BlackBerry (NYSE:BB) Upgraded by CIBC to “Sector Outperform”

CIBC upgraded shares of BlackBerry (NYSE:BB) from a neutral rating to a sector outperform rating in a research note released on Thursday morning, Marketbeat reports. The brokerage currently has $3.50 target price on the stock.

Other research analysts have also issued research reports about the stock. Robert W. Baird decreased their target price on shares of BlackBerry from $3.50 to $3.00 and set a neutral rating on the stock in a research report on Thursday. Royal Bank of Canada restated a sector perform rating and set a $3.00 target price on shares of BlackBerry in a research report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, BlackBerry has an average rating of Hold and an average price target of $3.20.

BlackBerry Stock Up 1.2 %

BlackBerry stock opened at $2.48 on Thursday. The stock has a market cap of $1.46 billion, a P/E ratio of -8.55 and a beta of 1.37. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.25. BlackBerry has a twelve month low of $2.20 and a twelve month high of $5.75. The company’s 50-day moving average price is $2.76 and its two-hundred day moving average price is $2.94.

BlackBerry (NYSE:BB) last announced its earnings results on Wednesday, June 26th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.01. BlackBerry had a negative net margin of 25.80% and a negative return on equity of 6.30%. The firm had revenue of $144.00 million for the quarter, compared to analyst estimates of $132.05 million. During the same quarter in the prior year, the business posted $0.04 EPS. The business’s revenue was down 61.4% compared to the same quarter last year. As a group, analysts expect that BlackBerry will post -0.09 EPS for the current year.

Hedge Funds Weigh In On BlackBerry

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Highlander Capital Management LLC lifted its stake in BlackBerry by 77.8% in the 4th quarter. Highlander Capital Management LLC now owns 8,000 shares of the company’s stock valued at $28,000 after purchasing an additional 3,500 shares during the last quarter. Duality Advisers LP lifted its stake in BlackBerry by 4.1% in the 4th quarter. Duality Advisers LP now owns 97,086 shares of the company’s stock valued at $344,000 after purchasing an additional 3,837 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in BlackBerry by 6.4% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 65,535 shares of the company’s stock valued at $232,000 after purchasing an additional 3,958 shares during the last quarter. Private Advisor Group LLC lifted its stake in BlackBerry by 28.4% in the 4th quarter. Private Advisor Group LLC now owns 25,522 shares of the company’s stock valued at $90,000 after purchasing an additional 5,645 shares during the last quarter. Finally, Maryland State Retirement & Pension System lifted its stake in BlackBerry by 1.8% in the 1st quarter. Maryland State Retirement & Pension System now owns 351,339 shares of the company’s stock valued at $989,000 after purchasing an additional 6,196 shares during 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.