Barometer Capital Management Inc. acquired a new stake in BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) during the second quarter, according to its most recent disclosure with the SEC. The fund acquired 407,900 shares of the company’s stock, valued at approximately $4,075,000. Barometer Capital Management Inc. owned 0.08% of BlackBerry Limited at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Creative Planning boosted its position in BlackBerry Limited by 18.6% in the second quarter. Creative Planning now owns 12,122 shares of the company’s stock valued at $121,000 after buying an additional 1,900 shares during the last quarter. B & T Capital Management DBA Alpha Capital Management purchased a new position in shares of BlackBerry Limited during the second quarter worth $123,000. Beck Mack & Oliver LLC purchased a new position in shares of BlackBerry Limited during the first quarter worth $105,000. Capital Investment Counsel Inc purchased a new position in shares of BlackBerry Limited during the first quarter worth $126,000. Finally, Nine Chapters Capital Management LLC purchased a new position in shares of BlackBerry Limited during the first quarter worth $137,000. Hedge funds and other institutional investors own 63.31% of the company’s stock.
BlackBerry Limited (NASDAQ BBRY) opened at 8.78 on Friday. BlackBerry Limited has a 12 month low of $6.65 and a 12 month high of $11.74. The stock has a 50 day moving average price of $9.73 and a 200 day moving average price of $8.87. The firm has a market cap of $4.66 billion, a price-to-earnings ratio of 36.13 and a beta of 0.97.
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last announced its quarterly earnings data on Friday, June 23rd. The company reported $0.02 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.02. The company had revenue of $244 million during the quarter, compared to analysts’ expectations of $262.80 million. BlackBerry Limited had a negative return on equity of 1.67% and a net margin of 11.68%. The company’s revenue was down 42.5% compared to the same quarter last year. On average, equities analysts expect that BlackBerry Limited will post $0.04 earnings per share for the current fiscal year.
BlackBerry Limited declared that its Board of Directors has authorized a stock buyback plan on Friday, June 23rd that authorizes the company to repurchase 31,000,000 shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
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A number of analysts recently commented on BBRY shares. Vetr lowered BlackBerry Limited from a “strong-buy” rating to a “buy” rating and set a $12.19 price objective on the stock. in a research note on Monday, May 22nd. Credit Suisse Group reaffirmed an “underperform” rating and set a $8.00 price objective on shares of BlackBerry Limited in a research note on Tuesday, June 6th. Raymond James Financial, Inc. reaffirmed a “mkt perform” rating on shares of BlackBerry Limited in a research note on Tuesday, May 30th. Morgan Stanley decreased their price target on BlackBerry Limited from $10.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Wednesday, June 21st. Finally, Imperial Capital raised their price target on BlackBerry Limited from $8.25 to $10.00 and gave the stock an “in-line” rating in a research note on Thursday, June 15th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $9.47.
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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