Shares of Wipro Limited (NYSE:WIT) shot up 5.7% during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $5.79 and last traded at $5.75, with a volume of 1,960,355 shares traded. The stock had previously closed at $5.44.
The information technology services provider reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. The firm had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.05 billion. Wipro Limited had a return on equity of 16.53% and a net margin of 15.46%.
Wipro Limited announced that its board has authorized a share repurchase program 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 reacquire up to 6.1% of its stock through a tender offer. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
A number of analysts have weighed in on the company. BidaskClub upgraded Wipro Limited from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Zacks Investment Research upgraded Wipro Limited from a “sell” rating to a “hold” rating in a report on Tuesday, July 25th. Bank of America Corporation increased their price objective on Wipro Limited from $250.00 to $277.00 and gave the company a “neutral” rating in a report on Friday, July 21st. Finally, Jefferies Group LLC lowered Wipro Limited from a “hold” rating to an “underperform” rating in a report on Tuesday, June 6th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a strong buy rating to the stock. Wipro Limited currently has an average rating of “Hold” and an average target price of $140.63.
Several institutional investors have recently added to or reduced their stakes in WIT. Fox Run Management L.L.C. purchased a new position in Wipro Limited during the first quarter valued at about $109,000. Signaturefd LLC purchased a new position in Wipro Limited during the first quarter valued at about $115,000. Teza Capital Management LLC purchased a new position in Wipro Limited during the first quarter valued at about $122,000. Nationwide Fund Advisors purchased a new position in Wipro Limited during the first quarter valued at about $136,000. Finally, Brandes Investment Partners LP purchased a new position in Wipro Limited during the first quarter valued at about $138,000. 1.52% of the stock is currently owned by hedge funds and other institutional investors.
The stock’s 50-day moving average is $5.74 and its 200-day moving average is $5.19. The stock has a market cap of $29.47 billion, a PE ratio of 22.23 and a beta of 0.87.
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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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