Wipro (NYSE:WIT) Coverage Initiated at Nomura

Stock analysts at Nomura began coverage on shares of Wipro (NYSE:WIT) in a report released on Tuesday, MarketBeat Ratings reports. The brokerage set a “buy” rating on the information technology services provider’s stock.

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

Wipro Stock Down 0.4 %

Shares of NYSE:WIT opened at $6.40 on Tuesday. The firm has a market cap of $33.38 billion, a P/E ratio of 25.58, a P/E/G ratio of 4.20 and a beta of 0.90. Wipro has a 12-month low of $4.48 and a 12-month high of $6.45. The business has a fifty day simple moving average of $5.54 and a 200 day simple moving average of $5.69. The company has a quick ratio of 2.57, a current ratio of 2.58 and a debt-to-equity ratio of 0.08.

Wipro (NYSE:WIT) last issued its quarterly earnings data on Friday, April 19th. 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 return on equity of 15.60% and a net margin of 12.29%. The company had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.65 billion. Analysts predict that Wipro will post 0.27 earnings per share for the current year.

Hedge Funds Weigh In On Wipro

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in shares of Wipro by 4.6% during the 3rd quarter. Vanguard Group Inc. now owns 12,472,687 shares of the information technology services provider’s stock valued at $60,368,000 after acquiring an additional 553,433 shares during the period. BNP Paribas Financial Markets boosted its position in shares of Wipro by 65.5% during the 1st quarter. BNP Paribas Financial Markets now owns 6,160,285 shares of the information technology services provider’s stock worth $35,422,000 after purchasing an additional 2,437,802 shares in the last quarter. Fisher Asset Management LLC grew its stake in shares of Wipro by 3.8% in the 4th quarter. Fisher Asset Management LLC now owns 2,313,160 shares of the information technology services provider’s stock valued at $12,884,000 after buying an additional 84,519 shares during the period. Deutsche Bank AG increased its position in Wipro by 25.8% in the 3rd quarter. Deutsche Bank AG now owns 1,908,734 shares of the information technology services provider’s stock valued at $9,238,000 after buying an additional 390,947 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in Wipro by 44.0% during the 4th quarter. Wellington Management Group LLP now owns 1,866,359 shares of the information technology services provider’s stock worth $10,396,000 after buying an additional 570,001 shares during the period. 2.36% of the stock is currently owned by institutional investors.

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.