BlackBerry Limited (BBRY) Now Covered by Goldman Sachs Group, Inc. (The)
Stock analysts at Goldman Sachs Group, Inc. (The) assumed coverage on shares of BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) in a research note issued on Monday. The brokerage set a “sell” rating and a $8.50 price target on the stock. Goldman Sachs Group, Inc. (The)’s price objective would suggest a potential downside of 5.87% from the company’s previous close.
BBRY has been the subject of several other research reports. Wells Fargo & Company reiterated a “market perform” rating and issued a $9.00 price objective (up previously from $8.50) on shares of BlackBerry Limited in a research note 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 shares of 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. CIBC upgraded shares of BlackBerry Limited from a “sector underperform” rating to a “sector perform” rating and set a $10.00 price objective for the company in a research note on Wednesday, April 12th. Finally, Scotiabank lifted their price objective on shares of BlackBerry Limited from $10.00 to $11.00 and gave the company an “outperform” rating in a research note on Monday, June 26th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. BlackBerry Limited presently has a consensus rating of “Hold” and an average target price of $9.45.
BlackBerry Limited (BBRY) opened at 9.03 on Monday. The stock has a 50 day moving average of $9.99 and a 200 day moving average of $8.80. The firm has a market cap of $4.79 billion, a PE ratio of 37.16 and a beta of 0.97. 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 data on Friday, June 23rd. The company reported $0.02 earnings per share for the quarter, meeting the consensus estimate of $0.02. The company had revenue of $244 million during the quarter, compared to analyst estimates of $262.80 million. BlackBerry Limited had a net margin of 11.68% and a negative return on equity of 1.67%. The company’s quarterly revenue was down 42.5% compared to the same quarter last year. On average, equities research analysts anticipate that BlackBerry Limited will post $0.04 EPS for the current fiscal year.
BlackBerry Limited announced that its board has approved a stock buyback plan on Friday, June 23rd that allows the company to buyback 31,000,000 outstanding shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.
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A number of large investors have recently added to or reduced their stakes in the stock. Iridian Asset Management LLC CT increased its stake in BlackBerry Limited by 25.8% in the first quarter. Iridian Asset Management LLC CT now owns 26,338,893 shares of the company’s stock valued at $204,126,000 after buying an additional 5,403,804 shares during the period. OppenheimerFunds Inc. increased its stake in BlackBerry Limited by 83.9% in the first quarter. OppenheimerFunds Inc. now owns 7,357,607 shares of the company’s stock valued at $57,005,000 after buying an additional 3,356,948 shares during the period. First Eagle Investment Management LLC increased its stake in BlackBerry Limited by 48.9% in the first quarter. First Eagle Investment Management LLC now owns 6,159,856 shares of the company’s stock valued at $47,739,000 after buying an additional 2,022,000 shares during the period. Kornitzer Capital Management Inc. KS acquired a new stake in BlackBerry Limited during the second quarter valued at approximately $18,807,000. Finally, Beck Mack & Oliver LLC increased its stake in BlackBerry Limited by 13,461.0% in the second quarter. Beck Mack & Oliver LLC now owns 1,844,300 shares of the company’s stock valued at $18,425,000 after buying an additional 1,830,700 shares during the period. 63.31% of the stock is currently owned by institutional investors and hedge funds.
About BlackBerry Limited
BlackBerry Limited (BlackBerry) provides mobile communications solutions. The Company is engaged in the sale of 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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