Canaccord Genuity Group Cuts BlackBerry (NYSE:BB) Price Target to $2.70

BlackBerry (NYSE:BB) had its target price decreased by Canaccord Genuity Group from $3.25 to $2.70 in a research note published on Thursday morning, Benzinga reports. Canaccord Genuity Group currently has a hold rating on the stock.

Several other brokerages have also recently weighed in on BB. Robert W. Baird dropped their price objective on BlackBerry from $3.50 to $3.00 and set a neutral rating for the company in a report on Thursday. CIBC raised shares of BlackBerry from a neutral rating to a sector outperform rating in a research report on Thursday. Finally, Royal Bank of Canada restated a sector perform rating and issued a $3.00 target price on shares of BlackBerry in a research report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, BlackBerry currently has a consensus rating of Hold and a consensus price target of $3.45.

BlackBerry Stock Up 10.9 %

NYSE:BB opened at $2.45 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.43 and a quick ratio of 1.43. The stock has a 50 day simple moving average of $2.76 and a 200 day simple moving average of $2.97. BlackBerry has a 1-year low of $2.20 and a 1-year high of $5.75.

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

Hedge Funds Weigh In On BlackBerry

A number of institutional investors have recently added to or reduced their stakes in the stock. Highlander Capital Management LLC grew its stake in shares of BlackBerry by 77.8% during the fourth quarter. Highlander Capital Management LLC now owns 8,000 shares of the company’s stock worth $28,000 after buying an additional 3,500 shares during the last quarter. Headlands Technologies LLC bought a new stake in BlackBerry during the 4th quarter worth $58,000. Oxford Asset Management LLP acquired a new position in BlackBerry in the 4th quarter worth about $60,000. Private Advisor Group LLC raised its position in BlackBerry by 28.4% in the fourth quarter. Private Advisor Group LLC now owns 25,522 shares of the company’s stock valued at $90,000 after purchasing an additional 5,645 shares during the last quarter. Finally, Breakwater Capital Group acquired a new stake in shares of BlackBerry during the fourth quarter valued at about $107,000. 54.48% of the stock is currently owned by institutional investors and hedge funds.

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.