BlackBerry (NYSE:BB) Receives Sector Perform Rating from Royal Bank of Canada

BlackBerry (NYSE:BB)‘s stock had its “sector perform” rating reaffirmed by research analysts at Royal Bank of Canada in a report released on Tuesday,Benzinga reports. They presently have a $4.00 price target on the stock. Royal Bank of Canada’s target price indicates a potential upside of 5.12% from the company’s previous close.

BB has been the subject of several other research reports. Robert W. Baird lifted their price target on BlackBerry from $3.00 to $3.50 and gave the company a “neutral” rating in a research note on Friday, December 20th. TD Cowen raised shares of BlackBerry from a “hold” rating to a “buy” rating and boosted their price target for the stock from $3.25 to $4.00 in a report on Friday, December 20th. StockNews.com raised shares of BlackBerry from a “sell” rating to a “hold” rating in a research note on Monday, December 9th. Canaccord Genuity Group lifted their price target on BlackBerry from $3.00 to $4.75 and gave the stock a “hold” rating in a research note on Tuesday, March 11th. Finally, TD Securities raised shares of BlackBerry from a “hold” rating to a “buy” rating and lifted their target price for the stock from $3.25 to $4.00 in a research note on Friday, December 20th. Six equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $3.91.

BlackBerry Stock Performance

NYSE BB traded up $0.04 on Tuesday, reaching $3.81. 7,598,245 shares of the company’s stock traded hands, compared to its average volume of 13,311,393. BlackBerry has a fifty-two week low of $2.01 and a fifty-two week high of $6.24. The firm has a market cap of $2.27 billion, a price-to-earnings ratio of -17.34 and a beta of 1.27. The stock has a 50 day moving average price of $4.69 and a 200-day moving average price of $3.50. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.37 and a current ratio of 1.37.

Insider Buying and Selling at BlackBerry

In related news, CAO Jay P. Chai sold 24,425 shares of BlackBerry stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $4.19, for a total value of $102,340.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John Joseph Giamatteo sold 155,815 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $3.68, for a total value of $573,399.20. Following the completion of the transaction, the chief executive officer now directly owns 385,552 shares in the company, valued at $1,418,831.36. This trade represents a 28.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 244,221 shares of company stock valued at $925,655 in the last three months. 0.34% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BlackBerry

Several large investors have recently bought and sold shares of BB. Tower Research Capital LLC TRC increased its holdings in shares of BlackBerry by 63.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 9,773 shares of the company’s stock valued at $37,000 after purchasing an additional 3,811 shares during the period. Quantinno Capital Management LP acquired a new position in BlackBerry during the third quarter worth $38,000. Masso Torrence Wealth Management Inc. purchased a new stake in shares of BlackBerry in the 4th quarter worth about $38,000. Mindset Wealth Management LLC purchased a new stake in shares of BlackBerry in the fourth quarter valued at about $38,000. Finally, Quadrant Capital Group LLC lifted its stake in BlackBerry by 100.3% in the 4th quarter. Quadrant Capital Group LLC now owns 10,000 shares of the company’s stock valued at $38,000 after buying an additional 5,008 shares in the last quarter. Institutional investors and hedge funds 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.