Zurcher Kantonalbank Zurich Cantonalbank lowered its stake in BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) by 2.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 207,144 shares of the company’s stock after selling 5,224 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in BlackBerry Limited were worth $2,067,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of BBRY. Iridian Asset Management LLC CT raised its holdings in BlackBerry Limited by 25.8% in the 1st quarter. Iridian Asset Management LLC CT now owns 26,338,893 shares of the company’s stock valued at $204,126,000 after buying an additional 5,403,804 shares during the last quarter. OppenheimerFunds Inc. raised its holdings in BlackBerry Limited by 83.9% during the 1st quarter. OppenheimerFunds Inc. now owns 7,357,607 shares of the company’s stock worth $57,005,000 after purchasing an additional 3,356,948 shares during the last quarter. Kornitzer Capital Management Inc. KS bought a new position in BlackBerry Limited during the 2nd quarter worth approximately $18,807,000. Beck Mack & Oliver LLC raised its holdings in BlackBerry Limited by 13,461.0% during the 2nd quarter. Beck Mack & Oliver LLC now owns 1,844,300 shares of the company’s stock worth $18,425,000 after purchasing an additional 1,830,700 shares during the last quarter. Finally, Jennison Associates LLC bought a new position in BlackBerry Limited during the 2nd quarter worth approximately $15,458,000. Institutional investors and hedge funds own 63.36% of the company’s stock.
BBRY has been the subject of several recent analyst reports. Vetr raised shares of BlackBerry Limited from a “buy” rating to a “strong-buy” rating and set a $12.19 price objective for the company in a research report on Tuesday, May 30th. Morgan Stanley reduced their price objective on shares of BlackBerry Limited from $10.00 to $7.00 and set an “equal weight” rating for the company in a research report on Wednesday, June 21st. TheStreet downgraded shares of BlackBerry Limited from a “b-” rating to a “c+” rating in a research report on Monday, July 17th. BidaskClub downgraded shares of BlackBerry Limited from a “hold” rating to a “sell” rating in a research report on Wednesday, August 2nd. Finally, Credit Suisse Group reissued an “underperform” rating and issued a $8.00 price target on shares of BlackBerry Limited in a research report on Wednesday, June 21st. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $9.56.
Shares of BlackBerry Limited (BBRY) opened at 9.27 on Friday. The stock has a market cap of $4.92 billion, a price-to-earnings ratio of 38.15 and a beta of 0.99. BlackBerry Limited has a 52 week low of $6.65 and a 52 week high of $11.74. The firm has a 50-day moving average price of $9.09 and a 200 day moving average price of $9.16.
BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last posted its quarterly earnings results on Friday, June 23rd. The company reported $0.02 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.02. The business had revenue of $244.00 million during the quarter, compared to analyst estimates of $262.80 million. BlackBerry Limited had a negative return on equity of 1.67% and a net margin of 11.68%. The firm’s revenue for the quarter was down 42.5% compared to the same quarter last year. On average, analysts forecast that BlackBerry Limited will post $0.04 EPS for the current fiscal year.
BlackBerry Limited declared that its Board of Directors has authorized a stock repurchase program on Friday, June 23rd that allows the company to repurchase 31,000,000 shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.
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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