Wipro Limited (NYSE:WIT) was downgraded by Goldman Sachs Group, Inc. (The) from a “neutral” rating to a “sell” rating in a report released on Sunday.

WIT has been the subject of a number of other reports. Zacks Investment Research upgraded shares of Wipro Limited from a “hold” rating to a “buy” rating in a research report on Thursday, September 7th. Jefferies Group LLC lowered shares of Wipro Limited from a “hold” rating to an “underperform” rating in a research report on Tuesday, June 6th. BidaskClub upgraded shares of Wipro Limited from a “sell” rating to a “hold” rating in a research report on Monday, June 26th. Finally, Bank of America Corporation upped their price target 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. Four research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $277.00.

Shares of Wipro Limited (NYSE WIT) opened at 5.76 on Friday. Wipro Limited has a 1-year low of $4.50 and a 1-year high of $6.40. The firm has a 50-day moving average of $6.03 and a 200 day moving average of $5.39. The stock has a market capitalization of $27.87 billion, a PE ratio of 21.10 and a beta of 0.89.

Wipro Limited (NYSE:WIT) last posted its quarterly earnings results on Thursday, July 20th. The information technology services provider reported $0.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.01. The business had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.05 billion. Wipro Limited had a net margin of 15.46% and a return on equity of 16.53%. Analysts predict that Wipro Limited will post $0.28 EPS for the current year.

Wipro Limited declared that its board has approved a stock repurchase 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 buy up to 6.1% of its shares through a tender offer. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

TRADEMARK VIOLATION NOTICE: “Wipro Limited (WIT) Rating Lowered to Sell at Goldman Sachs Group, Inc. (The)” was originally published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are viewing this story on another publication, it was copied illegally and republished in violation of US & international trademark and copyright legislation. The original version of this story can be viewed at https://www.thecerbatgem.com/2017/09/19/wipro-limited-wit-rating-lowered-to-sell-at-goldman-sachs-group-inc-the.html.

Hedge funds have recently added to or reduced their stakes in the company. Signaturefd LLC purchased a new position in shares of Wipro Limited in the first quarter worth $115,000. Teza Capital Management LLC purchased a new position in shares of Wipro Limited in the first quarter worth $122,000. Nationwide Fund Advisors purchased a new position in shares of Wipro Limited in the first quarter worth $136,000. Brandes Investment Partners LP purchased a new position in shares of Wipro Limited in the first quarter worth $138,000. Finally, United Services Automobile Association lifted its holdings in shares of Wipro Limited by 13.9% in the first quarter. United Services Automobile Association now owns 14,558 shares of the information technology services provider’s stock worth $149,000 after buying an additional 1,773 shares in the last quarter. 2.48% of the stock is currently owned by hedge funds and other 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)

Receive News & Stock Ratings for Wipro Limited Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wipro Limited and related stocks with our FREE daily email newsletter.