CIBC Issues Pessimistic Forecast for BlackBerry (NYSE:BB) Stock Price

BlackBerry (NYSE:BB) had its price objective decreased by stock analysts at CIBC from $7.00 to $6.00 in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. The brokerage currently has an “outperformer” rating on the stock. CIBC’s price target points to a potential upside of 99.67% from the stock’s previous close.

A number of other analysts have also commented on BB. Canaccord Genuity Group cut their price target on BlackBerry from $4.75 to $4.25 and set a “hold” rating on the stock in a research note on Thursday. StockNews.com downgraded shares of BlackBerry from a “hold” rating to a “sell” rating in a research report on Wednesday. TD Securities raised shares of BlackBerry from a “hold” rating to a “buy” rating and boosted their target price for the stock from $3.25 to $4.00 in a report on Friday, December 20th. Robert W. Baird raised their price target 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, Royal Bank of Canada reissued a “sector perform” rating and issued a $4.00 price objective on shares of BlackBerry in a research note on Tuesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, BlackBerry currently has an average rating of “Hold” and a consensus price target of $4.15.

BlackBerry Trading Down 4.3 %

Shares of BlackBerry stock opened at $3.01 on Thursday. The firm’s 50 day moving average is $4.63 and its 200 day moving average is $3.51. The firm has a market capitalization of $1.79 billion, a PE ratio of -13.66 and a beta of 1.30. BlackBerry has a 1 year low of $2.01 and a 1 year high of $6.24. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.27.

BlackBerry (NYSE:BB) last announced its quarterly earnings results on Wednesday, April 2nd. The company reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.01. BlackBerry had a negative net margin of 21.16% and a negative return on equity of 2.02%. The company had revenue of $141.70 million during the quarter, compared to the consensus estimate of $137.56 million. During the same period in the prior year, the business earned $0.03 earnings per share. The company’s revenue for the quarter was down 7.3% compared to the same quarter last year. Equities research analysts forecast that BlackBerry will post -0.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Mattias Eriksson sold 12,680 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $4.00, for a total transaction of $50,720.00. Following the completion of the sale, the insider now owns 278,306 shares in the company, valued at $1,113,224. The trade was a 4.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Jay P. Chai sold 24,425 shares of the stock in a transaction on Friday, January 24th. The stock was sold at an average price of $4.19, for a total value of $102,340.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 71,388 shares of company stock worth $288,882. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BB. Charles Schwab Investment Management Inc. increased its position in shares of BlackBerry by 1.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,212,230 shares of the company’s stock worth $3,194,000 after acquiring an additional 11,899 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of BlackBerry by 10.4% in the third quarter. The Manufacturers Life Insurance Company now owns 487,336 shares of the company’s stock worth $1,284,000 after purchasing an additional 46,101 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of BlackBerry by 7.6% in the third quarter. BNP Paribas Financial Markets now owns 163,531 shares of the company’s stock valued at $428,000 after purchasing an additional 11,488 shares in the last quarter. Quantinno Capital Management LP purchased a new position in shares of BlackBerry during the third quarter valued at approximately $38,000. Finally, State Street Corp grew its holdings in BlackBerry by 1.9% during the third quarter. State Street Corp now owns 1,309,606 shares of the company’s stock worth $3,431,000 after buying an additional 24,309 shares in the last quarter. 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.