Morgan Stanley restated their equal weight rating on shares of BlackBerry Ltd. (NASDAQ:BBRY) in a report published on Thursday morning. The firm currently has a $7.00 target price on the smartphone producer’s stock.
“more revenue becomes recurring.” However, the firm is not ready to change its rating or price target, which remain Equal-Weight rated and at $7.Analysts James Faucette and Meta Marshall pointed out that BlackBerry sees 30 percent growth from its software/messaging business. They see 81 percent of second-quarter revenue from software/messaging was a recurring one. Therefore, the company needs to nearly double non-recurring revenue in the remaining period of the current fiscal year.In a research note, the brokerage said, “We think this will be a challenge to do, but perhaps the company is anticipating an uptick in perpetual license purchases at the end of the year. While the BlackBerry Radar deal signed with Caravan is a good win, we estimate that it only contributes $0.5 million in FY17 ($0.2–0.3 million of that recurring).,” Morgan Stanley’s analyst commented.
Other research analysts have also issued research reports about the company. Imperial Capital restated an in-line rating and issued a $7.00 price objective on shares of BlackBerry in a report on Tuesday, June 28th. MKM Partners restated a hold rating on shares of BlackBerry in a report on Sunday, June 26th. RBC Capital Markets restated a sector perform rating and issued a $9.00 price objective on shares of BlackBerry in a report on Wednesday, July 20th. Wells Fargo & Co. restated a market perform rating and issued a $7.62 price objective on shares of BlackBerry in a report on Monday, June 13th. Finally, Deutsche Bank AG restated a hold rating on shares of BlackBerry in a report on Monday, June 27th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have issued a buy rating to the company. BlackBerry presently has an average rating of Hold and an average target price of $7.92.
BlackBerry (NASDAQ:BBRY) opened at 7.85 on Thursday. The company’s market capitalization is $4.11 billion. 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 of $7.79 and a 200-day moving average of $7.29.
BlackBerry (NASDAQ:BBRY) last released its quarterly earnings results on Wednesday, September 28th. The smartphone producer reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $352 million for the quarter. BlackBerry’s revenue was down 28.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.13) EPS. Equities analysts expect that BlackBerry will post ($0.03) earnings per share for the current year.
A number of institutional investors have recently added to or reduced their stakes in BBRY. Norges Bank purchased a new position in BlackBerry during the fourth quarter valued at $41,371,000. Commonwealth Equity Services Inc increased its position in BlackBerry by 19.5% in the first quarter. Commonwealth Equity Services Inc now owns 42,279 shares of the smartphone producer’s stock valued at $342,000 after buying an additional 6,889 shares in the last quarter. Virginia Retirement System purchased a new position in BlackBerry during the first quarter valued at $3,298,000. Exane Derivatives purchased a new position in BlackBerry during the first quarter valued at $221,000. Finally, Ruffer LLP increased its position in BlackBerry by 50.0% in the first quarter. Ruffer LLP now owns 150,000 shares of the smartphone producer’s stock valued at $1,216,000 after buying an additional 50,000 shares in the last quarter. 57.99% of the stock is owned by institutional investors.
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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