BlackBerry (NYSE:BB) PT Raised to $2.80

BlackBerry (NYSE:BB) had its price target lifted by investment analysts at Canaccord Genuity Group from $2.70 to $2.80 in a research note issued to investors on Friday, MarketBeat.com reports. The firm presently has a “hold” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 9.37% from the company’s previous close.

Several other analysts also recently commented on the company. CIBC increased their price objective on BlackBerry from $3.50 to $3.60 and gave the stock an “outperform” rating in a research note on Thursday. Cibc World Mkts raised BlackBerry from a “hold” rating to a “strong-buy” rating in a research note on Thursday, June 27th. Royal Bank of Canada reaffirmed 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 decreased their price target on BlackBerry from $3.00 to $2.75 and set a “hold” rating for the company in a research report on Thursday, June 27th. Finally, Canaccord Genuity Group decreased their price target on BlackBerry from $3.25 to $2.70 and set a “hold” rating for the company in a research report on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $3.23.

BlackBerry Stock Down 0.8 %

Shares of BlackBerry stock opened at $2.56 on Friday. BlackBerry has a one year low of $2.01 and a one year high of $4.44. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.44 and a quick ratio of 1.44. The stock’s 50-day moving average is $2.40 and its 200 day moving average is $2.57. The firm has a market cap of $1.51 billion, a price-to-earnings ratio of -10.24 and a beta of 1.40.

BlackBerry (NYSE:BB) last announced its earnings results on Thursday, September 26th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.03) by $0.02. The company had revenue of $145.00 million for the quarter, compared to analyst estimates of $138.82 million. BlackBerry had a negative return on equity of 3.38% and a negative net margin of 21.66%. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.06) EPS. Equities research analysts anticipate that BlackBerry will post -0.06 EPS for the current year.

Insider Buying and Selling

In other BlackBerry news, insider Philip S. Kurtz sold 15,005 shares of the firm’s 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 sale, the insider now directly owns 30,129 shares of the company’s stock, valued at $76,226.37. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.34% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BB. Vanguard Group Inc. raised its stake in BlackBerry by 0.8% in the first quarter. Vanguard Group Inc. now owns 19,505,300 shares of the company’s stock worth $53,835,000 after buying an additional 149,444 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in BlackBerry by 9.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,115,850 shares of the company’s stock worth $27,920,000 after buying an additional 886,523 shares in the last quarter. Quantbot Technologies LP bought a new position in BlackBerry in the first quarter worth approximately $645,000. Cubist Systematic Strategies LLC raised its stake in BlackBerry by 815.6% in the second quarter. Cubist Systematic Strategies LLC now owns 548,884 shares of the company’s stock worth $1,361,000 after buying an additional 488,934 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its position in shares of BlackBerry by 132.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 6,069,593 shares of the company’s stock worth $16,631,000 after purchasing an additional 3,458,275 shares in the last quarter. 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.