BlackBerry (NYSE:BB) Given Sector Perform Rating at Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of BlackBerry (NYSE:BB) in a research note issued to investors on Friday, Benzinga reports. Royal Bank of Canada currently has a $3.00 price target on the stock.

A number of other equities research analysts also recently commented on the company. Canaccord Genuity Group decreased their target price on BlackBerry from $3.25 to $2.70 and set a hold rating for the company in a report on Thursday, June 27th. Cibc World Mkts raised shares of BlackBerry from a hold rating to a strong-buy rating in a research report on Thursday, June 27th. CIBC raised shares of BlackBerry from a neutral rating to a sector outperform rating and set a $3.50 price objective on the stock in a report on Thursday, June 27th. TD Securities reduced their target price on shares of BlackBerry from $3.00 to $2.75 and set a hold rating for the company in a report on Thursday, June 27th. Finally, Raymond James decreased their target price on shares of BlackBerry from $5.50 to $4.75 and set a market perform rating for the company in a research report on Friday, June 28th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $3.20.

BlackBerry Trading Down 1.0 %

Shares of BlackBerry stock opened at $2.52 on Friday. The firm’s 50 day simple moving average is $2.35 and its two-hundred day simple moving average is $2.60. BlackBerry has a 12-month low of $2.01 and a 12-month high of $4.90. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.43 and a current ratio of 1.43.

BlackBerry (NYSE:BB) last released its earnings results on Thursday, September 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.02. BlackBerry had a negative return on equity of 6.43% and a negative net margin of 25.80%. The firm had revenue of $145.00 million for the quarter, compared to the consensus estimate of $138.82 million. During the same period in the prior year, the firm earned ($0.06) EPS. The firm’s revenue was up 9.8% on a year-over-year basis. As a group, analysts expect that BlackBerry will post -0.09 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BlackBerry

Large investors have recently made changes to their positions in the company. First Trust Advisors LP increased its holdings in BlackBerry by 70.1% in the fourth quarter. First Trust Advisors LP now owns 33,801,506 shares of the company’s stock valued at $119,657,000 after buying an additional 13,925,510 shares in the last quarter. FIFTHDELTA Ltd grew its position in shares of BlackBerry by 2.3% during 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 period. Vanguard Group Inc. increased its stake in shares of BlackBerry by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 19,505,300 shares of the company’s stock valued at $53,835,000 after purchasing an additional 149,444 shares in the last quarter. EdgePoint Investment Group Inc. increased its stake in shares of BlackBerry by 25.6% in the 1st quarter. EdgePoint Investment Group Inc. now owns 12,443,225 shares of the company’s stock valued at $34,343,000 after purchasing an additional 2,536,966 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in BlackBerry by 9.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,115,850 shares of the company’s stock worth $27,920,000 after purchasing an additional 886,523 shares during the period. 54.48% of the stock is currently owned by institutional investors and hedge funds.

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.