BlackBerry (NYSE:BB) PT Raised to $2.80

BlackBerry (NYSE:BB) had its price target increased by Canaccord Genuity Group from $2.70 to $2.80 in a report released on Friday, MarketBeat reports. They currently have a hold rating on the stock.

A number of other equities analysts have also recently commented on BB. CIBC boosted their price target on shares of BlackBerry from $3.50 to $3.60 and gave the stock an “outperform” rating in a research note on Thursday. Canaccord Genuity Group cut their target price on shares of BlackBerry from $3.25 to $2.70 and set a “hold” rating for the company in a research report on Thursday, June 27th. Royal Bank of Canada restated a “sector perform” rating and set a $3.00 price target on shares of BlackBerry in a research report on Friday, September 27th. TD Securities cut their price objective on BlackBerry from $3.00 to $2.75 and set a “hold” rating for the company in a report on Thursday, June 27th. Finally, Raymond James reduced their price objective on BlackBerry from $5.50 to $4.75 and set a “market perform” rating on the stock in a research report on Friday, June 28th. One analyst has rated the stock with a sell rating, six have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $3.23.

BlackBerry Stock Performance

NYSE BB opened at $2.57 on Friday. The company’s 50 day simple moving average is $2.40 and its two-hundred day simple moving average is $2.57. The stock has a market capitalization of $1.52 billion, a PE ratio of -10.26 and a beta of 1.40. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.44 and a quick ratio of 1.44. BlackBerry has a 1 year low of $2.01 and a 1 year high of $4.44.

BlackBerry (NYSE:BB) last issued its quarterly earnings data on Thursday, September 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. BlackBerry had a negative return on equity of 3.38% and a negative net margin of 21.66%. The company had revenue of $145.00 million for the quarter, compared to the consensus estimate of $138.82 million. During the same quarter last year, the business posted ($0.06) earnings per share. The firm’s revenue was up 9.8% compared to the same quarter last year. Analysts predict that BlackBerry will post -0.06 earnings per share for the current fiscal year.

Insider Transactions at BlackBerry

In related news, insider Philip S. Kurtz sold 15,005 shares of the stock in a transaction dated Saturday, September 28th. The stock was sold at an average price of $2.53, for a total transaction of $37,962.65. Following the completion of the sale, the insider now directly owns 30,129 shares in the company, valued at $76,226.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On BlackBerry

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of BlackBerry by 0.8% in the first quarter. Vanguard Group Inc. now owns 19,505,300 shares of the company’s stock valued at $53,835,000 after acquiring an additional 149,444 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in BlackBerry by 9.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,115,850 shares of the company’s stock valued at $27,920,000 after purchasing an additional 886,523 shares during the period. Quantbot Technologies LP purchased a new position in BlackBerry during the 1st quarter valued at about $645,000. Cubist Systematic Strategies LLC raised its position in BlackBerry by 815.6% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 548,884 shares of the company’s stock valued at $1,361,000 after purchasing an additional 488,934 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co lifted its holdings in BlackBerry by 132.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 6,069,593 shares of the company’s stock worth $16,631,000 after buying an additional 3,458,275 shares during the period. Hedge funds and other institutional investors own 54.48% of the company’s stock.

About BlackBerry

BlackBerry Limited provides intelligent security software and services to enterprises and governments worldwide. The company operates through three segments: Cybersecurity, IoT, and Licensing and Other. The company offers CylanceENDPOINT, an integrated endpoint security solution; CylanceGUARD, a managed detection and response solution; CylanceEDGE, an AI-powered continuous authentication zero trust network access solution; CylanceINTELLIGENCE, a contextual cyber threat intelligence service; BlackBerry Dynamics offers a development platform and secure container for mobile applications; BlackBerry Workspaces a secure Enterprise File Sync and Share (EFSS) solution; BlackBerry Messenger (BBM) Enterprise, an enterprise-grade secure instant messaging solution for messaging, voice and video; BlackBerry SecuSUITE is a certified, multi-OS voice and text messaging solution; BlackBerry AtHoc, a secure networked critical event management solution; and BlackBerry unified endpoint management (UEM) solutions.