BlackBerry (NYSE:BB) Given New $3.50 Price Target at Robert W. Baird

BlackBerry (NYSE:BB) had its target price increased by Robert W. Baird from $3.00 to $3.50 in a research note published on Friday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Other equities analysts have also recently issued reports about the stock. Royal Bank of Canada raised their target price on shares of BlackBerry from $3.00 to $3.25 and gave the company a “sector perform” rating in a research note on Tuesday, December 17th. Canaccord Genuity Group boosted their price objective on shares of BlackBerry from $2.70 to $2.80 and gave the company a “hold” rating in a research report on Friday, October 18th. StockNews.com upgraded BlackBerry from a “sell” rating to a “hold” rating in a research report on Monday, December 9th. CIBC lifted their price objective on BlackBerry from $3.50 to $3.60 and gave the company an “outperform” rating in a report on Thursday, October 17th. Finally, TD Securities upgraded shares of BlackBerry from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $3.25 to $4.00 in a research note on Friday. Six research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.60.

BlackBerry Stock Up 23.8 %

Shares of BB stock opened at $3.69 on Friday. The company has a 50 day simple moving average of $2.56 and a two-hundred day simple moving average of $2.45. The stock has a market cap of $2.18 billion, a P/E ratio of -14.76 and a beta of 1.43. BlackBerry has a 12 month low of $2.01 and a 12 month high of $3.89. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27.

BlackBerry (NYSE:BB) last released its earnings results on Thursday, December 19th. The company reported $0.02 earnings per share (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 analyst estimates of $144.84 million. BlackBerry had a negative net margin of 21.66% and a negative return on equity of 3.38%. The firm’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.01 EPS. On average, research analysts expect that BlackBerry will post -0.06 earnings per share for the current year.

Insider Activity

In other news, insider Philip S. Kurtz sold 15,005 shares of the firm’s stock in a transaction dated Saturday, September 28th. The shares were sold at an average price of $2.53, for a total value of $37,962.65. Following the transaction, the insider now directly owns 30,129 shares of the company’s stock, valued at approximately $76,226.37. This trade represents a 33.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.34% of the company’s stock.

Institutional Trading of BlackBerry

Hedge funds have recently bought and sold shares of the business. Millennium Management LLC raised its holdings in BlackBerry by 5,408.9% in the 2nd quarter. Millennium Management LLC now owns 3,431,588 shares of the company’s stock valued at $8,510,000 after buying an additional 3,369,296 shares during the period. EdgePoint Investment Group Inc. raised its stake in shares of BlackBerry by 15.9% in the 3rd quarter. EdgePoint Investment Group Inc. now owns 11,922,795 shares of the company’s stock valued at $31,238,000 after acquiring an additional 1,637,916 shares during the period. Intact Investment Management Inc. lifted its holdings in shares of BlackBerry by 508.1% in the 2nd quarter. Intact Investment Management Inc. now owns 1,144,990 shares of the company’s stock worth $2,862,000 after acquiring an additional 956,690 shares during the last quarter. Potrero Capital Research LLC purchased a new position in shares of BlackBerry during the 3rd quarter worth approximately $2,359,000. Finally, Cubist Systematic Strategies LLC boosted its position in shares of BlackBerry by 815.6% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 548,884 shares of the company’s stock worth $1,361,000 after purchasing an additional 488,934 shares during the period. 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.