Canaccord Genuity Group Issues Positive Forecast for BlackBerry (NYSE:BB) Stock Price

BlackBerry (NYSE:BB) had its price target increased by Canaccord Genuity Group from $3.00 to $4.75 in a report released on Tuesday morning,Benzinga reports. They currently have a hold rating on the stock.

A number of other analysts have also commented on BB. TD Cowen raised shares of BlackBerry from a “hold” rating to a “buy” rating and upped their price objective for the company from $3.25 to $4.00 in a research note on Friday, December 20th. StockNews.com upgraded shares of BlackBerry from a “sell” rating to a “hold” rating in a research report on Monday, December 9th. Royal Bank of Canada raised their price objective on shares of BlackBerry from $3.25 to $4.00 and gave the stock a “sector perform” rating in a research note on Friday, January 10th. Robert W. Baird boosted their target price on shares of BlackBerry from $3.00 to $3.50 and gave the company a “neutral” rating in a research note on Friday, December 20th. Finally, TD Securities raised BlackBerry from a “hold” rating to a “buy” rating and raised their target price for the stock from $3.25 to $4.00 in a research report on Friday, December 20th. Six research 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 company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $3.91.

BlackBerry Trading Up 4.2 %

Shares of NYSE:BB opened at $4.37 on Tuesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.37 and a current ratio of 1.37. The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of -19.84 and a beta of 1.27. BlackBerry has a 1-year low of $2.01 and a 1-year high of $6.24. The company has a 50 day moving average price of $4.60 and a 200 day moving average price of $3.29.

BlackBerry (NYSE:BB) last released its quarterly earnings data on Thursday, December 19th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.03. The business had revenue of $143.00 million during the quarter, compared to analyst estimates of $144.84 million. BlackBerry had a negative return on equity of 2.02% and a negative net margin of 21.16%. The company’s 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, research analysts anticipate that BlackBerry will post -0.03 EPS for the current fiscal year.

Insider Buying and Selling at BlackBerry

In related news, CAO Jay P. Chai sold 24,425 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $4.19, for a total value of $102,340.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mattias Eriksson sold 12,680 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $4.00, for a total value of $50,720.00. Following the sale, the insider now directly owns 278,306 shares of the company’s stock, valued at $1,113,224. This represents a 4.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 244,221 shares of company stock worth $925,655 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On BlackBerry

Several large investors have recently bought and sold shares of the business. Barclays PLC raised its position in shares of BlackBerry by 60.2% during the 3rd quarter. Barclays PLC now owns 249,218 shares of the company’s stock valued at $652,000 after acquiring an additional 93,651 shares during the last quarter. Milestone Asset Management LLC bought a new stake in BlackBerry in the fourth quarter valued at about $557,000. Capstone Investment Advisors LLC acquired a new position in BlackBerry in the third quarter valued at about $1,285,000. Alberta Investment Management Corp boosted its holdings in BlackBerry by 60.5% during the fourth quarter. Alberta Investment Management Corp now owns 644,900 shares of the company’s stock worth $2,448,000 after buying an additional 243,000 shares during the last quarter. Finally, Thompson Davis & CO. Inc. acquired a new position in shares of BlackBerry during the 4th quarter worth about $641,000. 54.48% of the stock is currently owned by institutional investors and hedge funds.

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.