Wipro (NYSE:WIT) Upgraded to Strong-Buy by Nomura Securities

Nomura Securities upgraded shares of Wipro (NYSE:WIT) to a strong-buy rating in a report released on Tuesday morning, Zacks.com reports.

A number of other research firms have also recently commented on WIT. Nomura started coverage on shares of Wipro in a research note on Tuesday. They issued a buy rating for the company. StockNews.com upgraded 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 assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wipro presently has an average rating of Hold and an average target price of $5.30.

Wipro Stock Down 0.4 %

WIT stock opened at $6.40 on Tuesday. The firm has a 50 day moving average of $5.54 and a 200 day moving average of $5.69. The stock has a market capitalization of $33.38 billion, a PE ratio of 25.58, a price-to-earnings-growth ratio of 4.42 and a beta of 0.90. The company has a quick ratio of 2.57, a current ratio of 2.58 and a debt-to-equity ratio of 0.08. Wipro has a 52 week low of $4.48 and a 52 week high of $6.45.

Wipro (NYSE:WIT) last released its earnings results on Friday, April 19th. The information technology services provider reported $0.07 EPS for the quarter, hitting analysts’ consensus estimates of $0.07. The company 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%. Sell-side analysts forecast that Wipro will post 0.27 earnings per share for the current year.

Institutional Trading of Wipro

Institutional investors and hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP increased its holdings in shares of Wipro by 44.0% during the 4th quarter. Wellington Management Group LLP now owns 1,866,359 shares of the information technology services provider’s stock valued at $10,396,000 after purchasing an additional 570,001 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Wipro by 112.7% during the 4th quarter. BNP Paribas Financial Markets now owns 3,722,483 shares of the information technology services provider’s stock valued at $20,734,000 after purchasing an additional 1,972,425 shares in the last quarter. Deutsche Bank AG increased its holdings in shares of Wipro by 25.8% during the 3rd quarter. Deutsche Bank AG now owns 1,908,734 shares of the information technology services provider’s stock valued at $9,238,000 after purchasing an additional 390,947 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Wipro by 4.6% during the 3rd quarter. Vanguard Group Inc. now owns 12,472,687 shares of the information technology services provider’s stock valued at $60,368,000 after purchasing an additional 553,433 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of Wipro by 63.1% during the 4th quarter. Blue Trust Inc. now owns 22,312 shares of the information technology services provider’s stock valued at $124,000 after purchasing an additional 8,634 shares in the last quarter. 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.