BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) was downgraded by investment analysts at Vetr from a “sell” rating to a “strong sell” rating in a research report issued on Wednesday. They currently have a $10.12 price target on the stock. Vetr‘s price target would indicate a potential downside of 11.92% from the stock’s previous close.
A number of other equities research analysts also recently issued reports on BBRY. TheStreet upgraded shares of BlackBerry Limited from a “d” rating to a “b-” rating in a research note on Friday, June 23rd. TD Securities reiterated a “buy” rating and set a $11.50 price objective on shares of BlackBerry Limited in a research note on Tuesday, September 26th. Morgan Stanley reduced their price objective on shares of BlackBerry Limited from $10.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Wednesday, June 21st. Deutsche Bank AG reiterated a “hold” rating and set a $7.50 price objective (up from $7.00) on shares of BlackBerry Limited in a research note on Monday, June 26th. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $9.50 price objective on shares of BlackBerry Limited in a research note on Thursday, June 15th. Five research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $9.70.
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, beating the Thomson Reuters’ 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 for the quarter, compared to the consensus estimate of $221.21 million. BlackBerry Limited’s revenue for the quarter was down 32.4% compared to the same quarter last year.
BlackBerry Limited declared that its board has initiated a stock repurchase program on Friday, June 23rd that permits the company to buyback 31,000,000 shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.
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A number of institutional investors have recently added to or reduced their stakes in BBRY. Creative Planning raised its holdings in BlackBerry Limited by 18.6% during 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 during the last quarter. B & T Capital Management DBA Alpha Capital Management bought a new position in BlackBerry Limited during the 2nd quarter worth approximately $123,000. American Asset Management Inc. bought a new position in BlackBerry Limited during the 2nd quarter worth approximately $123,000. Private Advisor Group LLC bought a new position in BlackBerry Limited during the 2nd quarter worth approximately $138,000. Finally, FNY Partners Fund LP bought a new position in BlackBerry Limited during the 1st quarter worth approximately $147,000. Hedge funds and other institutional investors own 63.39% 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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