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

Zacks Investment Research upgraded shares of Wipro Limited (NYSE:WIT) from a hold rating to a buy rating in a research report released on Friday, October 20th. The firm currently has $6.00 target price on the information technology services provider’s stock.

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. “

A number of other research firms have also recently issued reports on WIT. BidaskClub upgraded Wipro Limited from a buy rating to a strong-buy rating in a research note on Friday, August 4th. Bank of America Corporation raised their target price on Wipro Limited from $250.00 to $277.00 and gave the company a neutral rating in a research note on Friday, July 21st. BNP Paribas cut Wipro Limited from a hold rating to a reduce rating in a research note on Thursday, September 14th. Finally, Goldman Sachs Group, Inc. (The) cut Wipro Limited from a neutral rating to a sell rating in a research note on Sunday, September 17th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $141.50.

Shares of Wipro Limited (NYSE:WIT) opened at 5.18 on Friday. Wipro Limited has a 1-year low of $4.50 and a 1-year high of $6.40. The stock has a 50 day moving average of $5.57 and a 200-day moving average of $5.48. The firm has a market cap of $25.10 billion, a price-to-earnings ratio of 18.57 and a beta of 0.83.

Wipro Limited (NYSE:WIT) last released its quarterly earnings data on Tuesday, October 17th. The information technology services provider reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.01. The firm had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.17 billion. Wipro Limited had a net margin of 15.77% and a return on equity of 16.14%. Equities analysts anticipate that Wipro Limited will post $0.27 EPS for the current fiscal year.

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Wipro Limited announced that its Board of Directors has approved a stock repurchase program on Thursday, July 20th that allows the company to repurchase $1.70 billion in outstanding shares. This repurchase authorization allows the information technology services provider to repurchase up to 6.1% of its stock through a tender offer. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

A number of institutional investors have recently modified their holdings of WIT. Nationwide Fund Advisors bought a new stake in Wipro Limited in the first quarter worth about $136,000. Russell Investments Group Ltd. raised its position in Wipro Limited by 8.6% in the first quarter. Russell Investments Group Ltd. now owns 109,586 shares of the information technology services provider’s stock worth $1,122,000 after acquiring an additional 8,717 shares in the last quarter. UBS Asset Management Americas Inc. raised its position in Wipro Limited by 277.1% in the first quarter. UBS Asset Management Americas Inc. now owns 115,133 shares of the information technology services provider’s stock worth $1,178,000 after acquiring an additional 84,600 shares in the last quarter. Ameriprise Financial Inc. raised 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 acquiring an additional 5,240 shares in the last quarter. Finally, Oxford Asset Management bought a new stake in Wipro Limited in the first quarter worth about $197,000. Hedge funds and other institutional investors own 2.47% of the company’s stock.

About Wipro Limited

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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