BlackBerry (NYSE:BB) Upgraded by Cibc World Mkts to Strong-Buy

Cibc World Mkts upgraded shares of BlackBerry (NYSE:BB) from a hold rating to a strong-buy rating in a research note published on Thursday morning, Zacks.com reports.

BB has been the subject of several other reports. Royal Bank of Canada reaffirmed a sector perform rating and set a $3.00 price objective on shares of BlackBerry in a research note on Thursday. CIBC upgraded shares of BlackBerry from a neutral rating to a sector outperform rating in a research report on Thursday. Robert W. Baird dropped their price objective on shares of BlackBerry from $3.50 to $3.00 and set a neutral rating on the stock in a research note on Thursday. TD Securities lowered their target price on shares of BlackBerry from $3.00 to $2.75 and set a hold rating on the stock in a report on Thursday. Finally, Canaccord Genuity Group cut their price target on shares of BlackBerry from $3.25 to $2.70 and set a hold rating for the company in a report on Thursday. One research analyst has rated the stock with a sell rating, six have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, BlackBerry has a consensus rating of Hold and an average price target of $3.45.

BlackBerry Stock Up 10.9 %

Shares of NYSE BB opened at $2.45 on Thursday. The business has a 50-day moving average price of $2.76 and a 200 day moving average price of $2.97. The stock has a market cap of $1.45 billion, a PE ratio of -8.45 and a beta of 1.37. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.25. BlackBerry has a 52-week low of $2.20 and a 52-week high of $5.75.

BlackBerry (NYSE:BB) last released its quarterly earnings results on Wednesday, June 26th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. The firm had revenue of $144.00 million during the quarter, compared to the consensus estimate of $132.05 million. BlackBerry had a negative net margin of 25.80% and a negative return on equity of 6.30%. BlackBerry’s revenue for the quarter was down 61.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.04 EPS. Equities research analysts forecast that BlackBerry will post -0.09 earnings per share for the current year.

Hedge Funds Weigh In On BlackBerry

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Highlander Capital Management LLC increased its position in 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 purchasing an additional 3,500 shares in the last quarter. Duality Advisers LP raised its position in shares of BlackBerry by 4.1% in the fourth quarter. Duality Advisers LP now owns 97,086 shares of the company’s stock valued at $344,000 after buying an additional 3,837 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in shares of BlackBerry by 6.4% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 65,535 shares of the company’s stock valued at $232,000 after buying an additional 3,958 shares during the period. Private Advisor Group LLC lifted its stake in shares of BlackBerry by 28.4% during the fourth quarter. Private Advisor Group LLC now owns 25,522 shares of the company’s stock valued at $90,000 after buying an additional 5,645 shares during the period. Finally, Maryland State Retirement & Pension System boosted its position in BlackBerry by 1.8% during the first quarter. Maryland State Retirement & Pension System now owns 351,339 shares of the company’s stock worth $989,000 after acquiring an additional 6,196 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.