Wipro Limited (NYSE:WIT) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, July 5th.

A number of other brokerages have also commented on WIT. Zacks Investment Research raised Wipro Limited from a “sell” rating to a “hold” rating in a research note on Saturday, March 18th. Jefferies Group LLC lowered Wipro Limited from a “hold” rating to an “underperform” rating in a research note on Tuesday, June 6th. Finally, TheStreet raised Wipro Limited from a “c+” rating to a “b-” rating in a research note on Friday, March 17th. Four investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $140.63.

Shares of Wipro Limited (NYSE:WIT) traded down 1.27% during mid-day trading on Wednesday, reaching $6.22. The company’s stock had a trading volume of 1,336,152 shares. The firm has a market cap of $30.10 billion, a PE ratio of 22.78 and a beta of 0.87. Wipro Limited has a 12 month low of $4.50 and a 12 month high of $6.40. The company has a 50-day moving average of $5.41 and a 200-day moving average of $5.09.

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, beating the Zacks’ 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 for the quarter, compared to analyst estimates of $2.05 billion. On average, analysts predict that Wipro Limited will post $0.27 earnings per share for the current year.

Wipro Limited declared that its board has approved a share buyback program on Thursday, July 20th that authorizes the company to repurchase $1.70 billion in outstanding shares. This repurchase authorization authorizes the information technology services provider to purchase up to 6.1% of its shares through a tender offer. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

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Institutional investors have recently bought and sold shares of the company. Wells Fargo & Company MN raised its position in Wipro Limited by 11.8% in the first quarter. Wells Fargo & Company MN now owns 867,794 shares of the information technology services provider’s stock worth $8,878,000 after buying an additional 91,544 shares in the last quarter. Credit Suisse AG raised its position in Wipro Limited by 29.3% in the first quarter. Credit Suisse AG now owns 1,916,419 shares of the information technology services provider’s stock worth $19,605,000 after buying an additional 434,217 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new position in Wipro Limited during the fourth quarter worth approximately $683,000. Comerica Bank raised its position in Wipro Limited by 11.0% in the fourth quarter. Comerica Bank now owns 138,125 shares of the information technology services provider’s stock worth $1,348,000 after buying an additional 13,657 shares in the last quarter. Finally, Eqis Capital Management Inc. raised its position in Wipro Limited by 86.7% in the second quarter. Eqis Capital Management Inc. now owns 140,889 shares of the information technology services provider’s stock worth $733,000 after buying an additional 65,443 shares in the last quarter. 1.36% of the stock is currently 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.

Analyst Recommendations for Wipro Limited (NYSE:WIT)

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