Nomura Securities Upgrades Wipro (NYSE:WIT) to "Strong-Buy"

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

WIT has been the topic of several other research reports. StockNews.com raised shares of Wipro from a hold rating to a buy rating in a research note on Friday, May 24th. Nomura assumed coverage on shares of Wipro in a research note on Tuesday. They issued a buy rating on the stock. 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $5.30.

Wipro Stock Performance

NYSE:WIT traded down $0.04 during mid-day trading on Tuesday, hitting $6.38. The stock had a trading volume of 1,041,571 shares, compared to its average volume of 2,867,076. The stock has a market capitalization of $33.30 billion, a price-to-earnings ratio of 25.52, a P/E/G ratio of 4.42 and a beta of 0.90. The company has a 50 day simple moving average of $5.56 and a 200-day simple moving average of $5.70. Wipro has a 52 week low of $4.48 and a 52 week high of $6.45. 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 (NYSE:WIT - Get Free Report) last released its quarterly 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. 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 the consensus estimate of $2.65 billion. On average, research analysts expect that Wipro will post 0.27 earnings per share for the current fiscal year.

Institutional Trading of Wipro

A number of institutional investors and hedge funds have recently modified their holdings of WIT. BNP Paribas Financial Markets lifted its stake in shares of Wipro by 65.5% in the first quarter. BNP Paribas Financial Markets now owns 6,160,285 shares of the information technology services provider's stock worth $35,422,000 after buying an additional 2,437,802 shares during the last quarter. Russell Investments Group Ltd. increased its position in Wipro by 6,295.2% during the first quarter. Russell Investments Group Ltd. now owns 1,800,000 shares of the information technology services provider's stock worth $10,260,000 after acquiring an additional 1,771,854 shares during the period. Toroso Investments LLC bought a new position in Wipro during the third quarter worth $5,591,000. Jane Street Group LLC increased its position in Wipro by 292.0% during 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 acquiring an additional 1,001,644 shares during the period. Finally, Wellington Management Group LLP increased its position in Wipro by 44.0% during the fourth quarter. Wellington Management Group LLP now owns 1,866,359 shares of the information technology services provider's stock worth $10,396,000 after acquiring an additional 570,001 shares during the period. 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.