BlackBerry (NYSE:BB) Given New $2.70 Price Target at Canaccord Genuity Group

BlackBerry (NYSE:BB) had its target price trimmed by Canaccord Genuity Group from $3.25 to $2.70 in a research report sent to investors on Thursday, Benzinga reports. The firm currently has a hold rating on the stock.

Other equities research analysts also recently issued research reports about the company. CIBC upgraded BlackBerry from a neutral rating to a sector outperform rating in a research report on Thursday. Robert W. Baird decreased their price target on BlackBerry from $3.50 to $3.00 and set a neutral rating for the company in a research report on Thursday. Finally, Royal Bank of Canada restated a sector perform rating and set a $3.00 price objective on shares of BlackBerry in a report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, BlackBerry has a consensus rating of Hold and an average price target of $3.45.

BlackBerry Stock Performance

BB opened at $2.45 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.43 and a quick ratio of 1.43. The stock’s fifty day moving average is $2.76 and its 200-day moving average is $2.97. BlackBerry has a one year low of $2.20 and a one year high of $5.75.

BlackBerry (NYSE:BB) last issued its quarterly earnings results on Wednesday, June 26th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.01. BlackBerry had a negative net margin of 25.80% and a negative return on equity of 6.30%. The firm had revenue of $144.00 million for the quarter, compared to analysts’ expectations of $132.05 million. During the same period in the previous year, the business earned $0.04 earnings per share. BlackBerry’s revenue for the quarter was down 61.4% compared to the same quarter last year. On average, equities research analysts forecast that BlackBerry will post -0.09 EPS for the current year.

Hedge Funds Weigh In On BlackBerry

Institutional investors and hedge funds have recently bought and sold shares of the business. Highlander Capital Management LLC boosted its holdings in shares of BlackBerry by 77.8% during the fourth quarter. Highlander Capital Management LLC now owns 8,000 shares of the company’s stock worth $28,000 after purchasing an additional 3,500 shares during the period. Headlands Technologies LLC purchased a new stake in BlackBerry in the 4th quarter worth approximately $58,000. Oxford Asset Management LLP purchased a new stake in BlackBerry in the 4th quarter worth approximately $60,000. Private Advisor Group LLC boosted its stake in shares of BlackBerry by 28.4% during the 4th quarter. Private Advisor Group LLC now owns 25,522 shares of the company’s stock valued at $90,000 after buying an additional 5,645 shares during the period. Finally, Breakwater Capital Group purchased a new position in shares of BlackBerry during the 4th quarter valued at $107,000. 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.