BlackBerry (NYSE:BB) Stock Rating Reaffirmed by Royal Bank of Canada

by · The Markets Daily

Royal Bank of Canada reaffirmed their sector perform rating on shares of BlackBerry (NYSE:BB – Free Report) in a research report released on Friday morning, Benzinga reports. They currently have a $3.00 target price on the stock.

Several other research firms have also issued reports on BB. TD Securities dropped their price objective on shares of BlackBerry from $3.00 to $2.75 and set a hold rating for the company in a research report on Thursday, June 27th. CIBC upgraded shares of BlackBerry from a neutral rating to a sector outperform rating and set a $3.50 target price on the stock in a research note on Thursday, June 27th. Raymond James lowered their price target on BlackBerry from $5.50 to $4.75 and set a market perform rating for the company in a report on Friday, June 28th. Cibc World Mkts upgraded BlackBerry from a hold rating to a strong-buy rating in a research note on Thursday, June 27th. Finally, Canaccord Genuity Group lowered their target price on shares of BlackBerry from $3.25 to $2.70 and set a hold rating for the company in a research note on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $3.20.

Read Our Latest Analysis on BB

BlackBerry Price Performance

Shares of NYSE:BB opened at $2.63 on Friday. BlackBerry has a one year low of $2.01 and a one year high of $4.70. The stock has a market cap of $1.55 billion, a PE ratio of -9.03 and a beta of 1.39. The business’s fifty day moving average price is $2.35 and its two-hundred day moving average price is $2.59. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.43 and a current ratio of 1.43.

BlackBerry (NYSE:BB – Get Free Report) last posted its quarterly earnings data on Thursday, September 26th. The company reported ($0.01) EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. The business had revenue of $145.00 million for the quarter, compared to analyst estimates of $138.82 million. BlackBerry had a negative return on equity of 6.43% and a negative net margin of 25.80%. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter last year, the company earned ($0.06) earnings per share. On average, analysts forecast that BlackBerry will post -0.09 EPS for the current fiscal year.

Insider Activity at BlackBerry

In other news, insider Philip S. Kurtz sold 15,005 shares of the business’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 directly owns 30,129 shares in the company, valued at $76,226.37. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.34% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. First Trust Advisors LP lifted its holdings in BlackBerry by 70.1% in the fourth quarter. First Trust Advisors LP now owns 33,801,506 shares of the company’s stock worth $119,657,000 after purchasing an additional 13,925,510 shares during the period. CANADA LIFE ASSURANCE Co raised its position in shares of BlackBerry by 132.4% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 6,069,593 shares of the company’s stock worth $16,631,000 after buying an additional 3,458,275 shares in the last quarter. Millennium Management LLC lifted its stake in shares of BlackBerry by 5,408.9% in the 2nd quarter. Millennium Management LLC now owns 3,431,588 shares of the company’s stock worth $8,510,000 after acquiring an additional 3,369,296 shares during the period. EdgePoint Investment Group Inc. boosted its holdings in shares of BlackBerry by 25.6% in the first quarter. EdgePoint Investment Group Inc. now owns 12,443,225 shares of the company’s stock valued at $34,343,000 after acquiring an additional 2,536,966 shares in the last quarter. Finally, Hawk Ridge Capital Management LP increased its stake in shares of BlackBerry by 39.8% during the fourth quarter. Hawk Ridge Capital Management LP now owns 6,326,400 shares of the company’s stock valued at $22,395,000 after acquiring an additional 1,800,800 shares during the period. 54.48% of the stock is owned by institutional investors and hedge funds.

BlackBerry Company Profile

(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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