Canaccord Genuity Group Raises BlackBerry (NYSE:BB) Price Target to $2.80

BlackBerry (NYSE:BB) had its price target boosted by Canaccord Genuity Group from $2.70 to $2.80 in a research report sent to investors on Friday morning, MarketBeat.com reports. They currently have a hold rating on the stock.

Several other equities research analysts also recently issued reports on BB. CIBC raised their price target on BlackBerry from $3.50 to $3.60 and gave the company an “outperform” rating in a research report on Thursday. Raymond James reduced their price objective on BlackBerry from $5.50 to $4.75 and set a “market perform” rating for the company in a research report on Friday, June 28th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 target price on shares of BlackBerry in a research report on Friday, September 27th. Canaccord Genuity Group reduced their price target on shares of BlackBerry from $3.25 to $2.70 and set a “hold” rating for the company in a report on Thursday, June 27th. Finally, Cibc World Mkts upgraded shares of BlackBerry from a “hold” rating to a “strong-buy” rating in a report on Thursday, June 27th. 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 company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $3.23.

BlackBerry Stock Down 0.8 %

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

BlackBerry (NYSE:BB) last released its quarterly earnings results on Thursday, September 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.02. BlackBerry had a negative return on equity of 3.38% and a negative net margin of 21.66%. The company had revenue of $145.00 million during the quarter, compared to the consensus estimate of $138.82 million. During the same quarter in the prior year, the company posted ($0.06) EPS. The firm’s revenue was up 9.8% on a year-over-year basis. Sell-side analysts anticipate that BlackBerry will post -0.06 EPS for the current fiscal year.

Insider Buying and Selling at BlackBerry

In other news, insider Philip S. Kurtz sold 15,005 shares of the stock in a transaction that occurred on Saturday, September 28th. The stock was sold at an average price of $2.53, for a total value of $37,962.65. Following the completion of the transaction, the insider now directly owns 30,129 shares of the company’s stock, valued at approximately $76,226.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.34% of the company’s stock.

Institutional Investors Weigh In On BlackBerry

Several large investors have recently made changes to their positions in BB. Creative Planning boosted its position in BlackBerry by 40.8% in the third quarter. Creative Planning now owns 36,551 shares of the company’s stock valued at $96,000 after buying an additional 10,585 shares in the last quarter. EP Wealth Advisors LLC bought a new position in shares of BlackBerry in the second quarter valued at approximately $28,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of BlackBerry by 83.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 11,769 shares of the company’s stock worth $29,000 after acquiring an additional 5,349 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of BlackBerry by 2.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 441,235 shares of the company’s stock worth $1,101,000 after acquiring an additional 11,370 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in BlackBerry by 5,408.9% during the 2nd quarter. Millennium Management LLC now owns 3,431,588 shares of the company’s stock valued at $8,510,000 after purchasing an additional 3,369,296 shares in the last quarter. 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.