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

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 research firms have also commented on WIT. BidaskClub raised shares of Wipro Limited from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. Goldman Sachs Group, Inc. (The) lowered shares of Wipro Limited from a “neutral” rating to a “sell” rating in a research note on Sunday. Jefferies Group LLC lowered shares of Wipro Limited from a “hold” rating to an “underperform” rating in a research note on Tuesday, June 6th. BNP Paribas lowered shares of Wipro Limited from a “hold” rating to a “reduce” rating in a research note on Thursday, September 14th. Finally, Bank of America Corporation boosted their price objective on shares of Wipro Limited from $250.00 to $277.00 and gave the stock a “neutral” rating in a research note on Friday, July 21st. Four research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. Wipro Limited presently has an average rating of “Hold” and a consensus target price of $277.00.

Wipro Limited (NYSE WIT) traded down 1.06% during trading on Wednesday, hitting $5.59. 726,601 shares of the stock were exchanged. The stock has a market cap of $27.05 billion, a P/E ratio of 20.33 and a beta of 0.89. The stock has a 50 day moving average of $6.01 and a 200-day moving average of $5.39. Wipro Limited has a 52 week low of $4.50 and a 52 week high of $6.40.

Wipro Limited (NYSE:WIT) last announced its quarterly earnings results on Thursday, July 20th. The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.06 by $0.01. Wipro Limited had a net margin of 15.46% and a return on equity of 16.53%. The company had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.05 billion. Equities analysts expect that Wipro Limited will post $0.28 EPS for the current fiscal year.

Wipro Limited declared that its board has authorized a stock repurchase plan on Thursday, July 20th that authorizes the company to buyback $1.70 billion in shares. This buyback authorization authorizes the information technology services provider to repurchase up to 6.1% of its shares through a tender offer. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.

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Several institutional investors and hedge funds have recently added to or reduced their stakes in WIT. Nationwide Fund Advisors purchased a new position in shares of Wipro Limited during the first quarter valued at approximately $136,000. Profund Advisors LLC raised its holdings in shares of Wipro Limited by 24.8% during the first quarter. Profund Advisors LLC now owns 24,581 shares of the information technology services provider’s stock valued at $251,000 after purchasing an additional 4,888 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Wipro Limited by 8.6% during the first quarter. Russell Investments Group Ltd. now owns 109,586 shares of the information technology services provider’s stock valued at $1,122,000 after purchasing an additional 8,717 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of Wipro Limited by 11.8% during the first quarter. Wells Fargo & Company MN now owns 867,794 shares of the information technology services provider’s stock valued at $8,878,000 after purchasing an additional 91,544 shares during the last quarter. Finally, Comerica Bank raised its holdings in shares of Wipro Limited by 1.1% during the first quarter. Comerica Bank now owns 139,602 shares of the information technology services provider’s stock valued at $1,372,000 after purchasing an additional 1,477 shares during the last quarter. 2.48% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for Wipro Limited (NYSE:WIT)

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