BlackBerry (NYSE:BB) Price Target Raised to $4.00 at Royal Bank Of Canada

BlackBerry (NYSE:BB) had its price objective increased by Royal Bank Of Canada from $3.75 to $4.00 in a research note issued on Friday, MarketBeat reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank Of Canada’s price objective would indicate a potential downside of 18.58% from the company’s previous close.

BB has been the topic of several other research reports. CIBC reduced their price objective on shares of BlackBerry from $7.00 to $6.00 and set an “outperformer” rating on the stock in a research note on Thursday, April 3rd. Canaccord Genuity Group cut their price target on shares of BlackBerry from $4.75 to $4.25 and set a “hold” rating on the stock in a research note on Thursday, April 3rd. Finally, Wall Street Zen downgraded shares of BlackBerry from a “buy” rating to a “hold” rating in a research note on Saturday, June 14th. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $4.35.

BlackBerry Trading Up 13.5%

Shares of BB traded up $0.58 on Friday, hitting $4.91. 26,294,649 shares of the stock traded hands, compared to its average volume of 19,305,334. The company has a quick ratio of 1.72, a current ratio of 1.72 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $2.92 billion, a P/E ratio of -37.33 and a beta of 1.45. The stock’s 50 day moving average is $3.83 and its two-hundred day moving average is $4.03. BlackBerry has a 1 year low of $2.01 and a 1 year high of $6.24.

BlackBerry (NYSE:BB) last announced its quarterly earnings data on Tuesday, June 24th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.01) by $0.03. The business had revenue of $121.26 million for the quarter, compared to the consensus estimate of $112.18 million. BlackBerry had a negative net margin of 13.84% and a negative return on equity of 1.78%. The company’s quarterly revenue was down 15.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.03) earnings per share. As a group, sell-side analysts predict that BlackBerry will post -0.03 earnings per share for the current year.

Insider Transactions at BlackBerry

In other news, SVP Jennifer Armstrong-Owen sold 29,940 shares of the stock in a transaction on Friday, April 4th. The shares were sold at an average price of $2.99, for a total value of $89,520.60. Following the completion of the sale, the senior vice president now owns 42,398 shares of the company’s stock, valued at $126,770.02. This represents a 41.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 37,216 shares of company stock valued at $112,025 over the last 90 days. Corporate insiders own 0.37% of the company’s stock.

Institutional Investors Weigh In On BlackBerry

A number of large investors have recently added to or reduced their stakes in the company. Legal & General Group Plc grew its holdings in BlackBerry by 19.9% during the 4th quarter. Legal & General Group Plc now owns 33,185,748 shares of the company’s stock valued at $125,987,000 after purchasing an additional 5,518,216 shares in the last quarter. Voya Investment Management LLC acquired a new position in BlackBerry during the 1st quarter worth $95,166,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in BlackBerry by 69.1% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 23,112,391 shares of the company’s stock worth $87,064,000 after acquiring an additional 9,442,676 shares in the last quarter. Vanguard Group Inc. grew its holdings in BlackBerry by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 23,084,515 shares of the company’s stock worth $86,936,000 after acquiring an additional 218,684 shares in the last quarter. Finally, Hood River Capital Management LLC acquired a new position in BlackBerry during the 4th quarter worth $53,267,000. 54.48% of the stock is owned by institutional investors and hedge funds.

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.