Bank of America Corporation Increases BlackBerry Limited (BBRY) Price Target to $8.00
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) had its target price lifted by Bank of America Corporation from $7.50 to $8.00 in a report issued on Friday morning. The firm currently has an underperform rating on the stock.
Other equities analysts have also recently issued reports about the company. TheStreet raised BlackBerry Limited from a d rating to a b- rating in a report on Friday, June 23rd. Vetr cut BlackBerry Limited from a strong-buy rating to a buy rating and set a $11.74 price objective for the company. in a report on Wednesday, May 31st. Zacks Investment Research raised BlackBerry Limited from a hold rating to a buy rating and set a $11.00 price objective for the company in a report on Wednesday, June 28th. Morgan Stanley dropped their price objective on BlackBerry Limited from $10.00 to $7.00 and set an equal weight rating for the company in a report on Wednesday, June 21st. Finally, Royal Bank Of Canada reaffirmed a hold rating and issued a $9.50 price objective on shares of BlackBerry Limited in a report on Thursday, June 15th. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $9.44.
Shares of BlackBerry Limited (BBRY) opened at 9.14 on Friday. The company has a market capitalization of $4.85 billion, a PE ratio of 37.61 and a beta of 0.99. BlackBerry Limited has a 12 month low of $6.65 and a 12 month high of $11.74. The firm has a 50-day moving average price of $9.05 and a 200-day moving average price of $9.24.
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last announced its quarterly earnings data on Friday, June 23rd. The company reported $0.02 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.02. The firm had revenue of $244.00 million during the quarter, compared to analysts’ expectations of $262.80 million. BlackBerry Limited had a negative return on equity of 1.67% and a net margin of 11.68%. BlackBerry Limited’s quarterly revenue was down 42.5% compared to the same quarter last year. On average, equities research analysts predict that BlackBerry Limited will post $0.04 EPS for the current year.
BlackBerry Limited announced that its board has approved a share repurchase plan on Friday, June 23rd that authorizes the company to repurchase 31,000,000 outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cetera Investment Advisers bought a new stake in shares of BlackBerry Limited in the 2nd quarter valued at about $279,000. Dynamic Technology Lab Private Ltd grew its position in shares of BlackBerry Limited by 56.4% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 232,703 shares of the company’s stock valued at $2,324,000 after buying an additional 83,957 shares during the last quarter. Koch Industries Inc. bought a new stake in shares of BlackBerry Limited in the 2nd quarter valued at about $360,000. Scotia Capital Inc. grew its position in shares of BlackBerry Limited by 6.0% in the 2nd quarter. Scotia Capital Inc. now owns 198,145 shares of the company’s stock valued at $1,978,000 after buying an additional 11,227 shares during the last quarter. Finally, Bank of Nova Scotia grew its position in shares of BlackBerry Limited by 3.1% in the 2nd quarter. Bank of Nova Scotia now owns 1,320,717 shares of the company’s stock valued at $13,201,000 after buying an additional 39,770 shares during the last quarter. Hedge funds and other institutional investors own 63.32% of the company’s stock.
BlackBerry Limited Company Profile
BlackBerry Limited (BlackBerry) provides mobile communications solutions. The Company is engaged in the sale of smartphones and enterprise software and services. The Company’s products and services include Enterprise Solutions and Services, Devices, BlackBerry Technology Solutions and Messaging. It is engaged in providing enterprise mobility management (EMM) and mobile security, and offers a portfolio of enterprise software solutions and services that can be deployed across a range of ecosystems and devices, including BlackBerry Enterprise Service (BES) 12 and Good Platforms, BES12 Cloud, enterprise file-sync-and-share (EFSS), SecuSUITE for Enterprise, Enhanced subscriber identity module (SIM)-Based Licensing (ESBL), WorkLife by BlackBerry solution and Professional Cybersecurity Services.
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