Canaccord Genuity Group Raises BlackBerry (NYSE:BB) Price Target to $3.00

BlackBerry (NYSE:BB) had its target price hoisted by Canaccord Genuity Group from $2.80 to $3.00 in a report released on Friday, MarketBeat.com reports. The firm currently has a hold rating on the stock.

A number of other analysts have also recently weighed in on the stock. StockNews.com upgraded shares of BlackBerry from a “sell” rating to a “hold” rating in a research note on Monday, December 9th. Robert W. Baird boosted their target price on shares of BlackBerry from $3.00 to $3.50 and gave the stock a “neutral” rating in a research report on Friday. CIBC upped their price target on shares of BlackBerry from $3.50 to $3.60 and gave the company an “outperform” rating in a report on Thursday, October 17th. Royal Bank of Canada lifted their price objective on BlackBerry from $3.00 to $3.25 and gave the stock a “sector perform” rating in a research note on Tuesday. Finally, TD Securities upgraded BlackBerry from a “hold” rating to a “buy” rating and increased their target price for the company from $3.25 to $4.00 in a research note on Friday. Six equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $3.60.

BlackBerry Stock Performance

BB stock opened at $3.69 on Friday. The firm has a 50 day moving average of $2.56 and a two-hundred day moving average of $2.46. BlackBerry has a 12 month low of $2.01 and a 12 month high of $3.89. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of -14.76 and a beta of 1.43. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.27.

BlackBerry (NYSE:BB) last announced its quarterly earnings results on Thursday, December 19th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. The company had revenue of $143.00 million during the quarter, compared to analysts’ expectations of $144.84 million. BlackBerry had a negative return on equity of 3.38% and a negative net margin of 21.66%. The business’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.01 earnings per share. As a group, equities analysts anticipate that BlackBerry will post -0.06 EPS for the current fiscal year.

Insider Activity

In other news, insider Philip S. Kurtz sold 15,005 shares of the stock in a transaction 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 sale, the insider now owns 30,129 shares in the company, valued at approximately $76,226.37. This represents a 33.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.34% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Intact Investment Management Inc. raised its stake in shares of BlackBerry by 25.7% in the third quarter. Intact Investment Management Inc. now owns 1,439,240 shares of the company’s stock worth $3,789,000 after acquiring an additional 294,250 shares during the last quarter. Capstone Investment Advisors LLC bought a new stake in shares of BlackBerry during the third quarter valued at approximately $1,285,000. BNP Paribas Financial Markets increased its holdings in shares of BlackBerry by 7.6% in the third quarter. BNP Paribas Financial Markets now owns 163,531 shares of the company’s stock valued at $428,000 after purchasing an additional 11,488 shares in the last quarter. Cubist Systematic Strategies LLC raised its position in BlackBerry by 815.6% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 548,884 shares of the company’s stock worth $1,361,000 after purchasing an additional 488,934 shares during the last quarter. Finally, Virtu Financial LLC lifted its holdings in BlackBerry by 911.4% during the 2nd quarter. Virtu Financial LLC now owns 371,166 shares of the company’s stock worth $920,000 after buying an additional 334,466 shares in the last quarter. Institutional investors and hedge funds 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.