Royal Bank of Canada Raises BlackBerry (NYSE:BB) Price Target to $3.25

BlackBerry (NYSE:BB) had its price objective lifted by Royal Bank of Canada from $3.00 to $3.25 in a research note issued to investors on Tuesday,Benzinga reports. They currently have a sector perform rating on the stock.

A number of other research analysts have also recently commented on BB. CIBC increased their price target on shares of BlackBerry from $3.50 to $3.60 and gave the company an “outperform” rating in a research report on Thursday, October 17th. StockNews.com raised shares of BlackBerry from a “sell” rating to a “hold” rating in a report on Monday, December 9th. Finally, Canaccord Genuity Group boosted their price target on shares of BlackBerry from $2.70 to $2.80 and gave the stock a “hold” rating in a research note on Friday, October 18th. Seven research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $3.34.

BlackBerry Stock Performance

BlackBerry stock opened at $2.98 on Tuesday. BlackBerry has a fifty-two week low of $2.01 and a fifty-two week high of $4.27. 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 $1.76 billion, a P/E ratio of -11.92 and a beta of 1.43. The firm’s fifty day moving average price is $2.53 and its 200-day moving average price is $2.45.

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

Insider Activity at BlackBerry

In other BlackBerry news, insider Philip S. Kurtz sold 15,005 shares of the company’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 transaction of $37,962.65. Following the completion of the transaction, the insider now owns 30,129 shares of the company’s stock, valued at $76,226.37. This represents a 33.25 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at 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 made changes to their positions in the business. SG Americas Securities LLC increased its holdings in shares of BlackBerry by 36.2% during the second quarter. SG Americas Securities LLC now owns 130,114 shares of the company’s stock valued at $323,000 after acquiring an additional 34,615 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 period. IQ EQ FUND MANAGEMENT IRELAND Ltd boosted its holdings in BlackBerry by 39.0% in the second quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 1,315,157 shares of the company’s stock worth $3,262,000 after purchasing an additional 369,283 shares during the last quarter. Intact Investment Management Inc. grew its position in BlackBerry by 508.1% in the 2nd quarter. Intact Investment Management Inc. now owns 1,144,990 shares of the company’s stock worth $2,862,000 after purchasing an additional 956,690 shares during the period. Finally, Viewpoint Capital Management LLC purchased a new stake in BlackBerry during the 2nd quarter valued at $50,000. 54.48% of the stock is currently 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.