Wipro Limited (NYSE:WIT) released its earnings results on Tuesday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.01, MarketWatch Earnings reports. The company had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $2.17 billion. Wipro Limited had a return on equity of 16.14% and a net margin of 15.77%.
Wipro Limited (NYSE:WIT) traded down 0.58% during midday trading on Friday, hitting $5.14. The stock had a trading volume of 925,377 shares. The stock has a 50-day moving average of $5.62 and a 200-day moving average of $5.48. The firm has a market cap of $24.91 billion, a P/E ratio of 18.42 and a beta of 0.83. Wipro Limited has a 52 week low of $4.50 and a 52 week high of $6.40.
Several brokerages recently weighed in on WIT. Zacks Investment Research raised Wipro Limited from a “hold” rating to a “buy” rating in a research note on Thursday, September 7th. BidaskClub lowered Wipro Limited from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 24th. Bank of America Corporation increased their price target on Wipro Limited from $250.00 to $277.00 and gave the company a “neutral” rating in a research report on Friday, July 21st. Finally, Goldman Sachs Group, Inc. (The) lowered Wipro Limited from a “neutral” rating to a “sell” rating in a research report on Sunday, September 17th. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company’s stock. Wipro Limited presently has a consensus rating of “Hold” and an average target price of $141.50.
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Wipro Limited announced that its board has authorized a share buyback program on Thursday, July 20th that permits the company to buyback $1.70 billion in shares. This buyback authorization permits the information technology services provider to repurchase up to 6.1% of its shares through a tender offer. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
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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