New Buy Rating for Wipro Limited (WIPRO), the Technology Giant

CLSA analyst Sumeet Jain maintained a Buy rating on Wipro Limited today and set a price target of INR265.00. The company’s shares closed today at INR240.98.

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Jain covers the Technology sector, focusing on stocks such as Infosys Limited, Wipro Limited, and LTIMindtree Limited. According to TipRanks, Jain has an average return of 1.3% and a 41.30% success rate on recommended stocks.

In addition to CLSA, Wipro Limited also received a Buy from Nomura’s Abhishek Bhandari in a report issued yesterday. However, on October 1, Bank of America Securities maintained a Sell rating on Wipro Limited (NSE: WIPRO).

Based on Wipro Limited’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of INR221.35 billion and a net profit of INR33.3 billion. In comparison, last year the company earned a revenue of INR219.64 billion and had a net profit of INR30.03 billion

Based on the recent corporate insider activity of 387 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of WIPRO in relation to earlier this year.