BlackBerry (NYSE:BB) Price Target Raised to $3.60

BlackBerry (NYSE:BB) had its target price increased by CIBC from $3.50 to $3.60 in a report published on Thursday morning, BayStreet.CA reports. CIBC currently has an outperform rating on the stock.

Other analysts have also recently issued research reports about the company. Cibc World Mkts raised BlackBerry from a “hold” rating to a “strong-buy” rating in a research report on Thursday, June 27th. Raymond James dropped their price objective on BlackBerry from $5.50 to $4.75 and set a “market perform” rating on the stock in a research report on Friday, June 28th. Canaccord Genuity Group cut their target price on BlackBerry from $3.25 to $2.70 and set a “hold” rating on the stock in a research note on Thursday, June 27th. 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 research report on Thursday, June 27th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $3.00 price objective on shares of BlackBerry in a research report on Friday, September 27th. One research 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 company’s stock. According to data from MarketBeat, BlackBerry has a consensus rating of “Hold” and an average target price of $3.23.

BlackBerry Stock Down 0.8 %

NYSE:BB opened at $2.56 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.44 and a quick ratio of 1.44. BlackBerry has a 1-year low of $2.01 and a 1-year high of $4.44. The company has a 50-day moving average of $2.40 and a 200 day moving average of $2.56. The firm has a market cap of $1.51 billion, a PE ratio of -8.83 and a beta of 1.40.

BlackBerry (NYSE:BB) last posted its quarterly earnings results on Thursday, September 26th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.03) by $0.02. BlackBerry had a negative net margin of 21.66% and a negative return on equity of 3.38%. The business had revenue of $145.00 million during the quarter, compared to analyst estimates of $138.82 million. During the same quarter in the previous year, the business posted ($0.06) EPS. The company’s quarterly revenue was up 9.8% compared to the same quarter last year. As a group, research analysts anticipate that BlackBerry will post -0.06 EPS for the current fiscal year.

Insider Activity

In related news, insider Philip S. Kurtz sold 15,005 shares of BlackBerry stock in a transaction that occurred on Saturday, September 28th. The shares were sold at an average price of $2.53, for a total value of $37,962.65. Following the completion of the sale, the insider now directly owns 30,129 shares in the company, valued at $76,226.37. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On BlackBerry

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Virtu Financial LLC raised its stake in shares of BlackBerry by 34.6% in the fourth quarter. Virtu Financial LLC now owns 100,534 shares of the company’s stock worth $356,000 after purchasing an additional 25,860 shares during the last quarter. Maryland State Retirement & Pension System increased its holdings in BlackBerry by 1.8% in the 1st quarter. Maryland State Retirement & Pension System now owns 351,339 shares of the company’s stock worth $989,000 after buying an additional 6,196 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in BlackBerry by 9.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,115,850 shares of the company’s stock worth $27,920,000 after buying an additional 886,523 shares during the last quarter. Capstone Investment Advisors LLC acquired a new stake in BlackBerry during the 1st quarter valued at approximately $215,000. Finally, Quantbot Technologies LP purchased a new stake in shares of BlackBerry in the 1st quarter valued at $645,000. 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.