Wipro (NYSE:WIT) Coverage Initiated at Nomura

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

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

Wipro Stock Performance

Shares of WIT opened at $6.38 on Tuesday. Wipro has a fifty-two week low of $4.48 and a fifty-two week high of $6.45. The company has a market capitalization of $33.30 billion, a PE ratio of 25.52, a price-to-earnings-growth ratio of 4.39 and a beta of 0.90. The stock has a fifty day moving average of $5.58 and a two-hundred day moving average of $5.70. 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 (NYSE:WIT) last released its earnings results on Friday, April 19th. The information technology services provider reported $0.07 earnings per share for the quarter, hitting the consensus estimate of $0.07. The firm had revenue of $2.67 billion for 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, analysts forecast that Wipro will post 0.27 EPS for the current year.

Institutional Investors Weigh In On Wipro

A number of large investors have recently modified their holdings of WIT. Mariner LLC boosted its holdings in Wipro by 58.5% in the 3rd quarter. Mariner LLC now owns 252,077 shares of the information technology services provider’s stock worth $1,220,000 after acquiring an additional 93,024 shares during the period. Natixis Advisors L.P. boosted its stake in shares of Wipro by 275.1% in the third quarter. Natixis Advisors L.P. now owns 357,956 shares of the information technology services provider’s stock valued at $1,733,000 after purchasing an additional 262,536 shares during the period. O Shaughnessy Asset Management LLC grew its holdings in Wipro by 17.7% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 112,795 shares of the information technology services provider’s stock valued at $546,000 after purchasing an additional 16,966 shares in the last quarter. Evergreen Capital Management LLC increased its stake in Wipro by 18.0% during the 3rd quarter. Evergreen Capital Management LLC now owns 20,963 shares of the information technology services provider’s stock worth $101,000 after buying an additional 3,191 shares during the period. Finally, Toroso Investments LLC acquired a new position in Wipro in the 3rd quarter worth $5,591,000. Institutional investors and hedge funds own 2.36% of the company’s stock.

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.