Wipro Limited (WIT) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of Wipro Limited (NYSE:WIT) from a buy rating to a hold rating in a research report released on Friday morning.

According to Zacks, “WIPRO LTD-ADR provides comprehensive IT solutions and services, including systems integration, Information Systems outsourcing, package implementation, software application development and maintenance, and research and development services to corporations globally. Wipro Limited is the first PCMM Level 5 and SEI CMM Level certified IT Services Company globally. “

Other research analysts have also issued research reports about the stock. BidaskClub lowered shares of Wipro Limited from a strong-buy rating to a buy rating in a research note on Thursday, August 10th. 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 note on Friday, July 21st. Finally, Jefferies Group LLC lowered shares of Wipro Limited from a hold rating to an underperform rating in a research note on Tuesday, June 6th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. The stock has an average rating of Hold and a consensus price target of $141.88.

Shares of Wipro Limited (NYSE WIT) opened at 5.98 on Friday. Wipro Limited has a 52 week low of $4.50 and a 52 week high of $6.40. The stock has a market capitalization of $28.94 billion, a PE ratio of 21.90 and a beta of 0.89. The stock’s 50 day moving average is $6.07 and its 200 day moving average is $5.35.

Wipro Limited (NYSE:WIT) last released its quarterly earnings data on Thursday, July 20th. The information technology services provider reported $0.07 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.01. The firm had revenue of $2.11 billion for 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 anticipate that Wipro Limited will post $0.27 EPS for the current fiscal year.

COPYRIGHT VIOLATION WARNING: “Wipro Limited (WIT) Downgraded by Zacks Investment Research to Hold” was originally reported by Sports Perspectives and is the sole property of of Sports Perspectives. If you are accessing this story on another domain, it was illegally stolen and reposted in violation of United States and international trademark and copyright legislation. The original version of this story can be accessed at https://sportsperspectives.com/2017/09/12/wipro-limited-wit-downgraded-by-zacks-investment-research-to-hold.html.

Wipro Limited declared that its Board of Directors has approved a stock buyback program on Thursday, July 20th that allows the company to buyback $1.70 billion in outstanding 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 programs are generally an indication that the company’s leadership believes its stock is undervalued.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Comerica Bank increased its stake in shares of Wipro Limited by 1.1% during the 1st quarter. Comerica Bank now owns 139,602 shares of the information technology services provider’s stock worth $1,372,000 after purchasing an additional 1,477 shares during the last quarter. United Services Automobile Association increased its stake in shares of Wipro Limited by 13.9% during the 1st quarter. United Services Automobile Association now owns 14,558 shares of the information technology services provider’s stock worth $149,000 after purchasing an additional 1,773 shares during the last quarter. Baillie Gifford & Co. increased its stake in shares of Wipro Limited by 0.9% during the 1st quarter. Baillie Gifford & Co. now owns 349,165 shares of the information technology services provider’s stock worth $3,572,000 after purchasing an additional 3,030 shares during the last quarter. Profund Advisors LLC increased its stake in shares of Wipro Limited by 24.8% during the 1st quarter. Profund Advisors LLC now owns 24,581 shares of the information technology services provider’s stock worth $251,000 after purchasing an additional 4,888 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its stake in shares of Wipro Limited by 14.2% during the 1st quarter. Ameriprise Financial Inc. now owns 42,227 shares of the information technology services provider’s stock worth $432,000 after purchasing an additional 5,240 shares during the last quarter. Institutional investors own 2.48% of the company’s stock.

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.

Get a free copy of the Zacks research report on Wipro Limited (WIT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & 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 companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply