Wipro (NYSE:WIT) Stock Rating Upgraded by Nomura Securities

Wipro (NYSE:WIT) was upgraded by analysts at Nomura Securities to a “strong-buy” rating in a research note issued on Tuesday, Zacks.com reports.

Other equities analysts have also issued reports about the stock. Nomura assumed coverage on shares of Wipro in a research report on Tuesday. They set a “buy” rating on the stock. 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, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $5.30.

Wipro Stock Down 0.4 %

WIT stock opened at $6.40 on Tuesday. The company has a current ratio of 2.58, a quick ratio of 2.57 and a debt-to-equity ratio of 0.08. Wipro has a twelve month low of $4.48 and a twelve month high of $6.45. The company’s 50 day moving average is $5.54 and its two-hundred day moving average is $5.69. The stock has a market cap of $33.38 billion, a P/E ratio of 25.58, a PEG ratio of 4.42 and a beta of 0.90.

Wipro (NYSE:WIT) last released its quarterly earnings data on Friday, April 19th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.07. Wipro had a net margin of 12.29% and a return on equity of 15.60%. The company had revenue of $2.67 billion for the quarter, compared to analysts’ expectations of $2.65 billion. Research analysts expect that Wipro will post 0.27 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wipro

A number of large investors have recently bought and sold shares of WIT. GAMMA Investing LLC raised its holdings in 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 position in shares of Wipro during the 1st quarter worth approximately $60,000. Intelligence Driven Advisers LLC purchased a new stake in shares of Wipro in the fourth quarter valued at approximately $61,000. Essex Savings Bank acquired a new position in Wipro during the fourth quarter worth $67,000. Finally, Prime Capital Investment Advisors LLC purchased a new position in Wipro in the fourth quarter worth $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.