BlackBerry Limited (BBRY) Downgraded to “Hold” at Zacks Investment Research
Zacks Investment Research downgraded shares of BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) from a strong-buy rating to a hold rating in a research note issued to investors on Thursday morning.
According to Zacks, “Shares of BlackBerry have outperformed its industry on a year-to-date basis. The company's decision to focus exclusively on software business seems to be paying off. BlackBerry anticipates profitability (on an adjusted basis) and also expects to generate positive free cash flow in fiscal 2018. In order to strengthen its position in the software business, BlackBerry has recently inked multiple deals as well. The dispute settlement with Qualcomm, earlier this year, is also a huge positive. However, the company's struggles on the top line front raise concerns. With increasing global exposure, BlackBerry faces the risk of adverse foreign exchange fluctuations. Additionally, Brexit and macroeconomic pressures have increased volatility in currency markets and might hurt BlackBerry’s operations. Moreover, the loss of licensing contract with T-Mobile may eventually impact BlackBerry’s sales, given the its expanded network.”
Other equities analysts have also recently issued research reports about the stock. Royal Bank Of Canada reissued a hold rating and issued a $9.50 price target on shares of BlackBerry Limited in a research note on Friday, September 22nd. BidaskClub cut shares of BlackBerry Limited from a sell rating to a strong sell rating in a research note on Wednesday, August 23rd. Vetr cut shares of BlackBerry Limited from a strong-buy rating to a buy rating and set a $10.20 price target for the company. in a research note on Tuesday, September 26th. Goldman Sachs Group, Inc. (The) reissued a sell rating on shares of BlackBerry Limited in a research note on Sunday, August 13th. Finally, William Blair reissued a market perform rating on shares of BlackBerry Limited in a research note on Tuesday, July 4th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $9.71.
Shares of BlackBerry Limited (NASDAQ:BBRY) traded up 0.45% on Thursday, hitting $11.07. 3,098,392 shares of the company’s stock were exchanged. The firm has a market cap of $5.87 billion, a P/E ratio of 11.45 and a beta of 1.00. The stock’s 50 day moving average is $9.43 and its 200 day moving average is $9.48. BlackBerry Limited has a 12 month low of $6.65 and a 12 month high of $11.74.
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last released its quarterly earnings results on Thursday, September 28th. The company reported $0.05 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.06. BlackBerry Limited had a net margin of 49.62% and a return on equity of 2.70%. The business had revenue of $238.00 million during the quarter, compared to analysts’ expectations of $221.21 million. The company’s quarterly revenue was down 32.4% on a year-over-year basis. On average, equities analysts predict that BlackBerry Limited will post $0.06 earnings per share for the current year.
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BlackBerry Limited declared that its Board of Directors has approved a stock buyback program on Friday, June 23rd that authorizes the company to repurchase 31,000,000 shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.
Hedge funds and other institutional investors have recently modified their holdings of the business. Creative Planning raised its holdings in BlackBerry Limited by 18.6% in the 2nd quarter. Creative Planning now owns 12,122 shares of the company’s stock worth $121,000 after purchasing an additional 1,900 shares in the last quarter. B & T Capital Management DBA Alpha Capital Management bought a new position in BlackBerry Limited in the 2nd quarter worth $123,000. American Asset Management Inc. bought a new position in BlackBerry Limited in the 2nd quarter worth $123,000. Capital Investment Counsel Inc bought a new position in BlackBerry Limited in the 1st quarter worth $126,000. Finally, Private Advisor Group LLC bought a new position in BlackBerry Limited in the 2nd quarter worth $138,000. Institutional investors and hedge funds own 63.32% of the company’s stock.
About BlackBerry Limited
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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