BlackBerry (NYSE:BB) Price Target Raised to $2.80 at Canaccord Genuity Group

BlackBerry (NYSE:BB) had its price objective boosted by Canaccord Genuity Group from $2.70 to $2.80 in a report issued on Friday, MarketBeat.com reports. Canaccord Genuity Group currently has a hold rating on the stock.

A number of other equities research analysts have also commented on the company. 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 research report on Friday, June 28th. Canaccord Genuity Group dropped their price target on shares of BlackBerry from $3.25 to $2.70 and set a “hold” rating on the stock in a research report on Thursday, June 27th. CIBC boosted their price target on shares of BlackBerry from $3.50 to $3.60 and gave the stock an “outperform” rating in a report on Thursday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 price objective on shares of BlackBerry in a research note on Friday, September 27th. Finally, Robert W. Baird cut their target price on BlackBerry from $3.50 to $3.00 and set a “neutral” rating on the stock 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 assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $3.23.

BlackBerry Stock Performance

BB opened at $2.57 on Friday. The company has a market cap of $1.52 billion, a price-to-earnings ratio of -10.26 and a beta of 1.40. The company’s fifty day moving average price is $2.40 and its two-hundred day moving average price is $2.57. BlackBerry has a 1-year low of $2.01 and a 1-year high of $4.44. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27.

BlackBerry (NYSE:BB) last announced its quarterly earnings results on Thursday, September 26th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.02. The business had revenue of $145.00 million for the quarter, compared to analysts’ expectations of $138.82 million. BlackBerry had a negative net margin of 21.66% and a negative return on equity of 3.38%. The firm’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.06) EPS. On average, analysts expect that BlackBerry will post -0.06 EPS for the current fiscal year.

Insider Activity

In related news, insider Philip S. Kurtz sold 15,005 shares of BlackBerry stock in a transaction that occurred on Saturday, September 28th. The shares were sold at an average price of $2.53, for a total value of $37,962.65. Following the sale, the insider now owns 30,129 shares of the company’s stock, valued at approximately $76,226.37. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On BlackBerry

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of BlackBerry by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 19,505,300 shares of the company’s stock valued at $53,835,000 after buying an additional 149,444 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in BlackBerry by 9.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,115,850 shares of the company’s stock valued at $27,920,000 after acquiring an additional 886,523 shares during the period. Quantbot Technologies LP bought a new stake in BlackBerry during the 1st quarter valued at $645,000. Cubist Systematic Strategies LLC lifted its position in shares of BlackBerry by 815.6% during the second quarter. Cubist Systematic Strategies LLC now owns 548,884 shares of the company’s stock worth $1,361,000 after acquiring an additional 488,934 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its holdings in shares of BlackBerry by 132.4% in the first quarter. CANADA LIFE ASSURANCE Co now owns 6,069,593 shares of the company’s stock worth $16,631,000 after acquiring an additional 3,458,275 shares during the period. 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.