Wipro Limited (NYSE:WIT) was downgraded by equities researchers at BNP Paribas from a “hold” rating to a “reduce” rating in a research note issued to investors on Thursday.

Several other equities research analysts have also recently issued reports on the stock. Zacks Investment Research cut shares of Wipro Limited from a “buy” rating to a “hold” rating in a research report on Friday, September 8th. BidaskClub cut shares of Wipro Limited from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 24th. Finally, Bank of America Corporation upped their price target on shares of Wipro Limited from $250.00 to $277.00 and gave the stock a “neutral” rating in a research report on Friday, July 21st. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $277.00.

Shares of Wipro Limited (NYSE WIT) traded down 6.17% during trading on Thursday, hitting $5.63. 1,293,813 shares of the company’s stock were exchanged. Wipro Limited has a one year low of $4.50 and a one year high of $6.40. The stock has a market cap of $27.24 billion, a P/E ratio of 20.62 and a beta of 0.89. The firm has a 50-day moving average price of $6.06 and a 200-day moving average price of $5.36.

Wipro Limited (NYSE:WIT) last released its quarterly earnings data on Thursday, July 20th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.01. The company had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.05 billion. Wipro Limited had a net margin of 15.46% and a return on equity of 16.53%. Equities research analysts expect that Wipro Limited will post $0.28 EPS for the current fiscal year.

Wipro Limited announced that its Board of Directors has authorized a stock repurchase program on Thursday, July 20th that allows the company to repurchase $1.70 billion in shares. This repurchase authorization allows the information technology services provider to buy up to 6.1% of its shares through a tender offer. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

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Several institutional investors and hedge funds have recently made changes to their positions in WIT. BlackRock Inc. lifted its position in shares of Wipro Limited by 112.3% in the 2nd quarter. BlackRock Inc. now owns 17,915,466 shares of the information technology services provider’s stock worth $93,159,000 after purchasing an additional 9,475,887 shares during the period. Vanguard Group Inc. lifted its position in shares of Wipro Limited by 108.9% in the 2nd quarter. Vanguard Group Inc. now owns 13,490,025 shares of the information technology services provider’s stock worth $70,148,000 after purchasing an additional 7,030,846 shares during the period. Commonwealth Bank of Australia lifted its position in shares of Wipro Limited by 100.1% in the 2nd quarter. Commonwealth Bank of Australia now owns 8,822,315 shares of the information technology services provider’s stock worth $45,875,000 after purchasing an additional 4,412,296 shares during the period. State Street Corp lifted its position in shares of Wipro Limited by 131.7% in the 2nd quarter. State Street Corp now owns 5,965,542 shares of the information technology services provider’s stock worth $31,022,000 after purchasing an additional 3,390,392 shares during the period. Finally, First Trust Advisors LP lifted its position in shares of Wipro Limited by 175.0% in the 2nd quarter. First Trust Advisors LP now owns 4,396,755 shares of the information technology services provider’s stock worth $22,863,000 after purchasing an additional 2,798,198 shares during the period. 2.48% of the stock is owned by hedge funds and other institutional investors.

About Wipro Limited

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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