BlackBerry (NYSE:BB) Price Target Raised to $3.00

BlackBerry (NYSE:BB) had its price target upped by Canaccord Genuity Group from $2.80 to $3.00 in a report published on Friday, Marketbeat reports. The brokerage currently has a hold rating on the stock.

A number of other equities research analysts have also commented on BB. StockNews.com raised BlackBerry from a “sell” rating to a “hold” rating in a research report on Monday, December 9th. TD Securities raised shares of BlackBerry from a “hold” rating to a “buy” rating and lifted their price target for the company from $3.25 to $4.00 in a research note on Friday. Robert W. Baird increased their price objective on shares of BlackBerry from $3.00 to $3.50 and gave the stock a “neutral” rating in a research report on Friday. CIBC upped their target price on shares of BlackBerry from $3.50 to $3.60 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Finally, Royal Bank of Canada lifted their price target on BlackBerry from $3.00 to $3.25 and gave the company a “sector perform” rating in a research note on Tuesday, December 17th. Six investment analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $3.60.

BlackBerry Price Performance

Shares of BB opened at $3.69 on Friday. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27. The stock has a market cap of $2.18 billion, a P/E ratio of -14.76 and a beta of 1.43. The stock’s 50-day moving average price is $2.56 and its two-hundred day moving average price is $2.45. BlackBerry has a 1 year low of $2.01 and a 1 year high of $3.89.

BlackBerry (NYSE:BB) last issued its earnings results on Thursday, December 19th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.03. BlackBerry had a negative net margin of 21.66% and a negative return on equity of 3.38%. The firm had revenue of $143.00 million during the quarter, compared to the consensus estimate of $144.84 million. During the same quarter in the prior year, the firm earned $0.01 earnings per share. The business’s quarterly revenue was down 5.9% on a year-over-year basis. On average, equities analysts predict that BlackBerry will post -0.06 earnings per share for the current year.

Insider Transactions at BlackBerry

In related news, insider Philip S. Kurtz sold 15,005 shares of the business’s 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 sale, the insider now directly owns 30,129 shares in the company, valued at approximately $76,226.37. The trade was a 33.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.34% of the stock is owned by corporate insiders.

Institutional Trading of BlackBerry

Institutional investors and hedge funds have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. raised its holdings in shares of BlackBerry by 83.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 11,769 shares of the company’s stock worth $29,000 after buying an additional 5,349 shares in the last quarter. Geode Capital Management LLC grew its holdings in BlackBerry by 2.9% during the 3rd quarter. Geode Capital Management LLC now owns 267,073 shares of the company’s stock worth $706,000 after acquiring an additional 7,652 shares during the last quarter. International Assets Investment Management LLC increased its position in BlackBerry by 60.7% in the 3rd quarter. International Assets Investment Management LLC now owns 20,769 shares of the company’s stock valued at $540,000 after acquiring an additional 7,842 shares during the period. Signaturefd LLC grew its position in shares of BlackBerry by 65.5% in the 3rd quarter. Signaturefd LLC now owns 22,898 shares of the company’s stock valued at $60,000 after buying an additional 9,063 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in BlackBerry by 7.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 130,665 shares of the company’s stock valued at $327,000 after acquiring an additional 9,156 shares during the last quarter. Institutional investors own 54.48% of the company’s stock.

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.