Nomura Begins Coverage on Wipro (NYSE:WIT)

Analysts at Nomura started 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 note on Friday, May 24th. Three analysts have rated the stock with a sell rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Wipro has an average rating of “Hold” and a consensus target price of $5.30.

Wipro Stock Up 1.5 %

Shares of Wipro stock opened at $6.19 on Tuesday. The business has a 50-day moving average of $5.51 and a 200-day moving average of $5.68. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.58 and a quick ratio of 2.57. The company has a market capitalization of $32.31 billion, a PE ratio of 24.76, a P/E/G ratio of 4.20 and a beta of 0.90. Wipro has a 1-year low of $4.48 and a 1-year high of $6.45.

Wipro (NYSE:WIT) last announced its earnings results on Friday, April 19th. The information technology services provider reported $0.07 earnings per share for the quarter, meeting the consensus estimate of $0.07. The company had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.65 billion. Wipro had a return on equity of 15.60% and a net margin of 12.29%. As a group, equities analysts forecast that Wipro will post 0.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Wipro

Hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC lifted its holdings in Wipro by 47.2% in the first quarter. GAMMA Investing LLC now owns 5,797 shares of the information technology services provider’s stock worth $33,000 after acquiring an additional 1,858 shares during the last quarter. Oppenheimer & Co. Inc. bought a new position in Wipro in the first quarter worth about $60,000. Intelligence Driven Advisers LLC bought a new position in Wipro in the fourth quarter worth about $61,000. Essex Savings Bank bought a new position in Wipro in the fourth quarter worth about $67,000. Finally, Prime Capital Investment Advisors LLC bought a new position in Wipro in the fourth quarter worth about $72,000. 2.36% of the stock is currently owned by institutional investors and hedge funds.

About Wipro

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.