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

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. “

Several other equities research analysts have also commented on the company. BidaskClub lowered Wipro Limited from a “hold” rating to a “sell” rating in a research note on Tuesday, June 20th. Bank of America Corporation boosted their price target on 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 lowered 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 issued a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $96.00.

Shares of Wipro Limited (NYSE:WIT) opened at 5.99 on Friday. Wipro Limited has a 52 week low of $4.50 and a 52 week high of $6.40. The stock has a 50 day moving average price of $6.06 and a 200-day moving average price of $5.33. The stock has a market cap of $28.98 billion, a P/E ratio of 21.94 and a beta of 0.89.

Wipro Limited (NYSE:WIT) last announced its quarterly 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. The business had revenue of $2.11 billion for the quarter, compared to analyst estimates of $2.05 billion. Wipro Limited had a return on equity of 16.53% and a net margin of 15.46%. Equities analysts predict that Wipro Limited will post $0.27 EPS for the current fiscal year.

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

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Several large investors have recently made changes to their positions in WIT. BlackRock Inc. lifted its stake in 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 valued at $93,159,000 after buying an additional 9,475,887 shares in the last quarter. Vanguard Group Inc. lifted its stake in 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 valued at $70,148,000 after buying an additional 7,030,846 shares in the last quarter. Commonwealth Bank of Australia lifted its stake in 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 valued at $45,875,000 after buying an additional 4,412,296 shares in the last quarter. State Street Corp lifted its stake in 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 valued at $31,022,000 after buying an additional 3,390,392 shares in the last quarter. Finally, First Trust Advisors LP lifted its stake in 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 valued at $22,863,000 after buying an additional 2,798,198 shares in the last quarter. 2.48% of the stock is currently owned by institutional investors and hedge funds.

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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