Raymond James Cuts BlackBerry (NYSE:BB) Price Target to $4.75

BlackBerry (NYSE:BB) had its price objective cut by Raymond James from $5.50 to $4.75 in a research note published on Friday, Marketbeat Ratings reports. They currently have a market perform rating on the stock.

Several other research analysts also recently issued reports on BB. TD Securities dropped their target price on shares of BlackBerry from $3.00 to $2.75 and set a hold rating on the stock in a research note on Thursday. CIBC raised shares of BlackBerry from a neutral rating to a sector outperform rating and set a $3.50 price objective for the company in a report on Thursday. Canaccord Genuity Group decreased their price objective on shares of BlackBerry from $3.25 to $2.70 and set a hold rating for the company in a report on Thursday. Royal Bank of Canada reissued a sector perform rating and set a $3.00 price objective on shares of BlackBerry in a report on Thursday. Finally, Canaccord Genuity Group decreased their price objective 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 stock. Based on data from MarketBeat, BlackBerry currently has an average rating of Hold and an average target price of $3.20.

BlackBerry Stock Performance

Shares of NYSE BB opened at $2.50 on Friday. The firm’s 50 day moving average price is $2.76 and its 200-day moving average price is $2.96. BlackBerry has a 52-week low of $2.20 and a 52-week high of $5.75. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.25.

BlackBerry (NYSE:BB) last issued its earnings results on Wednesday, June 26th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate 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 business’s revenue was down 61.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.04 earnings per share. On average, research analysts forecast that BlackBerry will post -0.09 earnings per share for the current year.

Institutional Trading of BlackBerry

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BB. Gotham Asset Management LLC increased its holdings in BlackBerry by 113.1% during the third quarter. Gotham Asset Management LLC now owns 291,368 shares of the company’s stock valued at $1,372,000 after buying an additional 154,632 shares during the last quarter. Penserra Capital Management LLC increased its holdings in BlackBerry by 9.0% during the third quarter. Penserra Capital Management LLC now owns 485,678 shares of the company’s stock valued at $2,287,000 after buying an additional 39,978 shares during the last quarter. Public Sector Pension Investment Board increased its holdings in BlackBerry by 0.8% during the third quarter. Public Sector Pension Investment Board now owns 1,134,077 shares of the company’s stock valued at $5,394,000 after buying an additional 9,248 shares during the last quarter. Hudson Bay Capital Management LP purchased a new stake in BlackBerry during the third quarter valued at approximately $2,016,000. Finally, Vanguard Group Inc. increased its holdings in 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 buying an additional 534,772 shares during the last quarter. 54.48% of the stock is owned by hedge funds and other institutional investors.

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.