BMO Capital Markets Reiterates Hold Rating for BlackBerry Limited (BBRY)
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB)‘s stock had its “hold” rating reiterated by equities researchers at BMO Capital Markets in a research report issued on Friday. They presently have a $10.00 price target on the stock. BMO Capital Markets’ price objective would suggest a potential downside of 10.55% from the stock’s current price.
Other research analysts have also issued research reports about the company. TheStreet raised BlackBerry Limited from a “d” rating to a “b-” rating in a report on Friday, June 23rd. 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. Vetr lowered BlackBerry Limited from a “strong-buy” rating to a “buy” rating and set a $10.20 price objective for the company. in a report on Tuesday, September 26th. TD Securities reissued a “buy” rating and set a $11.50 price objective on shares of BlackBerry Limited in a report on Tuesday, September 26th. Finally, Morgan Stanley cut 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. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and five have assigned a buy rating to the company. BlackBerry Limited presently has an average rating of “Hold” and an average target price of $9.58.
BlackBerry Limited (NASDAQ:BBRY) opened at 11.18 on Friday. The company has a market cap of $5.93 billion, a PE ratio of 11.88 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 stock has a 50 day moving average of $9.05 and a 200-day moving average of $9.24.
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last issued its quarterly earnings data on Thursday, September 28th. The company reported $0.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.06. BlackBerry Limited had a return on equity of 2.83% and a net margin of 49.62%. The company had revenue of $238.00 million during the quarter, compared to analyst estimates of $221.21 million. The business’s revenue was down 32.4% compared to the same quarter last year. On average, equities research analysts anticipate that BlackBerry Limited will post $0.04 earnings per share for the current fiscal year.
BlackBerry Limited declared that its Board of Directors has approved a share repurchase plan on Friday, June 23rd that allows the company to buyback 31,000,000 shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
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A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in BlackBerry Limited by 9.2% in the second quarter. Vanguard Group Inc. now owns 11,390,521 shares of the company’s stock worth $113,792,000 after purchasing an additional 962,449 shares during the period. CIBC World Markets Inc. grew its stake in BlackBerry Limited by 6.5% in the second quarter. CIBC World Markets Inc. now owns 6,097,343 shares of the company’s stock worth $60,912,000 after purchasing an additional 373,691 shares during the period. TD Asset Management Inc. grew its stake in BlackBerry Limited by 2.2% in the second quarter. TD Asset Management Inc. now owns 4,086,249 shares of the company’s stock worth $40,777,000 after purchasing an additional 87,970 shares during the period. FMR LLC grew its stake in BlackBerry Limited by 1,413.1% in the second 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 period. Finally, Contour Asset Management LLC purchased a new stake in BlackBerry Limited in the second quarter worth $34,244,000. 63.32% of the stock is currently owned by institutional investors.
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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