BlackBerry (NYSE:BB) Upgraded to Buy at TD Cowen

TD Cowen upgraded shares of BlackBerry (NYSE:BB) from a hold rating to a buy rating in a research report released on Friday morning,Benzinga reports. The firm currently has $4.00 target price on the stock, up from their prior target price of $3.25.

BB has been the topic of a number of other reports. StockNews.com upgraded shares of BlackBerry from a “sell” rating to a “hold” rating in a report on Monday, December 9th. TD Securities upgraded BlackBerry from a “hold” rating to a “buy” rating and raised their price objective for the stock from $3.25 to $4.00 in a report on Friday. Royal Bank of Canada upped their price target on shares of BlackBerry from $3.00 to $3.25 and gave the stock a “sector perform” rating in a research report on Tuesday, December 17th. Canaccord Genuity Group lifted their target price on BlackBerry from $2.80 to $3.00 and gave the company a “hold” rating in a research note on Friday. Finally, CIBC upped their price target on BlackBerry from $3.50 to $3.60 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. Six research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.60.

BlackBerry Trading Up 23.8 %

Shares of BB opened at $3.69 on Friday. BlackBerry has a twelve month low of $2.01 and a twelve month high of $3.89. The stock has a market capitalization of $2.18 billion, a P/E ratio of -14.76 and a beta of 1.43. The firm has a fifty day simple moving average of $2.56 and a two-hundred day simple moving average of $2.45. 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 (NYSE:BB) last released its quarterly earnings data on Thursday, December 19th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.03. The company had revenue of $143.00 million during the quarter, compared to the consensus estimate of $144.84 million. BlackBerry had a negative return on equity of 3.38% and a negative net margin of 21.66%. BlackBerry’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same period last year, the company earned $0.01 EPS. On average, research analysts anticipate that BlackBerry will post -0.06 EPS for the current year.

Insider Activity at BlackBerry

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 shares were sold at an average price of $2.53, for a total value of $37,962.65. Following the sale, the insider now directly owns 30,129 shares of the company’s stock, valued at approximately $76,226.37. This represents a 33.25 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. EdgePoint Investment Group Inc. increased its stake in BlackBerry by 15.9% in the third quarter. EdgePoint Investment Group Inc. now owns 11,922,795 shares of the company’s stock valued at $31,238,000 after purchasing an additional 1,637,916 shares during the period. Millennium Management LLC boosted its position in BlackBerry by 5,408.9% during the second quarter. Millennium Management LLC now owns 3,431,588 shares of the company’s stock worth $8,510,000 after purchasing an additional 3,369,296 shares in the last quarter. Bank of Montreal Can grew its stake in BlackBerry by 32.7% in the 2nd 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 during the last quarter. TD Asset Management Inc increased its stake in shares of BlackBerry by 1.4% during the 2nd quarter. TD Asset Management Inc now owns 1,496,185 shares of the company’s stock worth $3,740,000 after purchasing an additional 21,259 shares in the last quarter. Finally, Intact Investment Management Inc. raised its holdings in shares of BlackBerry by 25.7% in the third quarter. Intact Investment Management Inc. now owns 1,439,240 shares of the company’s stock worth $3,789,000 after acquiring an additional 294,250 shares during the last quarter. Institutional investors and hedge funds own 54.48% of the company’s stock.

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.