BlackBerry Limited (BBRY) Given Hold Rating at Canaccord Genuity
Canaccord Genuity reaffirmed their hold rating on shares of BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) in a research note released on Monday morning. The brokerage currently has a $10.00 target price on the stock.
A number of other equities analysts have also commented on BBRY. Morgan Stanley dropped their price target on BlackBerry Limited from $10.00 to $7.00 and set an equal weight rating for the company in a research note on Wednesday, June 21st. TheStreet lowered BlackBerry Limited from a b- rating to a c+ rating in a research report on Monday, July 17th. BidaskClub cut BlackBerry Limited from a hold rating to a sell rating in a research note on Wednesday, August 2nd. Credit Suisse Group restated an underperform rating and set a $8.00 price objective on shares of BlackBerry Limited in a research report on Wednesday, June 21st. Finally, Vetr raised BlackBerry Limited from a buy rating to a strong-buy rating and set a $12.74 price objective for the company in a research note on Monday, June 5th. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $9.60.
Shares of BlackBerry Limited (NASDAQ BBRY) opened at 11.34 on Monday. The company’s 50-day moving average price is $9.24 and its 200 day moving average price is $9.43. BlackBerry Limited has a 1-year low of $6.65 and a 1-year high of $11.74. The company has a market cap of $6.01 billion, a price-to-earnings ratio of 11.73 and a beta of 1.00.
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last posted its quarterly earnings results on Thursday, September 28th. The company reported $0.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.06. BlackBerry Limited had a return on equity of 2.70% and a net margin of 49.62%. The business had revenue of $238.00 million during the quarter, compared to the consensus estimate of $221.21 million. BlackBerry Limited’s revenue was down 32.4% compared to the same quarter last year. On average, analysts predict that BlackBerry Limited will post $0.06 earnings per share for the current fiscal year.
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BlackBerry Limited announced that its board has approved a share buyback plan on Friday, June 23rd that allows the company to repurchase 31,000,000 shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
Hedge funds have recently added to or reduced their stakes in the business. Contour Asset Management LLC purchased a new position in BlackBerry Limited in the 2nd quarter worth approximately $34,244,000. FMR LLC boosted its holdings in shares of BlackBerry Limited by 1,413.1% during the 2nd quarter. FMR LLC now owns 3,469,494 shares of the company’s stock worth $34,673,000 after purchasing an additional 3,240,200 shares during the last quarter. CI Investments Inc. acquired a new position in shares of BlackBerry Limited during the 2nd quarter worth approximately $30,309,000. Kornitzer Capital Management Inc. KS acquired a new position in shares of BlackBerry Limited during the 2nd quarter worth approximately $18,807,000. Finally, Beck Mack & Oliver LLC boosted its holdings in shares of BlackBerry Limited by 13,461.0% during the 2nd quarter. Beck Mack & Oliver LLC now owns 1,844,300 shares of the company’s stock worth $18,425,000 after purchasing an additional 1,830,700 shares during the last quarter. Institutional investors 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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