BlackBerry (NYSE:BB) Receives Sector Perform Rating from Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of BlackBerry (NYSE:BB) in a research report report published on Tuesday morning,Benzinga reports. They currently have a $4.00 price objective on the stock.

Several other research firms have also recently commented on BB. TD Securities raised BlackBerry from a “hold” rating to a “buy” rating and raised their price target for the company from $3.25 to $4.00 in a report on Friday, December 20th. Robert W. Baird raised their target price on BlackBerry from $3.00 to $3.50 and gave the company a “neutral” rating in a report on Friday, December 20th. TD Cowen upgraded 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 research report on Friday, December 20th. Canaccord Genuity Group increased their price target on shares of BlackBerry from $3.00 to $4.75 and gave the company a “hold” rating in a report on Tuesday, March 11th. Finally, StockNews.com upgraded shares of BlackBerry from a “sell” rating to a “hold” rating in a research note on Monday, December 9th. Six equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $3.91.

BlackBerry Price Performance

Shares of NYSE BB opened at $3.74 on Tuesday. The stock has a fifty day moving average price of $4.69 and a 200 day moving average price of $3.50. BlackBerry has a 1-year low of $2.01 and a 1-year high of $6.24. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.37 and a quick ratio of 1.37. The company has a market cap of $2.23 billion, a PE ratio of -16.98 and a beta of 1.27.

Insider Activity at BlackBerry

In related news, insider Mattias Eriksson sold 12,680 shares of the company’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 value of $50,720.00. Following the sale, the insider now owns 278,306 shares of the company’s stock, valued at approximately $1,113,224. This represents a 4.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Jay P. Chai sold 24,425 shares of the firm’s 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 244,221 shares of company stock valued at $925,655. Insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BB. Hood River Capital Management LLC acquired a new position in shares of BlackBerry in the fourth quarter valued at approximately $53,267,000. Legal & General Group Plc boosted its position in BlackBerry by 19.9% during the fourth quarter. Legal & General Group Plc now owns 33,185,748 shares of the company’s stock worth $125,987,000 after acquiring an additional 5,518,216 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in BlackBerry in the 4th quarter worth approximately $19,485,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in BlackBerry by 41.9% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,669,715 shares of the company’s stock valued at $51,856,000 after acquiring an additional 4,039,483 shares during the last quarter. Finally, NewGen Asset Management Ltd purchased a new position in shares of BlackBerry during the 4th quarter worth $14,282,000. Institutional investors and hedge funds 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.