Baillie Gifford & Co. increased its holdings in Wipro Limited (NYSE:WIT) by 68.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 589,766 shares of the information technology services provider’s stock after purchasing an additional 240,601 shares during the quarter. Baillie Gifford & Co.’s holdings in Wipro Limited were worth $3,067,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Wells Fargo & Company MN raised its position in Wipro Limited by 11.8% in the 1st quarter. Wells Fargo & Company MN now owns 867,794 shares of the information technology services provider’s stock worth $8,878,000 after purchasing an additional 91,544 shares during the period. Credit Suisse AG raised its position in Wipro Limited by 29.3% in the 1st quarter. Credit Suisse AG now owns 1,916,419 shares of the information technology services provider’s stock worth $19,605,000 after purchasing an additional 434,217 shares during the period. Eqis Capital Management Inc. raised its position in Wipro Limited by 86.7% in the 2nd quarter. Eqis Capital Management Inc. now owns 140,889 shares of the information technology services provider’s stock worth $733,000 after purchasing an additional 65,443 shares during the period. UBS Asset Management Americas Inc. raised its position in Wipro Limited by 277.1% in the 1st quarter. UBS Asset Management Americas Inc. now owns 115,133 shares of the information technology services provider’s stock worth $1,178,000 after purchasing an additional 84,600 shares during the period. Finally, Conning Inc. purchased a new position in Wipro Limited in the 2nd quarter worth $104,000. Institutional investors own 2.48% of the company’s stock.

A number of equities analysts recently commented on WIT shares. Jefferies Group LLC cut shares of Wipro Limited from a “hold” rating to an “underperform” rating in a research 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 lifted their target price on shares of Wipro Limited from $250.00 to $277.00 and gave the stock a “neutral” rating in a research report on Friday, July 21st. Two 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. Wipro Limited currently has an average rating of “Hold” and an average target price of $141.88.

Wipro Limited (WIT) opened at 5.98 on Tuesday. Wipro Limited has a 12 month low of $4.50 and a 12 month high of $6.40. The stock has a market cap of $28.94 billion, a PE ratio of 21.90 and a beta of 0.89. The company has a 50-day moving average of $6.07 and a 200-day moving average of $5.35.

Wipro Limited (NYSE:WIT) last released its quarterly earnings data on Thursday, July 20th. The information technology services provider reported $0.07 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $2.05 billion. On average, equities analysts forecast that Wipro Limited will post $0.27 EPS for the current fiscal year.

Wipro Limited declared that its board has approved a stock buyback plan on Thursday, July 20th that allows the company to buyback $1.70 billion in shares. This buyback authorization allows the information technology services provider to reacquire up to 6.1% of its stock through a tender offer. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

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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.

Institutional Ownership by Quarter for Wipro Limited (NYSE:WIT)

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