BlackBerry (NYSE:BB) Price Target Cut to $2.70

BlackBerry (NYSE:BB) had its price objective dropped by investment analysts at Canaccord Genuity Group from $3.25 to $2.70 in a research note issued on Thursday, BayStreet.CA reports. The firm currently has a “hold” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 8.22% from the stock’s current price.

A number of other brokerages have also recently commented on BB. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $3.00 target price on shares of BlackBerry in a report on Thursday. Robert W. Baird decreased their price target on BlackBerry from $3.50 to $3.00 and set a “neutral” rating on the stock in a report on Thursday. CIBC raised BlackBerry from a “neutral” rating to a “sector outperform” rating and set a $3.50 price target on the stock in a report on Thursday. Finally, Canaccord Genuity Group decreased their price target on BlackBerry from $3.25 to $2.70 and set a “hold” rating on the stock in a report on Thursday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $3.20.

BlackBerry Stock Performance

BB stock opened at $2.50 on Thursday. The company has a market cap of $1.47 billion, a P/E ratio of -8.60 and a beta of 1.37. BlackBerry has a 1 year low of $2.20 and a 1 year high of $5.75. 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’s fifty day moving average price is $2.76 and its 200-day moving average price is $2.96.

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

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of BB. Norges Bank bought a new stake in shares of BlackBerry during the fourth quarter valued at approximately $48,775,000. Vanguard Group Inc. raised its stake in shares of BlackBerry by 2.9% during the third quarter. Vanguard Group Inc. now owns 19,224,723 shares of the company’s stock valued at $90,548,000 after acquiring an additional 534,772 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of BlackBerry by 33.1% during the fourth quarter. BNP Paribas Financial Markets now owns 140,079 shares of the company’s stock valued at $496,000 after acquiring an additional 34,818 shares in the last quarter. International Assets Investment Management LLC raised its stake in shares of BlackBerry by 179.2% during the fourth quarter. International Assets Investment Management LLC now owns 73,374 shares of the company’s stock valued at $260,000 after acquiring an additional 47,097 shares in the last quarter. Finally, Jump Financial LLC bought a new stake in shares of BlackBerry during the fourth quarter valued at approximately $362,000. Hedge funds and other institutional investors own 54.48% of the company’s stock.

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.