BlackBerry (NYSE:BB) Stock Rating Reaffirmed by Royal Bank of Canada

BlackBerry (NYSE:BB)‘s stock had its “sector perform” rating restated by research analysts at Royal Bank of Canada in a research note issued to investors on Thursday, Benzinga reports. They presently have a $3.00 price objective on the stock. Royal Bank of Canada’s price objective points to a potential upside of 20.24% from the stock’s current price.

Several other equities research analysts also recently weighed in on the company. Robert W. Baird cut their price target on BlackBerry from $3.50 to $3.00 and set a “neutral” rating on the stock in a research report on Thursday. CIBC raised BlackBerry from a “neutral” rating to a “sector outperform” rating and set a $3.50 target price 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 for the company in a report on Thursday. One analyst has rated the stock with a sell rating, six have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $3.20.

BlackBerry Trading Up 1.8 %

Shares of NYSE BB opened at $2.50 on Thursday. BlackBerry has a twelve month low of $2.20 and a twelve month high of $5.75. The firm has a market cap of $1.47 billion, a PE ratio of -8.60 and a beta of 1.37. The business has a fifty day simple moving average of $2.76 and a two-hundred day simple moving average of $2.96. 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 (NYSE:BB) last issued its quarterly earnings data 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 net margin of 25.80% and a negative return on equity of 6.30%. The company’s quarterly revenue was down 61.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.04 EPS. Analysts expect that BlackBerry will post -0.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BlackBerry

Institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in BlackBerry during the 4th quarter worth approximately $48,775,000. Vanguard Group Inc. increased its position 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 worth $90,548,000 after acquiring an additional 534,772 shares during the period. BNP Paribas Financial Markets raised its stake in shares of BlackBerry by 33.1% in 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 boosted its holdings in BlackBerry by 179.2% in the fourth quarter. International Assets Investment Management LLC now owns 73,374 shares of the company’s stock valued at $260,000 after purchasing an additional 47,097 shares during the period. Finally, Jump Financial LLC purchased a new position in BlackBerry in the fourth quarter valued at $362,000. 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.