Wipro Limited (NYSE:WIT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “WIPRO LTD-ADR provides comprehensive IT solutions and services, including systems integration, Information Systems outsourcing, package implementation, software application development and maintenance, and research and development services to corporations globally. Wipro Limited is the first PCMM Level 5 and SEI CMM Level certified IT Services Company globally. “

WIT has been the subject of a number of other research reports. Jefferies Group LLC cut shares of Wipro Limited from a “hold” rating to an “underperform” rating in a research note on Tuesday, June 6th. BidaskClub upgraded shares of Wipro Limited from a “sell” rating to a “hold” rating in a research note on Monday, June 26th. Bank of America Corporation increased their price target 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. Goldman Sachs Group, Inc. (The) cut shares of Wipro Limited from a “neutral” rating to a “sell” rating in a research note on Sunday, September 17th. Finally, BNP Paribas cut shares of Wipro Limited from a “hold” rating to a “reduce” rating in a research note on Thursday, September 14th. Four investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $277.00.

Wipro Limited (NYSE:WIT) opened at 5.62 on Wednesday. The firm has a market capitalization of $27.19 billion, a P/E ratio of 20.44 and a beta of 0.89. Wipro Limited has a 52-week low of $4.50 and a 52-week high of $6.40. The company’s 50-day moving average is $6.01 and its 200-day moving average is $5.39.

Wipro Limited (NYSE:WIT) last issued its quarterly earnings results on Thursday, July 20th. The information technology services provider reported $0.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.01. The firm 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%. On average, analysts predict that Wipro Limited will post $0.28 EPS for the current year.

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

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Hedge funds have recently added to or reduced their stakes in the company. Signaturefd LLC acquired a new stake in shares of Wipro Limited in the 1st quarter worth $115,000. Nationwide Fund Advisors acquired a new stake in shares of Wipro Limited in the 1st quarter worth $136,000. United Services Automobile Association lifted its stake in shares of Wipro Limited by 13.9% in the 1st quarter. United Services Automobile Association now owns 14,558 shares of the information technology services provider’s stock worth $149,000 after acquiring an additional 1,773 shares during the period. Oxford Asset Management acquired a new stake in shares of Wipro Limited in the 1st quarter worth $197,000. Finally, Conning Inc. acquired a new stake in shares of Wipro Limited in the 2nd quarter worth $104,000. Institutional investors own 2.48% 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.

Analyst Recommendations for Wipro Limited (NYSE:WIT)

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