Wipro (NYSE:WIT) Coverage Initiated at Nomura

Nomura began coverage on shares of Wipro (NYSE:WIT) in a research note published on Tuesday morning, Marketbeat Ratings 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 research report on Friday, May 24th. Three equities research analysts have rated the stock with a sell rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $5.30.

Wipro Price Performance

Shares of NYSE WIT opened at $6.42 on Tuesday. The stock’s 50-day moving average is $5.52 and its two-hundred day moving average is $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. Wipro has a 1-year low of $4.48 and a 1-year high of $6.45. The company has a market cap of $33.48 billion, a price-to-earnings ratio of 25.66, a price-to-earnings-growth ratio of 4.20 and a beta of 0.90.

Wipro (NYSE:WIT) last issued its quarterly 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. Wipro had a return on equity of 15.60% and a net margin of 12.29%. The company had revenue of $2.67 billion for the quarter, compared to the consensus estimate of $2.65 billion. Analysts forecast that Wipro will post 0.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC grew its stake in shares of Wipro by 14.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 68,081 shares of the information technology services provider’s stock valued at $367,000 after purchasing an additional 8,853 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new position in shares of Wipro in the 1st quarter valued at approximately $422,000. Jane Street Group LLC grew its stake in shares of Wipro by 292.0% in the 1st quarter. Jane Street Group LLC now owns 1,344,674 shares of the information technology services provider’s stock valued at $7,732,000 after purchasing an additional 1,001,644 shares during the last quarter. Bayesian Capital Management LP purchased a new position in shares of Wipro in the 1st quarter valued at approximately $311,000. Finally, Lazard Asset Management LLC grew its stake in shares of Wipro by 154.1% in the 1st quarter. Lazard Asset Management LLC now owns 855,496 shares of the information technology services provider’s stock valued at $4,919,000 after purchasing an additional 518,866 shares during the last quarter. 2.36% of the stock is currently owned by hedge funds and other 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.