BlackBerry Ltd (BBRY) Expands Their Share Repurchase Program to 27m Shares

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Share buy-backs often signal to the market that the company believes their stock is undervalued, and if that’s the case then the board of directors for BlackBerry Ltd (NASDAQ:BBRY) must really think this is true for their company.

This morning BlackBerry Ltd (NASDAQ:BBRY) announced that they are more than doubling the number of shares that they are authorized to repurchase, from 12 million to 27 million shares. This new figure represents 5.8% of the public float as of June 22, 2015. Considering that the stock is down close to 25% since the start of the year, it’s not surprising that the company has decided to use more of their cash to buy shares back.

BlackBerry Ltd (NASDAQ:BBRY) shares are up $0.20 or 2.91% in the pre-market this morning on the news. The stock closed at $6.87 during the last trading session. It is down 22.20% since June 24, 2015 and is downtrending. It has underperformed the S&P500 by 13.33%.

From a total of 14 analysts covering Blackberry (NASDAQ:BBRY) stock, 0 rate it a “Buy”, 2 a “Sell”, and 12 a “Hold”. This means that 0 of the ratings are positive. The highest target price is $9 while the lowest target price is $6. The mean of all analyst targets is $7.63 which is 11.06% above today’s ($6.87) stock price. Blackberry was the topic of 21 analyst reports since July 28, 2015 according to the firm StockzIntelligence Inc. Imperial Capital maintained shares on December 22 with a “In-Line” rating. Canaccord Genuity maintained shares with a”Hold” rating and a $8 target share price in their report from a September 21. RBC Capital Markets maintained BBRY stock in a recent report from December 21 with a “Sector Perform” rating. Morgan Stanley upgraded the rating on July 28. Morgan Stanley has a “Equal Weight” rating and a $7 price target on shares. Finally, Sterne Agee CRT initiated the stock with a “Neutral” rating in a report they issued on a September 29.

BlackBerry Limited is a well-known provider of mobile communications and services. The company has a market cap of $3.63 billion. The Firm is engaged primarily in the provision of the BlackBerry wireless solution, consisting of smartphones, service and software. It has 112.07 P/E ratio. The Company’s four areas of business are Devices business, Enterprise Services, BlackBerry Technology Solutions (BTS) business and Messaging.

#focuskw=’BlackBerry Ltd (NASDAQ:BBRY)’##metadesc=’Share buy-backs often signal to the market that the company believes their stock is undervalued, and if that’s the case then the board of directors for BlackBerry Ltd (NASDAQ:BBRY) must really think this is true for their company.This morning BlackBerry Ltd (NASDAQ:BBRY) announced that they are more than doubling the number of shares that they are authorized to repurchase, from 12 million to 27 million shares. This new figure represents 5.8% of the public float as of June 22, 2015. Considering that the stock is down close to 25% since the start of the year, it’s not surprising that the company has decided to use more of their cash to buy shares back. BlackBerry Ltd (NASDAQ:BBRY) shares are up $0.20 or 2.91% in the pre-market this morning on the news. ‘##metarobot=’index’##newskw=’Zafgen Inc positive news,Zafgen Inc – (NASDAQ:ZFGN),NASDAQ:ZFGN Analyst rating analysis,Stock Analysis,Outlook and potential,ZFGN Price change and trend,ZFGN stock update’##sitemap=’include’##skipsocial##stockticker=’NASDAQ:BBRY’#

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