Canaccord Genuity Group Raises BlackBerry (NYSE:BB) Price Target to $4.75

BlackBerry (NYSE:BB) had its price target boosted by analysts at Canaccord Genuity Group from $3.00 to $4.75 in a report released on Tuesday,Benzinga reports. The firm presently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 13.23% from the company’s current price.

Several other research analysts have also commented on BB. TD Securities upgraded shares of BlackBerry from a “hold” rating to a “buy” rating and upped their price objective for the stock from $3.25 to $4.00 in a report on Friday, December 20th. Robert W. Baird lifted their price objective on BlackBerry from $3.00 to $3.50 and gave the company a “neutral” rating in a research report on Friday, December 20th. Royal Bank of Canada increased their target price on BlackBerry from $3.25 to $4.00 and gave the stock a “sector perform” rating in a research report on Friday, January 10th. TD Cowen upgraded BlackBerry from a “hold” rating to a “buy” rating and lifted their price target for the company from $3.25 to $4.00 in a research report on Friday, December 20th. Finally, StockNews.com raised BlackBerry from a “sell” rating to a “hold” rating in a research note on Monday, December 9th. Six 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 stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $3.91.

BlackBerry Stock Down 7.2 %

Shares of NYSE:BB opened at $4.20 on Tuesday. The stock’s 50-day moving average is $4.59 and its 200 day moving average is $3.28. The company has a market cap of $2.50 billion, a PE ratio of -19.07 and a beta of 1.27. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.37 and a quick ratio of 1.37. BlackBerry has a 1 year low of $2.01 and a 1 year high of $6.24.

BlackBerry (NYSE:BB) last issued its quarterly earnings data 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 firm had revenue of $143.00 million for the quarter, compared to analyst estimates of $144.84 million. BlackBerry had a negative return on equity of 2.02% and a negative net margin of 21.16%. The business’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same period last year, the company earned $0.01 EPS. Sell-side analysts anticipate that BlackBerry will post -0.03 EPS for the current year.

Insider Activity

In other news, CAO Jay P. Chai sold 24,425 shares of the firm’s stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $4.19, for a total transaction of $102,340.75. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Mattias Eriksson sold 14,475 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $3.68, for a total transaction of $53,268.00. Following the transaction, the insider now directly owns 238,838 shares of the company’s stock, valued at $878,923.84. The trade was a 5.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 244,221 shares of company stock worth $925,655 over the last 90 days. 0.34% of the stock is currently owned by insiders.

Institutional Investors Weigh In On BlackBerry

Several institutional investors and hedge funds have recently added to or reduced their stakes in BB. Tower Research Capital LLC TRC lifted its holdings in shares of BlackBerry by 63.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 9,773 shares of the company’s stock valued at $37,000 after buying an additional 3,811 shares during the period. Masso Torrence Wealth Management Inc. purchased a new stake in BlackBerry during the fourth quarter valued at $38,000. Mindset Wealth Management LLC bought a new position in BlackBerry in the fourth quarter valued at about $38,000. Quadrant Capital Group LLC lifted its holdings in BlackBerry by 100.3% in the fourth quarter. Quadrant Capital Group LLC now owns 10,000 shares of the company’s stock valued at $38,000 after acquiring an additional 5,008 shares during the period. Finally, Sanctuary Advisors LLC purchased a new position in BlackBerry in the fourth quarter worth about $40,000. Hedge funds and other institutional investors 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.