BlackBerry (NYSE:BB) Price Target Raised to $3.50

by · The Cerbat Gem

BlackBerry (NYSE:BB – Free Report) had its price objective hoisted by Robert W. Baird from $3.00 to $3.50 in a research report released on Friday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

BB has been the topic of several other research reports. Royal Bank of Canada raised their price objective on BlackBerry from $3.00 to $3.25 and gave the stock a “sector perform” rating in a report on Tuesday. TD Securities raised shares of BlackBerry from a “hold” rating to a “buy” rating and lifted their target price for the company from $3.25 to $4.00 in a report on Friday. CIBC increased their price target 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. Canaccord Genuity Group boosted their target price on BlackBerry from $2.70 to $2.80 and gave the company a “hold” rating in a report on Friday, October 18th. Finally, StockNews.com raised BlackBerry from a “sell” rating to a “hold” rating in a report on Monday, December 9th. Six research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $3.60.

Read Our Latest Research Report on BB

BlackBerry Price Performance

BB stock opened at $3.69 on Friday. The stock has a market cap of $2.18 billion, a price-to-earnings ratio of -14.76 and a beta of 1.43. BlackBerry has a fifty-two week low of $2.01 and a fifty-two week high of $3.89. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.27. The business has a 50 day moving average price of $2.56 and a 200 day moving average price of $2.46.

BlackBerry (NYSE:BB – Get Free Report) last issued its quarterly earnings data on Thursday, December 19th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.03. The business had revenue of $143.00 million during the quarter, compared to the consensus estimate of $144.84 million. BlackBerry had a negative net margin of 21.66% and a negative return on equity of 3.38%. The company’s revenue was down 5.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.01 EPS. Equities research analysts anticipate that BlackBerry will post -0.06 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Philip S. Kurtz sold 15,005 shares of the firm’s stock in a transaction 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 owns 30,129 shares in the company, valued at $76,226.37. This trade represents a 33.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BlackBerry

A number of large investors have recently added to or reduced their stakes in the business. Intact Investment Management Inc. grew its holdings in BlackBerry by 25.7% during the 3rd quarter. Intact Investment Management Inc. now owns 1,439,240 shares of the company’s stock valued at $3,789,000 after buying an additional 294,250 shares during the last quarter. Capstone Investment Advisors LLC acquired a new stake in shares of BlackBerry during the third quarter valued at $1,285,000. BNP Paribas Financial Markets boosted its stake in shares of BlackBerry by 7.6% during the third quarter. BNP Paribas Financial Markets now owns 163,531 shares of the company’s stock valued at $428,000 after acquiring an additional 11,488 shares during the last quarter. Cubist Systematic Strategies LLC increased its position in BlackBerry by 815.6% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 548,884 shares of the company’s stock worth $1,361,000 after purchasing an additional 488,934 shares in the last quarter. Finally, Virtu Financial LLC raised its stake in BlackBerry by 911.4% in the 2nd quarter. Virtu Financial LLC now owns 371,166 shares of the company’s stock valued at $920,000 after purchasing an additional 334,466 shares during the last quarter. 54.48% of the stock is owned by institutional investors and hedge funds.

About BlackBerry

(Get Free Report)

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.

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