BlackBerry (NYSE:BB) Stock Rating Upgraded by Cibc World Mkts

Cibc World Mkts upgraded shares of BlackBerry (NYSE:BB) from a hold rating to a strong-buy rating in a report issued on Thursday, Zacks.com reports.

Several other research firms have also recently issued reports on BB. Canaccord Genuity Group lowered their target price on shares of BlackBerry from $3.25 to $2.70 and set a hold rating on the stock in a research note on Thursday. CIBC upgraded shares of BlackBerry from a neutral rating to a sector outperform rating and set a $3.50 price objective on the stock in a research report on Thursday. TD Securities cut their target price on shares of BlackBerry from $3.00 to $2.75 and set a hold rating for the company in a research report on Thursday. Robert W. Baird lowered their price target on BlackBerry from $3.50 to $3.00 and set a neutral rating on the stock in a report on Thursday. Finally, Royal Bank of Canada reaffirmed a sector perform rating and issued a $3.00 price objective on shares of BlackBerry in a report on Thursday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $3.20.

BlackBerry Stock Performance

Shares of BB stock opened at $2.48 on Thursday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.43 and a current ratio of 1.43. The company has a market capitalization of $1.46 billion, a price-to-earnings ratio of -8.55 and a beta of 1.37. BlackBerry has a one year low of $2.20 and a one year high of $5.75. The company’s 50-day moving average is $2.76 and its 200 day moving average is $2.94.

BlackBerry (NYSE:BB) last posted its quarterly earnings results on Wednesday, June 26th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The firm had revenue of $144.00 million for the quarter, compared to analysts’ expectations of $132.05 million. BlackBerry had a negative net margin of 25.80% and a negative return on equity of 6.30%. The business’s revenue for the quarter was down 61.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.04 earnings per share. Sell-side analysts expect that BlackBerry will post -0.09 EPS for the current fiscal year.

Institutional Trading of BlackBerry

A number of large investors have recently added to or reduced their stakes in BB. Norges Bank purchased a new position in shares of BlackBerry in the fourth quarter valued at $48,775,000. Vanguard Group Inc. increased its holdings in shares of BlackBerry by 2.9% in the 3rd quarter. Vanguard Group Inc. now owns 19,224,723 shares of the company’s stock worth $90,548,000 after buying an additional 534,772 shares during the last quarter. BNP Paribas Financial Markets raised its position in shares of BlackBerry by 33.1% during the 4th quarter. BNP Paribas Financial Markets now owns 140,079 shares of the company’s stock valued at $496,000 after buying an additional 34,818 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in shares of BlackBerry by 179.2% in the 4th quarter. International Assets Investment Management LLC now owns 73,374 shares of the company’s stock valued at $260,000 after acquiring an additional 47,097 shares during the last quarter. Finally, Jump Financial LLC bought a new position in shares of BlackBerry in the 4th quarter valued at about $362,000. 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.