Wipro Limited (NYSE:WIT) was upgraded by analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Friday.

Several other analysts also recently commented on WIT. Zacks Investment Research downgraded shares of Wipro Limited from a “hold” rating to a “sell” rating in a research report on Wednesday, June 14th. Bank of America Corporation raised their price objective on shares of Wipro Limited from $250.00 to $277.00 and gave the company a “neutral” rating in a research report on Friday, July 21st. Finally, Jefferies Group LLC downgraded shares of Wipro Limited from a “hold” rating to an “underperform” rating in a research report on Tuesday, June 6th. Four investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a strong buy rating to the stock. Wipro Limited presently has a consensus rating of “Hold” and an average price target of $140.63.

Wipro Limited (NYSE WIT) traded down 1.27% on Friday, reaching $6.22. 1,336,152 shares of the company were exchanged. The firm has a market capitalization of $30.10 billion, a P/E ratio of 22.78 and a beta of 0.87. The firm has a 50-day moving average of $5.41 and a 200 day moving average of $5.09. Wipro Limited has a 12-month low of $4.50 and a 12-month high of $6.40.

Wipro Limited (NYSE:WIT) last released its quarterly earnings results on Thursday, July 20th. The information technology services provider reported $0.07 earnings per share 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 business had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.05 billion. On average, equities analysts predict that Wipro Limited will post $0.27 earnings per share for the current year.

Wipro Limited declared that its board has authorized a stock buyback plan on Thursday, July 20th that authorizes the company to buyback $1.70 billion in shares. This buyback authorization authorizes the information technology services provider to purchase up to 6.1% of its shares through a tender offer. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

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A number of institutional investors have recently bought and sold shares of the stock. EQIS Capital Management boosted its position in Wipro Limited by 470.4% in the fourth quarter. EQIS Capital Management now owns 112,431 shares of the information technology services provider’s stock worth $1,297,000 after buying an additional 92,719 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Wipro Limited by 13.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 903,607 shares of the information technology services provider’s stock worth $10,428,000 after buying an additional 110,290 shares during the period. Fiera Capital Corp boosted its stake in shares of Wipro Limited by 78.3% in the fourth quarter. Fiera Capital Corp now owns 466,400 shares of the information technology services provider’s stock worth $5,382,000 after buying an additional 204,800 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in shares of Wipro Limited by 17.4% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 217,128 shares of the information technology services provider’s stock worth $2,506,000 after buying an additional 32,144 shares during the period. Finally, D. E. Shaw & Co. Inc. boosted its stake in shares of Wipro Limited by 154.7% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 110,828 shares of the information technology services provider’s stock worth $1,279,000 after buying an additional 67,307 shares during the period. 1.36% of the stock is owned by institutional investors.

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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