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

BlackBerry (NYSE:BB) was upgraded by analysts at Cibc World Mkts from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday, Zacks.com reports.

Other analysts have also recently issued reports about the stock. Canaccord Genuity Group decreased 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. Robert W. Baird dropped their price target on shares of BlackBerry from $3.50 to $3.00 and set a “neutral” rating on the stock in a research report on Thursday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 target price on shares of BlackBerry in a research report on Thursday. TD Securities lowered their price target on shares of BlackBerry from $3.00 to $2.75 and set a “hold” rating on the stock in a report on Thursday. Finally, CIBC raised shares of BlackBerry from a “neutral” rating to a “sector outperform” rating in a report on Thursday. One analyst has rated the stock with a sell rating, six have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, BlackBerry has a consensus rating of “Hold” and a consensus price target of $3.45.

BlackBerry Stock Up 10.9 %

BB stock opened at $2.45 on Thursday. 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 fifty-two week low of $2.20 and a fifty-two week high of $5.75. The firm’s 50-day simple moving average is $2.76 and its 200 day simple moving average is $2.97. The stock has a market cap of $1.45 billion, a PE ratio of -8.45 and a beta of 1.37.

BlackBerry (NYSE:BB) last posted its quarterly earnings data on Wednesday, June 26th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. The company had revenue of $144.00 million during the quarter, compared to analyst estimates of $132.05 million. BlackBerry had a negative net margin of 25.80% and a negative return on equity of 6.30%. The business’s revenue for the quarter was down 61.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.04 EPS. As a group, sell-side analysts predict that BlackBerry will post -0.09 EPS for the current year.

Institutional Investors Weigh In On BlackBerry

Several hedge funds have recently added to or reduced their stakes in BB. First Trust Advisors LP grew its position 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 acquiring an additional 13,925,510 shares during the last quarter. FIFTHDELTA Ltd boosted its stake in shares of BlackBerry by 2.3% during the first quarter. FIFTHDELTA Ltd now owns 31,499,858 shares of the company’s stock valued at $86,940,000 after purchasing an additional 710,015 shares in the last quarter. Vanguard Group Inc. lifted its stake 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 worth $53,835,000 after acquiring an additional 149,444 shares during the period. Norges Bank acquired a new position in shares of BlackBerry in the fourth quarter worth approximately $48,775,000. Finally, EdgePoint Investment Group Inc. lifted its stake 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 worth $34,343,000 after acquiring an additional 2,536,966 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.