Wipro Limited (WIT) Rating Lowered to Sell at Goldman Sachs Group, Inc. (The)
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.
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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.
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