Brokerages Set BlackBerry Limited (NYSE:BB) Price Target at $3.23

Shares of BlackBerry Limited (NYSE:BB) have been assigned an average rating of “Hold” from the eight brokerages that are currently covering the stock, Marketbeat.com reports. Six analysts have rated the stock with a hold recommendation, one has given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $3.23.

BB has been the topic of a number of research reports. StockNews.com lowered shares of BlackBerry from a “hold” rating to a “sell” rating in a research note on Wednesday. CIBC lifted their price objective on BlackBerry from $3.50 to $3.60 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Canaccord Genuity Group upped their target price on BlackBerry from $2.70 to $2.80 and gave the stock a “hold” rating in a research note on Friday, October 18th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $3.00 price target on shares of BlackBerry in a research report on Friday, September 27th.

BlackBerry Stock Performance

Shares of BB opened at $2.35 on Monday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.44. The stock has a 50-day moving average of $2.42 and a two-hundred day moving average of $2.49. The stock has a market cap of $1.39 billion, a P/E ratio of -9.32 and a beta of 1.42. BlackBerry has a one year low of $2.01 and a one year high of $4.44.

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

Insiders Place Their Bets

In other BlackBerry news, insider Philip S. Kurtz sold 15,005 shares of the stock in a transaction that occurred on Saturday, September 28th. The stock was 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 approximately $76,226.37. This represents a 33.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.34% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On BlackBerry

A number of hedge funds have recently bought and sold shares of BB. Vanguard Group Inc. lifted its position in shares of BlackBerry by 0.8% in the first 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. EdgePoint Investment Group Inc. lifted its position in shares of BlackBerry by 25.6% in the first quarter. EdgePoint Investment Group Inc. now owns 12,443,225 shares of the company’s stock valued at $34,343,000 after acquiring an additional 2,536,966 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its position in shares of BlackBerry by 132.4% in the first quarter. CANADA LIFE ASSURANCE Co now owns 6,069,593 shares of the company’s stock valued at $16,631,000 after acquiring an additional 3,458,275 shares in the last quarter. Millennium Management LLC lifted its position in shares of BlackBerry by 5,408.9% in the second quarter. Millennium Management LLC now owns 3,431,588 shares of the company’s stock valued at $8,510,000 after acquiring an additional 3,369,296 shares in the last quarter. Finally, Bank of Montreal Can lifted its position in shares of BlackBerry by 32.7% in the second quarter. Bank of Montreal Can now owns 1,733,809 shares of the company’s stock valued at $4,300,000 after acquiring an additional 427,083 shares in the last quarter. Hedge funds and other 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.