Wipro Limited (NYSE:WIT) was downgraded by equities research analysts at BNP Paribas from a “hold” rating to a “reduce” rating in a research report issued on Thursday, The Fly reports.

Several other analysts also recently issued reports on WIT. Jefferies Group LLC downgraded Wipro Limited from a “hold” rating to an “underperform” rating in a report on Tuesday, June 6th. BidaskClub cut shares of Wipro Limited from a “buy” rating to a “hold” rating in a research report on Saturday, June 10th. Zacks Investment Research cut shares of Wipro Limited from a “hold” rating to a “sell” rating in a research report on Wednesday, June 14th. Finally, Bank of America Corporation upped 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. Three research 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 company currently has an average rating of “Hold” and an average price target of $277.00.

Shares of Wipro Limited (NYSE:WIT) traded down 6.50% during mid-day trading on Thursday, reaching $5.61. The company’s stock had a trading volume of 1,446,871 shares. Wipro Limited has a 52 week low of $4.50 and a 52 week high of $6.40. The firm has a 50-day moving average of $6.06 and a 200-day moving average of $5.36. The firm has a market capitalization of $27.15 billion, a PE ratio of 20.55 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.01. Wipro Limited had a return on equity of 16.53% and a net margin of 15.46%. The firm had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.05 billion. Equities research analysts forecast that Wipro Limited will post $0.28 earnings per share for the current fiscal year.

Wipro Limited declared that its board has authorized a share repurchase plan 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 purchase up to 6.1% of its shares through a tender offer. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

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A number of large investors have recently bought and sold shares of WIT. Conning Inc. purchased a new position in Wipro Limited in the 2nd quarter valued at about $104,000. Signaturefd LLC purchased a new position in Wipro Limited in the 1st quarter valued at about $115,000. Legal & General Group Plc boosted its position in Wipro Limited by 100.0% in the 2nd quarter. Legal & General Group Plc now owns 22,720 shares of the information technology services provider’s stock valued at $118,000 after buying an additional 11,360 shares during the last quarter. Teza Capital Management LLC purchased a new position in Wipro Limited in the 1st quarter valued at about $122,000. Finally, Ronald Blue & Co. LLC purchased a new position in Wipro Limited in the 2nd quarter valued at about $122,000. 2.48% of the stock is owned by 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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