TD Securities Increases BlackBerry (NYSE:BB) Price Target to $3.25

BlackBerry (NYSE:BB) had its price target raised by analysts at TD Securities from $2.75 to $3.25 in a research note issued on Wednesday,BayStreet.CA reports. The brokerage presently has a “hold” rating on the stock. TD Securities’ price objective would indicate a potential upside of 9.06% from the company’s current price.

Other analysts have also recently issued reports about the company. CIBC upped their price target on BlackBerry from $3.50 to $3.60 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Royal Bank of Canada upped their target price on shares of BlackBerry from $3.00 to $3.25 and gave the company a “sector perform” rating in a research note on Tuesday. StockNews.com raised shares of BlackBerry from a “sell” rating to a “hold” rating in a research report on Monday, December 9th. Finally, Canaccord Genuity Group upped their price objective on shares of BlackBerry from $2.70 to $2.80 and gave the company a “hold” rating in a research report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, BlackBerry presently has a consensus rating of “Hold” and an average target price of $3.34.

BlackBerry Price Performance

Shares of BB stock opened at $2.98 on Wednesday. The firm has a market cap of $1.76 billion, a price-to-earnings ratio of -11.92 and a beta of 1.43. BlackBerry has a 12 month low of $2.01 and a 12 month high of $4.27. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.27. The stock has a 50-day moving average price of $2.52 and a 200 day moving average price of $2.45.

BlackBerry (NYSE:BB) last issued its quarterly earnings results on Thursday, December 19th. The company reported $0.02 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.03. BlackBerry had a negative net margin of 21.66% and a negative return on equity of 3.38%. The company had revenue of $143.00 million during the quarter, compared to analysts’ expectations of $144.84 million. During the same quarter in the previous year, the company earned $0.01 EPS. BlackBerry’s revenue was down 5.9% on a year-over-year basis. Research analysts expect that BlackBerry will post -0.06 EPS for the current year.

Insider Buying and Selling

In related news, insider Philip S. Kurtz sold 15,005 shares of BlackBerry stock in a transaction that occurred on Saturday, September 28th. The stock was 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. This trade represents a 33.25 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BlackBerry

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC raised its stake in shares of BlackBerry by 5,408.9% during the 2nd quarter. Millennium Management LLC now owns 3,431,588 shares of the company’s stock worth $8,510,000 after purchasing an additional 3,369,296 shares in the last quarter. EdgePoint Investment Group Inc. raised its position in BlackBerry by 15.9% during the third quarter. EdgePoint Investment Group Inc. now owns 11,922,795 shares of the company’s stock worth $31,238,000 after acquiring an additional 1,637,916 shares in the last quarter. Intact Investment Management Inc. lifted its stake in BlackBerry by 508.1% in the second quarter. Intact Investment Management Inc. now owns 1,144,990 shares of the company’s stock valued at $2,862,000 after acquiring an additional 956,690 shares during the last quarter. Potrero Capital Research LLC bought a new position in shares of BlackBerry in the 3rd quarter valued at about $2,359,000. Finally, Cubist Systematic Strategies LLC increased its stake in shares of BlackBerry by 815.6% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 548,884 shares of the company’s stock worth $1,361,000 after purchasing an additional 488,934 shares during the last quarter. 54.48% of the stock is owned by 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.