Deutsche Bank Begins Coverage on Wipro (WIT)

Deutsche Bank started coverage on shares of Wipro (NYSE:WIT) in a research report report published on Thursday morning, The Fly reports. The firm issued a hold rating on the information technology services provider’s stock.

A number of other brokerages have also recently weighed in on WIT. TheStreet cut shares of Wipro from a b- rating to a c rating in a research note on Wednesday, October 24th. Zacks Investment Research upgraded shares of Wipro from a sell rating to a hold rating in a research note on Wednesday, December 19th. Credit Suisse Group upgraded shares of Wipro from a neutral rating to an outperform rating in a research note on Thursday, September 13th. Finally, ValuEngine upgraded shares of Wipro from a sell rating to a hold rating in a research note on Thursday, October 11th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. Wipro currently has a consensus rating of Hold and a consensus target price of $6.00.

Shares of Wipro stock traded up $0.03 during trading hours on Thursday, hitting $5.12. The company had a trading volume of 486,321 shares, compared to its average volume of 665,440. Wipro has a twelve month low of $4.50 and a twelve month high of $5.99. The company has a current ratio of 2.51, a quick ratio of 2.49 and a debt-to-equity ratio of 0.10. The stock has a market cap of $23.10 billion, a price-to-earnings ratio of 19.69, a PEG ratio of 2.70 and a beta of 0.40.

Wipro (NYSE:WIT) last issued its earnings results on Wednesday, October 24th. The information technology services provider reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.01). Wipro had a net margin of 13.84% and a return on equity of 15.63%. The company had revenue of $2.01 billion during the quarter, compared to analyst estimates of $2.14 billion. On average, analysts forecast that Wipro will post 0.27 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in WIT. SG Americas Securities LLC lifted its stake in shares of Wipro by 1,236.6% in the 2nd quarter. SG Americas Securities LLC now owns 135,603 shares of the information technology services provider’s stock worth $650,000 after acquiring an additional 125,458 shares during the period. BlackRock Inc. lifted its stake in shares of Wipro by 9.0% in the 2nd quarter. BlackRock Inc. now owns 22,038,581 shares of the information technology services provider’s stock worth $105,564,000 after acquiring an additional 1,812,203 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Wipro by 24.9% in the 2nd quarter. Renaissance Technologies LLC now owns 627,300 shares of the information technology services provider’s stock worth $3,005,000 after acquiring an additional 125,000 shares during the period. Bank of Nova Scotia acquired a new stake in shares of Wipro in the 2nd quarter worth $275,000. Finally, Aperio Group LLC lifted its stake in shares of Wipro by 14.6% in the 3rd quarter. Aperio Group LLC now owns 3,268,912 shares of the information technology services provider’s stock worth $17,031,000 after acquiring an additional 417,681 shares during the period. Institutional investors own 2.25% of the company’s stock.

About Wipro

Wipro Limited operates as an information technology (IT), consulting, and business process services (BPS) company worldwide. The company's IT Services segment offers a range of IT and IT-enabled services, including digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, infrastructure services, analytics services, BPS, research and development services, and hardware and software design services to various enterprises.

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