Robert W. Baird Cuts BlackBerry (NYSE:BB) Price Target to $3.00

BlackBerry (NYSE:BB) had its target price lowered by analysts at Robert W. Baird from $3.50 to $3.00 in a report issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Robert W. Baird’s price objective suggests a potential upside of 35.75% from the stock’s previous close.

Separately, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $3.00 target price on shares of BlackBerry in a research report on Thursday, April 4th. One research analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat, BlackBerry currently has a consensus rating of “Hold” and an average price target of $4.00.

BlackBerry Stock Down 1.3 %

Shares of NYSE:BB opened at $2.21 on Thursday. The stock has a 50-day simple moving average of $2.77 and a 200-day simple moving average of $2.97. The stock has a market capitalization of $1.30 billion, a P/E ratio of -9.21 and a beta of 1.37. BlackBerry has a 1 year low of $2.20 and a 1 year high of $5.75. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.43 and a current ratio of 1.43.

BlackBerry (NYSE:BB) last released its quarterly earnings data on Wednesday, June 26th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. The company had revenue of $144.00 million during the quarter, compared to analyst estimates of $132.05 million. BlackBerry had a negative net margin of 15.24% and a negative return on equity of 0.24%. The business’s quarterly revenue was down 61.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.04 earnings per share. Equities analysts forecast that BlackBerry will post -0.09 earnings per share for the current year.

Institutional Investors Weigh In On BlackBerry

A number of hedge funds have recently bought and sold shares of BB. EdgePoint Investment Group Inc. lifted its position in shares of BlackBerry by 25.6% during the first quarter. EdgePoint Investment Group Inc. now owns 12,443,225 shares of the company’s stock worth $34,343,000 after purchasing an additional 2,536,966 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its position in shares of BlackBerry by 132.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 6,069,593 shares of the company’s stock worth $16,631,000 after acquiring an additional 3,458,275 shares in the last quarter. FIFTHDELTA Ltd increased its holdings in shares of BlackBerry by 2.3% in the 1st quarter. FIFTHDELTA Ltd now owns 31,499,858 shares of the company’s stock valued at $86,940,000 after acquiring an additional 710,015 shares during the last quarter. Vanguard Group Inc. raised its position in shares of BlackBerry by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 19,505,300 shares of the company’s stock valued at $53,835,000 after acquiring an additional 149,444 shares in the last quarter. Finally, Headlands Technologies LLC boosted its holdings in BlackBerry by 1,938.9% in the first quarter. Headlands Technologies LLC now owns 334,152 shares of the company’s stock worth $922,000 after purchasing an additional 317,763 shares during the period. Institutional investors and hedge funds 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.