Raymond James Lowers BlackBerry (NYSE:BB) Price Target to $4.75

BlackBerry (NYSE:BB) had its target price cut by equities researchers at Raymond James from $5.50 to $4.75 in a research note issued to investors on Friday, MarketBeat.com reports. The brokerage currently has a “market perform” rating on the stock. Raymond James’ price objective suggests a potential upside of 91.53% from the stock’s previous close.

BB has been the subject of a number of other reports. Royal Bank of Canada reissued a “sector perform” rating and set a $3.00 price objective on shares of BlackBerry in a report on Thursday. Robert W. Baird lowered their target price on BlackBerry from $3.50 to $3.00 and set a “neutral” rating for the company in a research note on Thursday. TD Securities lowered their target price on BlackBerry from $3.00 to $2.75 and set a “hold” rating for the company in a research note on Thursday. Canaccord Genuity Group lowered their target price on BlackBerry from $3.25 to $2.70 and set a “hold” rating for the company in a research note on Thursday. Finally, CIBC upgraded BlackBerry from a “neutral” rating to a “sector outperform” rating and set a $3.50 target price for the company in a research note on Thursday. One analyst has rated the stock with a sell rating, six have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, BlackBerry presently has an average rating of “Hold” and a consensus target price of $3.20.

BlackBerry Stock Up 1.2 %

Shares of NYSE BB opened at $2.48 on Friday. The stock has a market cap of $1.46 billion, a PE ratio of -8.55 and a beta of 1.37. The business has a fifty day moving average of $2.76 and a two-hundred day moving average of $2.95. BlackBerry has a 52-week low of $2.20 and a 52-week 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 issued its quarterly earnings data on Wednesday, June 26th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $144.00 million during the quarter, compared to analysts’ expectations of $132.05 million. BlackBerry had a negative return on equity of 6.30% and a negative net margin of 25.80%. The business’s revenue was down 61.4% on a year-over-year basis. During the same period last year, the business earned $0.04 earnings per share. As a group, equities research analysts expect that BlackBerry will post -0.09 earnings per share for the current fiscal year.

Institutional Trading of BlackBerry

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Highlander Capital Management LLC grew its position in shares of BlackBerry by 77.8% during the 4th quarter. Highlander Capital Management LLC now owns 8,000 shares of the company’s stock worth $28,000 after buying an additional 3,500 shares during the period. Duality Advisers LP grew its position in shares of BlackBerry by 4.1% during the 4th quarter. Duality Advisers LP now owns 97,086 shares of the company’s stock worth $344,000 after buying an additional 3,837 shares during the period. Raymond James Financial Services Advisors Inc. grew its position in shares of BlackBerry by 6.4% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 65,535 shares of the company’s stock worth $232,000 after buying an additional 3,958 shares during the period. Private Advisor Group LLC grew its position in shares of BlackBerry by 28.4% during the 4th quarter. Private Advisor Group LLC now owns 25,522 shares of the company’s stock worth $90,000 after buying an additional 5,645 shares during the period. Finally, Maryland State Retirement & Pension System grew its position in shares of BlackBerry by 1.8% during the 1st quarter. Maryland State Retirement & Pension System now owns 351,339 shares of the company’s stock worth $989,000 after buying an additional 6,196 shares during the period. 54.48% of the stock is currently 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.