return on equity of 15.60% and a net margin of 12.29%. Analysts anticipate that Wipro will post 0.27 EPS for the current year.

Institutional Investors Weigh In On Wipro

A number of institutional investors have recently added to or reduced their stakes in WIT. GAMMA Investing LLC boosted its holdings in Wipro by 47.2% in the 1st quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock valued at $33,000 after purchasing an additional 1,858 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new stake in Wipro in the 1st quarter valued at approximately $60,000. Intelligence Driven Advisers LLC purchased a new stake in Wipro in the 4th quarter valued at approximately $61,000. Essex Savings Bank purchased a new stake in Wipro in the 4th quarter valued at approximately $67,000. Finally, Prime Capital Investment Advisors LLC purchased a new stake in Wipro in the 4th quarter valued at approximately $72,000. Hedge funds and other 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 three segments: IT Services, IT Products, and India State Run Enterprise Services (ISRE). 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.