BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) announced that its board has approved a stock repurchase program, which authorizes the company to buyback 31,000,000 shares on Friday, June 23rd, EventVestor reports. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.

Several research firms recently commented on BBRY. Vetr cut shares of BlackBerry Limited from a “strong-buy” rating to a “buy” rating and set a $12.19 price target for the company. in a report on Monday, May 22nd. Credit Suisse Group restated an “underperform” rating and set a $8.00 price target on shares of BlackBerry Limited in a report on Tuesday, June 6th. Raymond James Financial, Inc. restated a “mkt perform” rating on shares of BlackBerry Limited in a report on Tuesday, May 30th. Morgan Stanley decreased their price target on shares of BlackBerry Limited from $10.00 to $7.00 and set an “equal weight” rating for the company in a report on Wednesday, June 21st. Finally, Imperial Capital raised their price target on shares of BlackBerry Limited from $8.25 to $10.00 and gave the stock an “in-line” rating in a report on Thursday, June 15th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $9.45.

Shares of BlackBerry Limited (NASDAQ:BBRY) traded down 3.655% during trading on Monday, reaching $9.095. 2,752,047 shares of the company were exchanged. BlackBerry Limited has a one year low of $6.65 and a one year high of $11.74. The company has a 50 day moving average price of $10.09 and a 200-day moving average price of $8.79. The stock has a market capitalization of $4.83 billion, a price-to-earnings ratio of 37.428 and a beta of 0.97.

BlackBerry Limited (NASDAQ:BBRY) (TSE:BB) last announced its quarterly earnings results on Friday, June 23rd. The company reported $0.02 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.02. BlackBerry Limited had a negative return on equity of 1.67% and a net margin of 11.68%. The business had revenue of $244 million during the quarter, compared to the consensus estimate of $262.80 million. The company’s quarterly revenue was down 42.5% compared to the same quarter last year. Equities analysts predict that BlackBerry Limited will post $0.04 EPS for the current year.

TRADEMARK VIOLATION WARNING: “BlackBerry Limited (NASDAQ:BBRY) Board of Directors Authorizes Stock Repurchase Program” was originally posted by American Banking News and is the sole property of of American Banking News. If you are accessing this piece on another publication, it was illegally copied and republished in violation of U.S. and international trademark & copyright law. The legal version of this piece can be viewed at https://www.americanbankingnews.com/2017/08/07/blackberry-limited-nasdaqbbry-board-of-directors-authorizes-stock-repurchase-program.html.

About BlackBerry Limited

BlackBerry Limited (BlackBerry) provides mobile communications solutions. The Company is engaged in the sale of 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.

Receive News & Ratings for BlackBerry Limited Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BlackBerry Limited and related companies with MarketBeat.com's FREE daily email newsletter.