Macquarie Upgrades BlackBerry Ltd. (BBRY) to “Neutral”
BlackBerry Ltd. (NASDAQ:BBRY) was upgraded by analysts at Macquarie from an “underperform” rating to a “neutral” rating in a research report issued to clients and investors on Thursday. The firm currently has a $8.50 price objective on the smartphone producer’s stock, up from their prior price objective of $7.00. Macquarie’s target price would suggest a potential upside of 6.52% from the stock’s previous close.
Several other research analysts have also recently commented on the stock. Wells Fargo & Co. reiterated a “positive” rating and issued a $7.62 target price on shares of BlackBerry in a report on Tuesday, August 30th. Credit Suisse Group AG reiterated a “sell” rating and issued a $6.00 target price on shares of BlackBerry in a report on Friday, September 23rd. Zacks Investment Research upgraded shares of BlackBerry from a “hold” rating to a “buy” rating and set a $7.50 target price for the company in a report on Tuesday, July 19th. JPMorgan Chase & Co. raised their target price on shares of BlackBerry from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Monday, August 29th. Finally, TD Securities reiterated a “buy” rating and issued a $9.00 target price on shares of BlackBerry in a report on Friday, September 23rd. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and three have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $7.92.
Shares of BlackBerry (NASDAQ:BBRY) traded up 0.50% during trading on Thursday, hitting $7.98. 5,706,052 shares of the company traded hands. BlackBerry has a one year low of $6.23 and a one year high of $9.46. The firm has a 50 day moving average price of $7.80 and a 200-day moving average price of $7.30. The stock’s market cap is $4.17 billion.
BlackBerry (NASDAQ:BBRY) last announced its quarterly earnings data on Wednesday, September 28th. The smartphone producer reported ($0.03) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.02. The company had revenue of $352 million for the quarter. BlackBerry had a negative net margin of 78.41% and a negative return on equity of 3.36%. The business’s revenue for the quarter was down 28.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.13) EPS. Analysts predict that BlackBerry will post ($0.03) EPS for the current year.
Several large investors have recently modified their holdings of BBRY. Water Island Capital LLC increased its stake in shares of BlackBerry by 106.3% in the second quarter. Water Island Capital LLC now owns 16,500 shares of the smartphone producer’s stock valued at $111,000 after buying an additional 8,500 shares in the last quarter. IFP Advisors Inc increased its position in shares of BlackBerry by 83.9% in the second quarter. IFP Advisors Inc now owns 20,490 shares of the smartphone producer’s stock valued at $137,000 after buying an additional 9,350 shares during the period. World Asset Management Inc increased its position in shares of BlackBerry by 7.8% in the second quarter. World Asset Management Inc now owns 32,372 shares of the smartphone producer’s stock valued at $217,000 after buying an additional 2,330 shares during the period. Exane Derivatives bought a new position in shares of BlackBerry during the first quarter valued at about $221,000. Finally, Ameriprise Financial Inc. increased its position in shares of BlackBerry by 3.6% in the second quarter. Ameriprise Financial Inc. now owns 33,078 shares of the smartphone producer’s stock valued at $222,000 after buying an additional 1,147 shares during the period. Institutional investors own 57.99% of the company’s stock.
BlackBerry 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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