Nomura Begins Coverage on Wipro (NYSE:WIT)

Nomura assumed coverage on shares of Wipro (NYSE:WIT) in a report issued on Tuesday morning, MarketBeat reports. The firm issued a buy rating on the information technology services provider’s stock.

Separately, StockNews.com raised Wipro from a hold rating to a buy rating in a report on Friday, May 24th. Three research analysts have rated the stock with a sell rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $5.30.

Wipro Trading Down 0.6 %

Wipro stock opened at $6.38 on Tuesday. The business has a 50-day simple moving average of $5.56 and a two-hundred day simple moving average of $5.70. Wipro has a 52-week low of $4.48 and a 52-week high of $6.45. The company has a quick ratio of 2.57, a current ratio of 2.58 and a debt-to-equity ratio of 0.08. The company has a market cap of $33.30 billion, a P/E ratio of 25.52, a P/E/G ratio of 4.42 and a beta of 0.90.

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

Institutional Investors Weigh In On Wipro

Institutional investors and hedge funds have recently bought and sold shares of the business. GAMMA Investing LLC grew its position in shares of Wipro by 47.2% during the first quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock worth $33,000 after purchasing an additional 1,858 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new stake in Wipro during the 1st quarter valued at approximately $60,000. Intelligence Driven Advisers LLC bought a new stake in shares of Wipro during the fourth quarter valued at approximately $61,000. Essex Savings Bank purchased a new position in shares of Wipro in the fourth quarter worth $67,000. Finally, Prime Capital Investment Advisors LLC bought a new position in shares of Wipro during the fourth quarter worth $72,000. 2.36% of the stock is 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.