Royal Bank Of Canada Reaffirms “Hold” Rating for BlackBerry Limited (BBRY)
Royal Bank Of Canada reaffirmed their hold rating on shares of BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) in a research report report published on Friday morning. Royal Bank Of Canada currently has a $9.50 price objective on the stock.
A number of other research firms have also recently weighed in on BBRY. Raymond James Financial, Inc. cut BlackBerry Limited from an outperform rating to a market perform rating and increased their price target for the stock from $9.50 to $11.00 in a report on Monday, May 29th. TheStreet cut BlackBerry Limited from a b- rating to a c+ rating in a report on Monday, July 17th. Deutsche Bank AG reiterated a hold rating and set a $7.50 price target (up from $7.00) on shares of BlackBerry Limited in a report on Monday, June 26th. Goldman Sachs Group, Inc. (The) started coverage on BlackBerry Limited in a report on Monday, August 7th. They set a sell rating and a $8.50 price target for the company. Finally, BidaskClub cut BlackBerry Limited from a buy rating to a hold rating in a report on Monday, July 24th. Four analysts have rated the stock with a sell rating, ten have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $9.58.
Shares of BlackBerry Limited (NASDAQ:BBRY) opened at 9.13 on Friday. The stock’s 50 day moving average price is $9.05 and its 200 day moving average price is $9.24. BlackBerry Limited has a 52-week low of $6.65 and a 52-week high of $11.74. The company has a market capitalization of $4.85 billion, a P/E ratio of 37.57 and a beta of 0.99.
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last released its quarterly earnings results on Friday, June 23rd. The company reported $0.02 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.02. The business had revenue of $244.00 million during the quarter, compared to analysts’ expectations of $262.80 million. BlackBerry Limited had a negative return on equity of 1.67% and a net margin of 11.68%. The firm’s quarterly revenue was down 42.5% on a year-over-year basis. On average, equities research analysts forecast that BlackBerry Limited will post $0.04 earnings per share for the current fiscal year.
BlackBerry Limited announced that its Board of Directors has authorized a stock repurchase program on Friday, June 23rd that allows the company to buyback 31,000,000 outstanding shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.
Hedge funds and other institutional investors have recently modified their holdings of the company. Creative Planning raised its position in shares of 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 acquiring an additional 1,900 shares in the last quarter. B & T Capital Management DBA Alpha Capital Management acquired a new stake in shares of BlackBerry Limited during the 2nd quarter worth about $123,000. American Asset Management Inc. acquired a new stake in shares of BlackBerry Limited during the 2nd quarter worth about $123,000. Capital Investment Counsel Inc acquired a new stake in shares of BlackBerry Limited during the 1st quarter worth about $126,000. Finally, Private Advisor Group LLC acquired a new stake in shares of BlackBerry Limited during the 2nd quarter worth about $138,000. 63.32% of the stock is currently owned by institutional investors and hedge funds.
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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