TD Securities Upgrades BlackBerry (NYSE:BB) to Buy

BlackBerry (NYSE:BB) was upgraded by TD Securities from a “hold” rating to a “buy” rating in a report issued on Friday, MarketBeat Ratings reports. The brokerage presently has a $4.00 price objective on the stock, up from their previous price objective of $3.25. TD Securities’ price target would suggest a potential upside of 8.40% from the company’s current price.

A number of other brokerages also recently commented on BB. CIBC upped their price objective on shares of BlackBerry from $3.50 to $3.60 and gave the stock an “outperform” rating in a research report on Thursday, October 17th. StockNews.com raised shares of BlackBerry from a “sell” rating to a “hold” rating in a report on Monday, December 9th. Royal Bank of Canada lifted their price objective on BlackBerry from $3.00 to $3.25 and gave the company a “sector perform” rating in a report on Tuesday, December 17th. Finally, Canaccord Genuity Group raised their price target on BlackBerry from $2.70 to $2.80 and gave the company a “hold” rating in a report on Friday, October 18th. Six analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $3.60.

BlackBerry Stock Up 23.8 %

Shares of NYSE BB opened at $3.69 on Friday. The stock has a market cap of $2.18 billion, a PE ratio of -14.76 and a beta of 1.43. BlackBerry has a 52-week low of $2.01 and a 52-week high of $3.89. The business has a 50-day moving average price of $2.56 and a 200 day moving average price of $2.46. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.27.

BlackBerry (NYSE:BB) last issued its quarterly earnings results on Thursday, December 19th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $143.00 million during the quarter, compared to analysts’ expectations of $144.84 million. During the same quarter in the prior year, the business earned $0.01 EPS. BlackBerry’s quarterly revenue was down 5.9% compared to the same quarter last year. Equities research analysts forecast that BlackBerry will post -0.06 earnings per share for the current year.

Insider Activity at BlackBerry

In other BlackBerry news, insider Philip S. Kurtz sold 15,005 shares of BlackBerry stock in a transaction on Saturday, September 28th. The shares were sold at an average price of $2.53, for a total value of $37,962.65. Following the transaction, the insider now owns 30,129 shares in the company, valued at $76,226.37. This trade represents a 33.25 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.34% of the company’s stock.

Institutional Trading of BlackBerry

A number of institutional investors have recently modified their holdings of BB. Northwestern Mutual Wealth Management Co. boosted its position in BlackBerry by 83.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 11,769 shares of the company’s stock worth $29,000 after purchasing an additional 5,349 shares during the period. Geode Capital Management LLC grew its stake in shares of BlackBerry by 2.9% in the third quarter. Geode Capital Management LLC now owns 267,073 shares of the company’s stock valued at $706,000 after buying an additional 7,652 shares in the last quarter. International Assets Investment Management LLC grew its stake in shares of BlackBerry by 60.7% in the third quarter. International Assets Investment Management LLC now owns 20,769 shares of the company’s stock valued at $540,000 after buying an additional 7,842 shares in the last quarter. Signaturefd LLC raised its holdings in shares of BlackBerry by 65.5% during the 3rd 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 lifted its position in 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 acquiring an additional 9,156 shares in the last quarter. Hedge funds and other institutional investors own 54.48% of the company’s stock.

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.