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

BlackBerry (NYSE:BB) had its target price boosted by Canaccord Genuity Group from $2.80 to $3.00 in a research report released on Friday morning, MarketBeat reports. Canaccord Genuity Group currently has a hold rating on the stock.

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

BlackBerry Stock Up 23.8 %

Shares of NYSE BB opened at $3.69 on Friday. 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 has a 12-month low of $2.01 and a 12-month high of $3.89. The company’s fifty day simple moving average is $2.56 and its 200 day simple moving average is $2.45. The firm has a market cap of $2.18 billion, a PE ratio of -14.76 and a beta of 1.43.

BlackBerry (NYSE:BB) last posted its earnings results on Thursday, December 19th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. The company had revenue of $143.00 million for the quarter, compared to analyst estimates of $144.84 million. BlackBerry had a negative return on equity of 3.38% and a negative net margin of 21.66%. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same quarter last year, the company earned $0.01 earnings per share. As a group, sell-side analysts forecast 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 dated Saturday, September 28th. The shares were sold at an average price of $2.53, for a total transaction of $37,962.65. Following the transaction, the insider now owns 30,129 shares in the company, valued at $76,226.37. The trade was a 33.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.34% of the stock is currently owned by insiders.

Hedge Funds Weigh In On BlackBerry

A number of institutional investors have recently added to or reduced their stakes in the company. Barclays PLC increased its stake in shares of BlackBerry by 60.2% during the third quarter. Barclays PLC now owns 249,218 shares of the company’s stock valued at $652,000 after purchasing an additional 93,651 shares in the last quarter. Toronto Dominion Bank boosted its holdings in BlackBerry by 5.3% in the third quarter. Toronto Dominion Bank now owns 718,314 shares of the company’s stock worth $1,882,000 after acquiring an additional 36,372 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of BlackBerry by 2.9% in the third quarter. Geode Capital Management LLC now owns 267,073 shares of the company’s stock worth $706,000 after acquiring an additional 7,652 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in shares of BlackBerry during the third quarter valued at $410,000. Finally, Orion Portfolio Solutions LLC raised its position in shares of BlackBerry by 121.1% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 37,916 shares of the company’s stock worth $99,000 after purchasing an additional 20,771 shares during the last quarter. Institutional investors own 54.48% of the company’s stock.

BlackBerry Company Profile

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.