BlackBerry (NYSE:BB) Price Target Raised to $3.60 at CIBC

BlackBerry (NYSE:BB) had its target price raised by CIBC from $3.50 to $3.60 in a research report report published on Thursday morning, BayStreet.CA reports. CIBC currently has an outperform rating on the stock.

A number of other analysts have also commented on the company. Raymond James dropped their price target on BlackBerry from $5.50 to $4.75 and set a “market perform” rating for the company in a research note on Friday, June 28th. Royal Bank of Canada reissued a “sector perform” rating and set a $3.00 price objective on shares of BlackBerry in a research report on Friday, September 27th. Canaccord Genuity Group lowered their price objective on BlackBerry from $3.25 to $2.70 and set a “hold” rating for the company in a research report on Thursday, June 27th. Canaccord Genuity Group lowered their price objective on BlackBerry from $3.25 to $2.70 and set a “hold” rating for the company in a research report on Thursday, June 27th. Finally, Cibc World Mkts raised BlackBerry from a “hold” rating to a “strong-buy” rating in a research report on Thursday, June 27th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, BlackBerry has a consensus rating of “Hold” and an average target price of $3.21.

BlackBerry Stock Performance

Shares of BlackBerry stock opened at $2.58 on Thursday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.44. BlackBerry has a 52-week low of $2.01 and a 52-week high of $4.44. The company’s 50 day moving average price is $2.39 and its 200-day moving average price is $2.57.

BlackBerry (NYSE:BB) last announced its quarterly earnings results on Thursday, September 26th. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.02. BlackBerry had a negative return on equity of 3.38% and a negative net margin of 21.66%. The company had revenue of $145.00 million during the quarter, compared to analyst estimates of $138.82 million. During the same quarter last year, the firm posted ($0.06) earnings per share. The firm’s revenue was up 9.8% on a year-over-year basis. On average, sell-side analysts forecast that BlackBerry will post -0.06 EPS for the current year.

Insider Transactions at BlackBerry

In other news, insider Philip S. Kurtz sold 15,005 shares of BlackBerry stock in a transaction dated Saturday, September 28th. The stock was sold at an average price of $2.53, for a total value of $37,962.65. Following the completion of the transaction, the insider now owns 30,129 shares of the company’s stock, valued at $76,226.37. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.34% of the stock is owned by insiders.

Hedge Funds Weigh In On BlackBerry

Large investors have recently modified their holdings of the stock. CANADA LIFE ASSURANCE Co increased its holdings in BlackBerry by 132.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 6,069,593 shares of the company’s stock worth $16,631,000 after buying an additional 3,458,275 shares in the last quarter. Millennium Management LLC increased its holdings in BlackBerry by 5,408.9% in the 2nd quarter. Millennium Management LLC now owns 3,431,588 shares of the company’s stock worth $8,510,000 after buying an additional 3,369,296 shares in the last quarter. EdgePoint Investment Group Inc. increased its holdings in BlackBerry by 25.6% in the 1st quarter. EdgePoint Investment Group Inc. now owns 12,443,225 shares of the company’s stock worth $34,343,000 after buying an additional 2,536,966 shares in the last quarter. Intact Investment Management Inc. increased its holdings in BlackBerry by 508.1% in the 2nd quarter. Intact Investment Management Inc. now owns 1,144,990 shares of the company’s stock worth $2,862,000 after buying an additional 956,690 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in BlackBerry by 9.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,115,850 shares of the company’s stock worth $27,920,000 after buying an additional 886,523 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.