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 published on Tuesday, Zacks.com reports.

A number of other equities research analysts have also weighed in on WIT. StockNews.com upgraded Wipro from a hold rating to a buy rating in a research report on Friday, May 24th. Nomura initiated coverage on shares of Wipro in a report on Tuesday. They issued a buy rating on the stock. Three equities research 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $5.30.

Wipro Price Performance

WIT stock opened at $6.38 on Tuesday. The stock has a market capitalization of $33.30 billion, a price-to-earnings ratio of 25.52, a PEG ratio of 4.42 and a beta of 0.90. The firm’s 50-day moving average price is $5.56 and its two-hundred day moving average price is $5.70. 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 12-month low of $4.48 and a 12-month high of $6.45.

Wipro (NYSE:WIT) last posted its earnings results on Friday, April 19th. The information technology services provider reported $0.07 earnings per share (EPS) 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 analysts’ expectations of $2.65 billion. As a group, equities analysts predict that Wipro will post 0.27 earnings per share for the current year.

Institutional Trading of Wipro

Several large investors have recently bought and sold shares of WIT. EverSource Wealth Advisors LLC lifted its position in Wipro by 14.9% during 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 acquiring an additional 8,853 shares during the period. DekaBank Deutsche Girozentrale bought a new position in Wipro in the 1st quarter worth about $422,000. Jane Street Group LLC lifted its stake in shares of Wipro by 292.0% in the first quarter. Jane Street Group LLC now owns 1,344,674 shares of the information technology services provider’s stock worth $7,732,000 after buying an additional 1,001,644 shares in the last quarter. Bayesian Capital Management LP bought a new stake in shares of Wipro during the first quarter valued at approximately $311,000. Finally, Lazard Asset Management LLC increased its position in shares of Wipro by 154.1% during the first quarter. Lazard Asset Management LLC now owns 855,496 shares of the information technology services provider’s stock valued at $4,919,000 after acquiring an additional 518,866 shares in the last quarter. 2.36% of the stock is owned by 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.