BlackBerry (NYSE:BB) Price Target Raised to $3.00 at Canaccord Genuity Group

BlackBerry (NYSE:BB) had its price objective upped by Canaccord Genuity Group from $2.80 to $3.00 in a report published on Friday morning, Marketbeat reports. They currently have a hold rating on the stock.

BB has been the topic of several other research reports. CIBC increased their price target on shares of BlackBerry from $3.50 to $3.60 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Robert W. Baird increased their target price on BlackBerry from $3.00 to $3.50 and gave the stock a “neutral” rating in a report on Friday. TD Securities upgraded BlackBerry from a “hold” rating to a “buy” rating and lifted their target price for the stock from $3.25 to $4.00 in a research report on Friday. Royal Bank of Canada upped their price target on BlackBerry from $3.00 to $3.25 and gave the company a “sector perform” rating in a research report on Tuesday. Finally, StockNews.com raised shares of BlackBerry from a “sell” rating to a “hold” rating in a report on Monday, December 9th. Six research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, BlackBerry presently has a consensus rating of “Moderate Buy” and a consensus target price of $3.60.

BlackBerry Price Performance

Shares of NYSE BB opened at $3.69 on Friday. The business has a 50 day moving average price of $2.56 and a two-hundred day moving average price of $2.46. BlackBerry has a fifty-two week low of $2.01 and a fifty-two week high of $3.89. The firm has a market cap of $2.18 billion, a PE ratio of -14.76 and a beta of 1.43. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.27.

BlackBerry (NYSE:BB) last released its quarterly earnings results on Thursday, December 19th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. The business had revenue of $143.00 million during the quarter, compared to the consensus estimate of $144.84 million. BlackBerry had a negative net margin of 21.66% and a negative return on equity of 3.38%. The business’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.01 earnings per share. Sell-side analysts expect that BlackBerry will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Philip S. Kurtz sold 15,005 shares of the business’s stock in a transaction that occurred on Saturday, September 28th. The stock was sold at an average price of $2.53, for a total transaction of $37,962.65. Following the sale, the insider now owns 30,129 shares of the company’s stock, valued at $76,226.37. The trade was a 33.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On BlackBerry

Hedge funds have recently modified their holdings of the stock. EP Wealth Advisors LLC purchased a new position in BlackBerry during the 2nd quarter valued at about $28,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of BlackBerry by 83.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 11,769 shares of the company’s stock worth $29,000 after purchasing an additional 5,349 shares during the period. Quantinno Capital Management LP purchased a new position in BlackBerry during the third quarter valued at approximately $38,000. Werba Rubin Papier Wealth Management acquired a new position in BlackBerry in the 2nd quarter valued at approximately $43,000. Finally, Viewpoint Capital Management LLC purchased a new stake in BlackBerry in the 2nd quarter worth approximately $50,000. 54.48% of the stock is owned by hedge funds and other 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.