BlackBerry (NYSE:BB) Price Target Cut to $2.70 by Analysts at Canaccord Genuity Group

BlackBerry (NYSE:BB) had its target price reduced by Canaccord Genuity Group from $3.25 to $2.70 in a research report sent to investors on Thursday morning, BayStreet.CA reports. They currently have a hold rating on the stock.

Other analysts also recently issued reports about the stock. Canaccord Genuity Group reduced their target price on shares of BlackBerry from $3.25 to $2.70 and set a hold rating on the stock in a research report on Thursday. Robert W. Baird cut their price objective on shares of BlackBerry from $3.50 to $3.00 and set a neutral rating on the stock in a report on Thursday. Royal Bank of Canada reiterated a sector perform rating and set a $3.00 target price on shares of BlackBerry in a report on Thursday. Finally, CIBC upgraded BlackBerry from a neutral rating to a sector outperform rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, BlackBerry presently has an average rating of Hold and a consensus price target of $3.45.

BlackBerry Price Performance

Shares of BB opened at $2.45 on Thursday. The company has a 50-day simple moving average of $2.76 and a two-hundred day simple moving average of $2.97. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.43 and a current ratio of 1.43. BlackBerry has a one year low of $2.20 and a one year high of $5.75.

BlackBerry (NYSE:BB) last announced its earnings results on Wednesday, June 26th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. BlackBerry had a negative return on equity of 6.30% and a negative net margin of 25.80%. The firm had revenue of $144.00 million during the quarter, compared to analyst estimates of $132.05 million. During the same quarter in the prior year, the company earned $0.04 EPS. The business’s revenue was down 61.4% compared to the same quarter last year. Research analysts anticipate that BlackBerry will post -0.09 earnings per share for the current fiscal year.

Institutional Trading of BlackBerry

Several institutional investors have recently added to or reduced their stakes in BB. Gotham Asset Management LLC boosted its holdings in shares of BlackBerry by 113.1% during the 3rd quarter. Gotham Asset Management LLC now owns 291,368 shares of the company’s stock valued at $1,372,000 after acquiring an additional 154,632 shares during the last quarter. Penserra Capital Management LLC boosted its holdings in BlackBerry by 9.0% in the third quarter. Penserra Capital Management LLC now owns 485,678 shares of the company’s stock worth $2,287,000 after purchasing an additional 39,978 shares during the last quarter. Public Sector Pension Investment Board grew its position in BlackBerry by 0.8% in the 3rd quarter. Public Sector Pension Investment Board now owns 1,134,077 shares of the company’s stock worth $5,394,000 after purchasing an additional 9,248 shares during the period. Hudson Bay Capital Management LP bought a new stake in BlackBerry in the 3rd quarter worth approximately $2,016,000. Finally, Vanguard Group Inc. raised its stake in BlackBerry by 2.9% during the 3rd quarter. Vanguard Group Inc. now owns 19,224,723 shares of the company’s stock valued at $90,548,000 after buying an additional 534,772 shares during the last quarter. 54.48% of the stock is currently owned by hedge funds and other institutional investors.

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.