Wipro Limited (WIT) Upgraded to “Buy” by Zacks Investment Research

Wipro Limited (NYSE:WIT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday.

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. “

Several other equities research analysts also recently issued reports on WIT. Jefferies Group LLC downgraded shares of Wipro Limited from a “hold” rating to an “underperform” rating in a research note on Tuesday, June 6th. BidaskClub cut Wipro Limited from a “buy” rating to a “hold” rating in a research report on Saturday, June 10th. Finally, Bank of America Corporation raised their target price on Wipro Limited from $250.00 to $277.00 and gave the stock a “neutral” rating in a research report on Friday, July 21st. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the stock. Wipro Limited currently has a consensus rating of “Hold” and an average target price of $141.88.

Wipro Limited (WIT) traded down 0.17% during mid-day trading on Thursday, reaching $5.97. 297,217 shares of the company traded hands. The stock has a 50 day moving average price of $6.07 and a 200-day moving average price of $5.35. Wipro Limited has a 52-week low of $4.50 and a 52-week high of $6.40. The company has a market capitalization of $28.89 billion, a P/E ratio of 21.87 and a beta of 0.89.

Wipro Limited (NYSE:WIT) last announced its quarterly earnings data on Thursday, July 20th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.01. The business had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.05 billion. Wipro Limited had a net margin of 15.46% and a return on equity of 16.53%. Analysts expect that Wipro Limited will post $0.27 EPS for the current fiscal year.

Wipro Limited declared that its Board of Directors has approved a stock repurchase program on Thursday, July 20th that permits the company to repurchase $1.70 billion in shares. This repurchase authorization permits 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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A number of hedge funds have recently modified their holdings of the stock. Comerica Bank lifted its position in Wipro Limited by 1.1% in the first 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 period. United Services Automobile Association lifted its position in 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 purchasing an additional 1,773 shares during the period. Baillie Gifford & Co. lifted its position in Wipro Limited by 0.9% in the first 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 period. Profund Advisors LLC lifted its position in Wipro Limited by 24.8% in the first 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 period. Finally, Ameriprise Financial Inc. lifted its position in Wipro Limited by 14.2% in the first 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 period. 2.48% of the stock is 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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