Great West Life Assurance Co. Can Sells 48,959 Shares of BlackBerry Limited (BBRY)
Great West Life Assurance Co. Can lowered its stake in shares of BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) by 8.8% during the second quarter, Holdings Channel reports. The fund owned 506,630 shares of the company’s stock after selling 48,959 shares during the period. Great West Life Assurance Co. Can’s holdings in BlackBerry Limited were worth $5,044,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the stock. UBS Asset Management Americas Inc. raised its stake in BlackBerry Limited by 7.9% in the fourth quarter. UBS Asset Management Americas Inc. now owns 1,492,699 shares of the company’s stock worth $10,284,000 after buying an additional 109,818 shares during the last quarter. Bank of Montreal Can increased its position in BlackBerry Limited by 2.1% in the first quarter. Bank of Montreal Can now owns 5,640,607 shares of the company’s stock worth $43,715,000 after buying an additional 113,419 shares during the last quarter. Capstone Asset Management Co. increased its position in BlackBerry Limited by 13.2% in the first quarter. Capstone Asset Management Co. now owns 62,943 shares of the company’s stock worth $488,000 after buying an additional 7,330 shares during the last quarter. Kissinger Financial Services LLC increased its position in BlackBerry Limited by 23.6% in the first quarter. Kissinger Financial Services LLC now owns 42,565 shares of the company’s stock worth $330,000 after buying an additional 8,131 shares during the last quarter. Finally, Beech Hill Advisors Inc. increased its position in BlackBerry Limited by 8.1% in the first quarter. Beech Hill Advisors Inc. now owns 86,430 shares of the company’s stock worth $670,000 after buying an additional 6,500 shares during the last quarter. Institutional investors own 62.94% of the company’s stock.
Shares of BlackBerry Limited (NASDAQ BBRY) opened at 8.95 on Tuesday. The stock has a market capitalization of $4.75 billion, a P/E ratio of 36.83 and a beta of 0.97. BlackBerry Limited has a 1-year low of $6.65 and a 1-year high of $11.74. The firm’s 50-day moving average price is $9.71 and its 200 day moving average price is $8.90.
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last issued its earnings results on Friday, June 23rd. The company reported $0.02 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.02. BlackBerry Limited had a negative return on equity of 1.67% and a net margin of 11.68%. The company had revenue of $244 million during the quarter, compared to the consensus estimate of $262.80 million. The firm’s revenue was down 42.5% on a year-over-year basis. Analysts expect that BlackBerry Limited will post $0.04 EPS for the current fiscal year.
BlackBerry Limited declared that its Board of Directors has initiated a stock buyback program on Friday, June 23rd that allows the company to buyback 31,000,000 shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
A number of equities research analysts recently weighed in on the company. Wells Fargo & Company reaffirmed a “market perform” rating and set a $9.00 price objective (up previously from $8.50) on shares of BlackBerry Limited in a research report on Monday, June 26th. Raymond James Financial, Inc. reiterated a “mkt perform” rating on shares of BlackBerry Limited in a research note on Tuesday, May 30th. Vetr upgraded BlackBerry Limited from a “buy” rating to a “strong-buy” rating and set a $12.74 price target for the company in a research note on Monday, June 5th. Goldman Sachs Group, Inc. (The) reiterated a “sell” rating on shares of BlackBerry Limited in a research note on Sunday. Finally, Scotiabank increased their price target on BlackBerry Limited from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Monday, June 26th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $9.47.
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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