BlackBerry (NYSE:BB) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

BlackBerry (NYSE:BB) had its target price increased by investment analysts at Royal Bank of Canada from $3.25 to $4.00 in a report released on Friday, MarketBeat.com reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective would indicate a potential downside of 1.23% from the stock’s current price.

BB has been the subject of several other research reports. TD Securities raised BlackBerry from a “hold” rating to a “buy” rating and boosted their price target for the company from $3.25 to $4.00 in a report on Friday, December 20th. TD Cowen upgraded BlackBerry from a “hold” rating to a “buy” rating and boosted their price objective for the company from $3.25 to $4.00 in a research note on Friday, December 20th. Canaccord Genuity Group raised their target price on shares of BlackBerry from $2.80 to $3.00 and gave the stock a “hold” rating in a research note on Friday, December 20th. CIBC upped their price target 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. Finally, StockNews.com upgraded shares of BlackBerry from a “sell” rating to a “hold” rating in a research report on Monday, December 9th. Six analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, BlackBerry currently has a consensus rating of “Moderate Buy” and an average target price of $3.69.

BlackBerry Stock Performance

NYSE:BB opened at $4.05 on Friday. BlackBerry has a one year low of $2.01 and a one year high of $4.35. The company’s 50-day simple moving average is $3.00 and its 200 day simple moving average is $2.60. The firm has a market capitalization of $2.40 billion, a P/E ratio of -16.20 and a beta of 1.30. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.44 and a quick ratio of 1.44.

BlackBerry (NYSE:BB) last announced its quarterly earnings data 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 company had revenue of $143.00 million during the quarter, compared to analyst estimates of $144.84 million. During the same period in the previous year, the business earned $0.01 EPS. The firm’s revenue for the quarter was down 5.9% on a year-over-year basis. As a group, analysts forecast that BlackBerry will post -0.06 EPS for the current fiscal year.

Insider Activity

In related news, CEO John Joseph Giamatteo sold 29,402 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $4.00, for a total transaction of $117,608.00. Following the completion of the sale, the chief executive officer now owns 490,761 shares of the company’s stock, valued at $1,963,044. This represents a 5.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mattias Eriksson sold 14,475 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $3.68, for a total transaction of $53,268.00. Following the transaction, the insider now directly owns 238,838 shares of the company’s stock, valued at $878,923.84. The trade was a 5.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 219,796 shares of company stock worth $823,314. Company insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. EP Wealth Advisors LLC bought a new stake in shares of BlackBerry in the second quarter valued at approximately $28,000. Northwestern Mutual Wealth Management Co. boosted its position in BlackBerry by 83.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 11,769 shares of the company’s stock valued at $29,000 after buying an additional 5,349 shares during the last quarter. Quantinno Capital Management LP acquired a new stake in shares of BlackBerry during the 3rd quarter worth approximately $38,000. International Assets Investment Management LLC grew its position in shares of BlackBerry by 60.7% during the 3rd quarter. International Assets Investment Management LLC now owns 20,769 shares of the company’s stock worth $540,000 after buying an additional 7,842 shares during the period. Finally, Signaturefd LLC grew 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 acquiring an additional 9,063 shares during the period. Institutional investors and hedge funds 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.