BlackBerry Ltd. (BBRY) Price Target Increased to $7.50 by Analysts at RBC Capital Markets
BlackBerry Ltd. (NASDAQ:BBRY) had its target price boosted by RBC Capital Markets from $7.00 to $7.50 in a research report released on Thursday. They currently have a neutral rating on the smartphone producer’s stock.
Several other brokerages also recently commented on BBRY. Credit Suisse Group AG reissued an underperform rating and issued a $6.00 price objective on shares of BlackBerry in a research note on Thursday. Wells Fargo & Co. reissued a positive rating and issued a $7.62 price objective on shares of BlackBerry in a research note on Tuesday, August 30th. Royal Bank Of Canada increased their price objective on shares of BlackBerry from $7.00 to $7.50 and gave the company a sector perform rating in a research note on Thursday. Imperial Capital reissued an in-line rating and issued a $7.00 price objective on shares of BlackBerry in a research note on Tuesday, June 28th. Finally, Zacks Investment Research downgraded shares of BlackBerry from a buy rating to a hold rating in a research note on Monday, June 6th. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and three have assigned a buy rating to the company. The company has an average rating of Hold and a consensus price target of $7.84.
BlackBerry (NASDAQ:BBRY) traded up 0.50% on Thursday, reaching $7.98. 1,089,195 shares of the company traded hands. The stock has a 50-day moving average of $7.80 and a 200 day moving average of $7.30. BlackBerry has a 52-week low of $6.04 and a 52-week high of $9.46. The company’s market capitalization is $4.17 billion.
BlackBerry (NASDAQ:BBRY) last issued its quarterly earnings data on Wednesday, September 28th. The smartphone producer reported ($0.03) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.02. The business earned $352 million during the quarter. BlackBerry had a negative net margin of 78.41% and a negative return on equity of 3.13%. BlackBerry’s revenue for the quarter was down 28.2% on a year-over-year basis. During the same period in the previous year, the company earned ($0.13) EPS. On average, equities analysts forecast that BlackBerry will post $70.89 EPS for the current year.
Hedge funds have recently made changes to their positions in the company. Primecap Management Co. CA raised its stake in shares of BlackBerry by 0.8% in the second quarter. Primecap Management Co. CA now owns 76,722,307 shares of the smartphone producer’s stock valued at $514,807,000 after buying an additional 624,400 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of BlackBerry by 11.9% in the first quarter. Renaissance Technologies LLC now owns 14,766,100 shares of the smartphone producer’s stock valued at $119,473,000 after buying an additional 1,575,300 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of BlackBerry by 11.5% in the second quarter. Vanguard Group Inc. now owns 9,288,048 shares of the smartphone producer’s stock valued at $62,323,000 after buying an additional 958,365 shares in the last quarter. Bank of Montreal Can bought a new stake in shares of BlackBerry during the second quarter valued at approximately $32,778,000. Finally, Norges Bank bought a new stake in shares of BlackBerry during the fourth quarter valued at approximately $41,371,000. 57.99% of the stock is currently owned by institutional investors and hedge funds.
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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