BlackBerry (NYSE:BB) Upgraded to Sector Outperform by CIBC

CIBC upgraded shares of BlackBerry (NYSE:BB) from a neutral rating to a sector outperform rating in a research report report published on Thursday morning, Marketbeat.com reports.

BB has been the subject of a number of other research reports. Royal Bank of Canada restated a sector perform rating and issued a $3.00 target price on shares of BlackBerry in a research note on Thursday, April 4th. Robert W. Baird decreased their price objective on BlackBerry from $3.50 to $3.00 and set a neutral rating for the company in a report on Thursday. One investment analyst has rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $3.45.

BlackBerry Trading Up 10.9 %

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

BlackBerry (NYSE:BB) last announced its earnings results on Wednesday, June 26th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $132.05 million. During the same quarter in the previous year, the firm posted $0.04 EPS. The company’s revenue for the quarter was down 61.4% compared to the same quarter last year. Equities analysts predict that BlackBerry will post -0.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BlackBerry

Institutional investors have recently modified their holdings of the stock. EdgePoint Investment Group Inc. grew its position in BlackBerry by 25.6% during the 1st quarter. EdgePoint Investment Group Inc. now owns 12,443,225 shares of the company’s stock valued at $34,343,000 after purchasing an additional 2,536,966 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its holdings in shares of BlackBerry by 132.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 6,069,593 shares of the company’s stock valued at $16,631,000 after buying an additional 3,458,275 shares during the last quarter. FIFTHDELTA Ltd increased its position in shares of BlackBerry by 2.3% during the first quarter. FIFTHDELTA Ltd now owns 31,499,858 shares of the company’s stock valued at $86,940,000 after acquiring an additional 710,015 shares in the last quarter. Vanguard Group Inc. raised its holdings in BlackBerry by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 19,505,300 shares of the company’s stock worth $53,835,000 after acquiring an additional 149,444 shares during the last quarter. Finally, Headlands Technologies LLC lifted its position in BlackBerry by 1,938.9% in the 1st quarter. Headlands Technologies LLC now owns 334,152 shares of the company’s stock valued at $922,000 after acquiring an additional 317,763 shares in the last quarter. 54.48% of the stock is owned by hedge funds and other institutional investors.

About BlackBerry

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.