Canaccord Genuity Group Trims BlackBerry (NYSE:BB) Target Price to $2.70

BlackBerry (NYSE:BB) had its price objective reduced by Canaccord Genuity Group from $3.25 to $2.70 in a research note published on Thursday, BayStreet.CA reports. Canaccord Genuity Group currently has a hold rating on the stock.

Other equities analysts have also issued research reports about the stock. Canaccord Genuity Group cut their price target on shares of BlackBerry from $3.25 to $2.70 and set a hold rating on the stock in a report on Thursday. CIBC upgraded shares of BlackBerry from a neutral rating to a sector outperform rating and set a $3.50 target price on the stock in a report on Thursday. Robert W. Baird dropped their target price on shares of BlackBerry from $3.50 to $3.00 and set a neutral rating on the stock in a report on Thursday. Finally, Royal Bank of Canada restated a sector perform rating and issued a $3.00 target price on shares of BlackBerry in a report on Thursday. One research analyst has rated the stock with a sell rating, six have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Hold and an average target price of $3.20.

BlackBerry Stock Performance

Shares of NYSE:BB opened at $2.48 on Thursday. The company’s 50 day simple moving average is $2.76 and its 200 day simple moving average is $2.95. The stock has a market capitalization of $1.46 billion, a price-to-earnings ratio of -8.55 and a beta of 1.37. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.43 and a quick ratio of 1.43. BlackBerry has a 1 year low of $2.20 and a 1 year high of $5.75.

BlackBerry (NYSE:BB) last issued its earnings results on Wednesday, June 26th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. BlackBerry had a negative net margin of 25.80% and a negative return on equity of 6.30%. The firm had revenue of $144.00 million for the quarter, compared to analyst estimates of $132.05 million. During the same quarter last year, the business posted $0.04 earnings per share. The company’s quarterly revenue was down 61.4% on a year-over-year basis. As a group, research analysts predict that BlackBerry will post -0.09 EPS for the current fiscal year.

Institutional Investors Weigh In On BlackBerry

Hedge funds and other institutional investors have recently made changes to their positions in the business. Highlander Capital Management LLC grew its stake in BlackBerry by 77.8% in the 4th quarter. Highlander Capital Management LLC now owns 8,000 shares of the company’s stock valued at $28,000 after purchasing an additional 3,500 shares during the period. Headlands Technologies LLC bought a new stake in shares of BlackBerry in the 4th quarter worth approximately $58,000. Oxford Asset Management LLP bought a new stake in shares of BlackBerry in the 4th quarter worth approximately $60,000. Private Advisor Group LLC raised its holdings in shares of BlackBerry by 28.4% in the 4th quarter. Private Advisor Group LLC now owns 25,522 shares of the company’s stock worth $90,000 after purchasing an additional 5,645 shares during the period. Finally, Breakwater Capital Group bought a new stake in shares of BlackBerry in the 4th quarter worth approximately $107,000. 54.48% of the stock is owned by institutional investors.

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.