BlackBerry Ltd. (NASDAQ:BBRY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The brokerage currently has a $9.00 price target on the smartphone producer’s stock. Zacks Investment Research’s target price suggests a potential upside of 12.78% from the stock’s previous close.
According to Zacks, “BlackBerry's second-quarter fiscal 2017 loss (on an adjusted basis) of $0.03 per share was narrower than the Zacks Consensus Estimate of a loss of $0.10. The company intends to end all internal hardware development and outsource the same to its partners. In a bid to boost the software business, the company announced a software licensing agreement with newly formed joint venture, PT BB Merah Putih. We are positive on the company's decision to discontinue internal hardware development and focus exclusively on the software business. Declining smartphone sales had been hurting the company for quite some time. Nonetheless, BlackBerry is on track to achieve 30% growth in software and service revenues. The company expects its bottom line in the range of a breakeven to a loss of $0.05 per share in fiscal 2017. The earlier outlook had hinted at a loss of $0.15 per share.”
Other analysts have also issued reports about the stock. TD Securities reissued a “buy” rating and issued a $9.00 price objective on shares of BlackBerry in a research report on Monday, August 29th. Vetr lowered shares of BlackBerry from a “strong-buy” rating to a “buy” rating and set a $8.48 price objective on the stock. in a research report on Monday. Wells Fargo & Co. reissued a “cautious” rating and issued a $7.63 price objective (up from $7.63) on shares of BlackBerry in a research report on Monday, September 26th. They noted that the move was a valuation call. Morgan Stanley reissued an “equal weight” rating and issued a $7.00 price objective on shares of BlackBerry in a research report on Thursday. Finally, Deutsche Bank AG reissued a “hold” rating on shares of BlackBerry in a research report on Monday, June 27th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $7.92.
Shares of BlackBerry (NASDAQ:BBRY) opened at 7.98 on Monday. BlackBerry has a 12 month low of $6.23 and a 12 month high of $9.46. The stock has a 50 day moving average price of $7.80 and a 200-day moving average price of $7.30. The company’s market capitalization is $4.18 billion.
BlackBerry (NASDAQ:BBRY) last posted its quarterly earnings data on Wednesday, September 28th. The smartphone producer reported ($0.03) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.02. BlackBerry had a negative net margin of 78.41% and a negative return on equity of 3.36%. The company had revenue of $352 million for the quarter. During the same period last year, the company earned ($0.13) earnings per share. The business’s revenue for the quarter was down 28.2% compared to the same quarter last year. Analysts forecast that BlackBerry will post ($0.03) EPS for the current year.
Several large investors have recently bought and sold shares of the company. IFP Advisors Inc increased its stake in 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 last quarter. Legal & General Group Plc increased its stake in BlackBerry by 1.2% in the second quarter. Legal & General Group Plc now owns 2,770,120 shares of the smartphone producer’s stock valued at $18,550,000 after buying an additional 32,775 shares during the last quarter. Cubist Systematic Strategies LLC increased its stake in BlackBerry by 37.5% in the second quarter. Cubist Systematic Strategies LLC now owns 35,900 shares of the smartphone producer’s stock valued at $241,000 after buying an additional 9,790 shares during the last quarter. Water Island Capital LLC increased its stake in 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 during the last quarter. Finally, Guggenheim Capital LLC increased its stake in BlackBerry by 6.5% in the second quarter. Guggenheim Capital LLC now owns 128,335 shares of the smartphone producer’s stock valued at $861,000 after buying an additional 7,786 shares during the last quarter. Institutional investors and hedge funds 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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