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

BlackBerry (NYSE:BB) had its target price hoisted by Canaccord Genuity Group from $2.70 to $2.80 in a report published on Friday morning, MarketBeat reports. The brokerage currently has a hold rating on the stock.

BB has been the subject of a number of other research reports. Robert W. Baird cut their price objective on shares of BlackBerry from $3.50 to $3.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. Royal Bank of Canada reissued a “sector perform” rating and set a $3.00 price target on shares of BlackBerry in a report on Friday, September 27th. CIBC raised their price objective on BlackBerry from $3.50 to $3.60 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. Raymond James cut their price objective on BlackBerry from $5.50 to $4.75 and set a “market perform” rating for the company in a research note on Friday, June 28th. Finally, Cibc World Mkts raised shares of BlackBerry from a “hold” rating to a “strong-buy” rating in a report on Thursday, June 27th. One equities 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.com, the company has an average rating of “Hold” and a consensus price target of $3.23.

BlackBerry Stock Up 1.0 %

BlackBerry stock opened at $2.59 on Friday. BlackBerry has a one year low of $2.01 and a one year high of $4.44. The stock has a fifty day moving average of $2.40 and a 200 day moving average of $2.56. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.44. The stock has a market cap of $1.53 billion, a PE ratio of -8.91 and a beta of 1.40.

BlackBerry (NYSE:BB) last released 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. The firm had revenue of $145.00 million during the quarter, compared to analyst estimates of $138.82 million. BlackBerry had a negative net margin of 21.66% and a negative return on equity of 3.38%. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.06) EPS. As a group, sell-side analysts predict that BlackBerry will post -0.06 EPS for the current year.

Insider Buying and Selling

In related news, insider Philip S. Kurtz sold 15,005 shares of the company’s stock in a transaction on Saturday, September 28th. The shares were sold at an average price of $2.53, for a total transaction of $37,962.65. Following the completion of the transaction, the insider now owns 30,129 shares in the company, valued at approximately $76,226.37. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.34% of the stock is owned by insiders.

Institutional Investors Weigh In On BlackBerry

Several large investors have recently made changes to their positions in BB. 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 acquiring an additional 5,349 shares in the last quarter. Maryland State Retirement & Pension System increased its position in BlackBerry by 1.8% in the first quarter. Maryland State Retirement & Pension System now owns 351,339 shares of the company’s stock worth $989,000 after purchasing an additional 6,196 shares during the last quarter. Signaturefd LLC raised its stake in BlackBerry by 65.5% during the third quarter. Signaturefd LLC now owns 22,898 shares of the company’s stock valued at $60,000 after purchasing an additional 9,063 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in BlackBerry by 7.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 130,665 shares of the company’s stock valued at $327,000 after purchasing an additional 9,156 shares during the last quarter. Finally, Creative Planning lifted its position in BlackBerry by 40.8% during the third quarter. Creative Planning now owns 36,551 shares of the company’s stock valued at $96,000 after purchasing an additional 10,585 shares during the last quarter. 54.48% of the stock is owned by institutional investors.

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.