TD Securities Boosts BlackBerry Limited (BBRY) Price Target to $12.00
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) had its price objective upped by equities researchers at TD Securities from $11.50 to $12.00 in a report released on Monday, October 2nd. The firm currently has a “buy” rating on the stock. TD Securities’ price objective suggests a potential upside of 3.72% from the stock’s previous close.
BBRY has been the topic of several other research reports. Morgan Stanley lowered their price target on BlackBerry Limited from $10.00 to $7.00 and set an “equal weight” rating on the stock in a report on Wednesday, June 21st. TheStreet downgraded shares of BlackBerry Limited from a “b-” rating to a “c+” rating in a research note on Monday, July 17th. BidaskClub downgraded shares of BlackBerry Limited from a “hold” rating to a “sell” rating in a research note on Wednesday, August 2nd. Credit Suisse Group reiterated an “underperform” rating and set a $8.00 price target on shares of BlackBerry Limited in a research note on Wednesday, June 21st. Finally, Vetr raised BlackBerry Limited from a “buy” rating to a “strong-buy” rating and set a $12.74 price objective for the company in a report on Monday, June 5th. Five analysts have rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $9.70.
BlackBerry Limited (NASDAQ BBRY) traded up 0.70% during midday trading on Monday, reaching $11.57. 8,264,096 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $9.88 and its 200-day moving average price is $9.67. The company has a market capitalization of $6.13 billion, a PE ratio of 11.96 and a beta of 1.00. BlackBerry Limited has a 1-year low of $6.65 and a 1-year high of $11.78.
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last issued its quarterly earnings data on Thursday, September 28th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.06. The firm had revenue of $238.00 million for the quarter, compared to analyst estimates of $221.21 million. BlackBerry Limited had a net margin of 49.62% and a return on equity of 2.70%. The company’s revenue was down 32.4% on a year-over-year basis. Equities analysts expect that BlackBerry Limited will post $0.06 EPS for the current year.
BlackBerry Limited announced that its board has initiated a stock repurchase program on Friday, June 23rd that authorizes the company to buyback 31,000,000 outstanding shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.
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Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cetera Investment Advisers acquired a new stake in shares of BlackBerry Limited during the 2nd quarter worth $279,000. Dynamic Technology Lab Private Ltd boosted its stake in BlackBerry Limited by 56.4% in the second quarter. Dynamic Technology Lab Private Ltd now owns 232,703 shares of the company’s stock valued at $2,324,000 after buying an additional 83,957 shares in the last quarter. Koch Industries Inc. acquired a new stake in BlackBerry Limited in the second quarter valued at about $360,000. Scotia Capital Inc. boosted its stake in BlackBerry Limited by 6.0% in the second quarter. Scotia Capital Inc. now owns 198,145 shares of the company’s stock valued at $1,978,000 after buying an additional 11,227 shares in the last quarter. Finally, Bank of Nova Scotia boosted its stake in BlackBerry Limited by 3.1% in the second quarter. Bank of Nova Scotia now owns 1,320,717 shares of the company’s stock valued at $13,201,000 after buying an additional 39,770 shares in the last quarter. 63.39% of the stock is currently owned by institutional investors.
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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