Canaccord Genuity Group Raises BlackBerry (NYSE:BB) Price Target to $3.00

BlackBerry (NYSE:BB) had its target price hoisted by analysts at Canaccord Genuity Group from $2.80 to $3.00 in a research note issued to investors on Friday, MarketBeat Ratings reports. The firm presently has a “hold” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential downside of 18.70% from the stock’s current price.

Several other research analysts also recently issued reports on BB. StockNews.com upgraded shares of BlackBerry from a “sell” rating to a “hold” rating in a report on Monday, December 9th. TD Securities raised BlackBerry from a “hold” rating to a “buy” rating and upped their target price for the stock from $3.25 to $4.00 in a report on Friday. Robert W. Baird lifted their price target on BlackBerry from $3.00 to $3.50 and gave the company a “neutral” rating in a research note on Friday. Royal Bank of Canada boosted their price target on BlackBerry from $3.00 to $3.25 and gave the stock a “sector perform” rating in a report on Tuesday, December 17th. Finally, CIBC raised their price objective on shares of BlackBerry from $3.50 to $3.60 and gave the company an “outperform” rating in a report on Thursday, October 17th. Six investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, BlackBerry presently has an average rating of “Moderate Buy” and an average target price of $3.60.

BlackBerry Price Performance

Shares of BB stock opened at $3.69 on Friday. BlackBerry has a twelve month low of $2.01 and a twelve month high of $3.89. 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 business has a fifty day simple moving average of $2.56 and a 200 day simple moving average of $2.46. The company has a market cap of $2.18 billion, a P/E ratio of -14.76 and a beta of 1.43.

BlackBerry (NYSE:BB) last posted its quarterly earnings results on Thursday, December 19th. The company reported $0.02 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.03. The company had revenue of $143.00 million for the quarter, compared to the consensus estimate of $144.84 million. BlackBerry had a negative net margin of 21.66% and a negative return on equity of 3.38%. The firm’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same period last year, the company posted $0.01 EPS. On average, sell-side analysts forecast that BlackBerry will post -0.06 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Philip S. Kurtz sold 15,005 shares of the stock in a transaction on Saturday, September 28th. The shares were sold at an average price of $2.53, for a total transaction of $37,962.65. Following the completion of the sale, the insider now directly owns 30,129 shares in the company, valued at $76,226.37. This represents a 33.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.34% of the stock is owned by insiders.

Institutional Trading of BlackBerry

A number of institutional investors have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. raised its position in shares of BlackBerry by 83.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 11,769 shares of the company’s stock worth $29,000 after acquiring an additional 5,349 shares in the last quarter. Geode Capital Management LLC grew its stake in BlackBerry by 2.9% during the third quarter. Geode Capital Management LLC now owns 267,073 shares of the company’s stock worth $706,000 after purchasing an additional 7,652 shares during the period. International Assets Investment Management LLC increased its holdings in BlackBerry by 60.7% in the third quarter. International Assets Investment Management LLC now owns 20,769 shares of the company’s stock worth $540,000 after purchasing an additional 7,842 shares in the last quarter. Signaturefd LLC lifted its stake in BlackBerry by 65.5% in the third quarter. Signaturefd LLC now owns 22,898 shares of the company’s stock valued at $60,000 after buying an additional 9,063 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of BlackBerry by 7.5% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 130,665 shares of the company’s stock worth $327,000 after buying an additional 9,156 shares in the last quarter. 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.