Wipro Limited (NYSE:WIT) dropped 3.5% during mid-day trading on Friday . The company traded as low as $11.90 and last traded at $11.92, with a volume of 687,043 shares. The stock had previously closed at $12.35.

WIT has been the topic of a number of analyst reports. Credit Suisse Group AG downgraded shares of Wipro Limited from an “outperform” rating to a “neutral” rating in a research note on Wednesday, April 20th. Zacks Investment Research upgraded shares of Wipro Limited from a “hold” rating to a “buy” rating and set a $14.00 price objective on the stock in a research note on Saturday, April 2nd. Finally, Citigroup Inc. downgraded shares of Wipro Limited from a “neutral” rating to a “sell” rating in a research note on Thursday, April 21st. Three analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. The stock presently has an average rating of “Sell” and an average price target of $12.50.

The company has a market capitalization of $29.35 billion and a PE ratio of 22.21. The company has a 50-day moving average price of $12.15 and a 200-day moving average price of $11.93.

Wipro Limited (NYSE:WIT) last released its earnings results on Wednesday, April 20th. The company reported $0.14 EPS for the quarter, missing the Zacks’ consensus estimate of $0.15 by $0.01. The firm earned $2.10 billion during the quarter, compared to the consensus estimate of $2 billion. During the same quarter last year, the firm earned $9.21 EPS. Wipro Limited’s revenue for the quarter was up 12.3% on a year-over-year basis. Equities analysts forecast that Wipro Limited will post $0.57 EPS for the current fiscal year.

The firm also recently announced a dividend, which was paid on Monday, July 11th. Stockholders of record on Monday, July 11th were paid a dividend of $0.015 per share. The ex-dividend date of this dividend was Thursday, July 7th.

Several large investors have added to or reduced their stakes in the company. State of New Jersey Common Pension Fund D boosted its stake in Wipro Limited by 25.7% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 94,500 shares of the company’s stock worth $1,090,000 after buying an additional 19,300 shares during the last quarter. Comerica Bank boosted its stake in Wipro Limited by 4.7% in the fourth quarter. Comerica Bank now owns 132,668 shares of the company’s stock worth $1,481,000 after buying an additional 5,998 shares during the last quarter. Russell Frank Co boosted its stake in Wipro Limited by 7.9% in the fourth quarter. Russell Frank Co now owns 239,457 shares of the company’s stock worth $2,788,000 after buying an additional 17,500 shares during the last quarter. Sei Investments Co. boosted its stake in Wipro Limited by 12.7% in the fourth quarter. Sei Investments Co. now owns 400,024 shares of the company’s stock worth $4,616,000 after buying an additional 45,199 shares during the last quarter. Finally, GAM Holding AG boosted its stake in Wipro Limited by 46.3% in the fourth quarter. GAM Holding AG now owns 434,292 shares of the company’s stock worth $5,012,000 after buying an additional 137,392 shares during the last quarter.

Wipro Limited (Wipro) is a global information technology (IT) services provider. The Company operates through two segments: IT Services and IT Products. The Company’s IT Services business provides a range of IT and IT-enabled services, which include IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, business process services, research and development and hardware and software design to the enterprises worldwide.

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