Wipro Limited (NYSE:WIT) was downgraded by research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued on Thursday.

Other analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of Wipro Limited from a “hold” rating to a “sell” rating in a research note on Wednesday, June 14th. Bank of America Corporation raised their target price on shares of Wipro Limited from $250.00 to $277.00 and gave the stock a “neutral” rating in a research note on Friday, July 21st. Finally, Jefferies Group LLC cut shares of Wipro Limited from a “hold” rating to an “underperform” rating in a research note on Tuesday, June 6th. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $140.63.

Wipro Limited (WIT) traded up 0.65% on Thursday, reaching $6.19. 298,359 shares of the company were exchanged. The stock has a 50-day moving average price of $5.62 and a 200 day moving average price of $5.15. The stock has a market capitalization of $29.95 billion, a price-to-earnings ratio of 22.59 and a beta of 0.87. Wipro Limited has a 52 week low of $4.50 and a 52 week high of $6.40.

Wipro Limited (NYSE:WIT) last released its earnings results on Thursday, July 20th. The information technology services provider reported $0.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.01. Wipro Limited had a net margin of 15.46% and a return on equity of 16.53%. The company had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.05 billion. Analysts forecast that Wipro Limited will post $0.27 earnings per share for the current year.

Wipro Limited announced that its Board of Directors has approved a stock buyback plan on Thursday, July 20th that authorizes the company to repurchase $1.70 billion in shares. This repurchase authorization authorizes the information technology services provider to reacquire up to 6.1% of its stock through a tender offer. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

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Hedge funds have recently made changes to their positions in the stock. Fox Run Management L.L.C. bought a new stake in shares of Wipro Limited during the first quarter valued at approximately $109,000. Signaturefd LLC bought a new stake in shares of Wipro Limited during the first quarter valued at approximately $115,000. Teza Capital Management LLC bought a new stake in shares of Wipro Limited during the first quarter valued at approximately $122,000. Nationwide Fund Advisors bought a new stake in shares of Wipro Limited during the first quarter valued at approximately $136,000. Finally, Brandes Investment Partners LP bought a new stake in shares of Wipro Limited during the first quarter valued at approximately $138,000. Hedge funds and other institutional investors own 1.37% of the company’s stock.

Wipro Limited Company Profile

Wipro Limited (Wipro) is a global information technology (IT) services provider. It 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 digital strategy advisory, customer centric design, technology consulting, IT consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, analytics services, business process services, research and development and hardware and software design.

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