BlackBerry Limited (NYSE:BB) Receives $3.20 Average PT from Brokerages

Shares of BlackBerry Limited (NYSE:BB) have been given an average rating of “Hold” by the eight research firms that are currently covering the company, MarketBeat.com reports. Six research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $3.20.

A number of equities research analysts have commented on BB shares. CIBC upgraded shares of BlackBerry from a “neutral” rating to a “sector outperform” rating and set a $3.50 price target for the company in a report on Thursday, June 27th. Canaccord Genuity Group reduced their price target on shares of BlackBerry from $3.25 to $2.70 and set a “hold” rating for the company in a report on Thursday, June 27th. Cibc World Mkts upgraded shares of BlackBerry from a “hold” rating to a “strong-buy” rating in a report on Thursday, June 27th. Robert W. Baird reduced their price target on shares of BlackBerry from $3.50 to $3.00 and set a “neutral” rating for the company in a report on Thursday, June 27th. Finally, Canaccord Genuity Group reduced their price target on shares of BlackBerry from $3.25 to $2.70 and set a “hold” rating for the company in a report on Thursday, June 27th.

BlackBerry Trading Up 0.4 %

BB opened at $2.42 on Tuesday. BlackBerry has a twelve month low of $2.20 and a twelve month high of $5.75. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.26. The company has a fifty day moving average of $2.63 and a 200-day moving average of $2.81. The stock has a market cap of $1.43 billion, a PE ratio of -8.34 and a beta of 1.40.

BlackBerry (NYSE:BB) last posted its quarterly earnings data on Wednesday, June 26th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.01. BlackBerry had a negative net margin of 25.80% and a negative return on equity of 6.43%. The company had revenue of $144.00 million during the quarter, compared to analysts’ expectations of $132.05 million. During the same period in the prior year, the company posted $0.04 earnings per share. BlackBerry’s revenue for the quarter was down 61.4% compared to the same quarter last year. On average, sell-side analysts predict that BlackBerry will post -0.09 EPS for the current year.

Insider Activity

In related news, insider Mattias Eriksson sold 52,549 shares of the firm’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $2.45, for a total transaction of $128,745.05. Following the transaction, the insider now directly owns 214,440 shares of the company’s stock, valued at $525,378. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. SG Americas Securities LLC lifted its position in shares of BlackBerry by 36.2% during the second quarter. SG Americas Securities LLC now owns 130,114 shares of the company’s stock valued at $323,000 after purchasing an additional 34,615 shares in the last quarter. EdgePoint Investment Group Inc. raised its position in BlackBerry by 25.6% in the first quarter. EdgePoint Investment Group Inc. now owns 12,443,225 shares of the company’s stock worth $34,343,000 after acquiring an additional 2,536,966 shares during the period. CANADA LIFE ASSURANCE Co raised its position in BlackBerry by 132.4% in the first quarter. CANADA LIFE ASSURANCE Co now owns 6,069,593 shares of the company’s stock worth $16,631,000 after acquiring an additional 3,458,275 shares during the period. FIFTHDELTA Ltd raised its position in BlackBerry by 2.3% in the first quarter. FIFTHDELTA Ltd now owns 31,499,858 shares of the company’s stock worth $86,940,000 after acquiring an additional 710,015 shares during the period. Finally, Vanguard Group Inc. raised its position in BlackBerry by 0.8% in the first quarter. Vanguard Group Inc. now owns 19,505,300 shares of the company’s stock worth $53,835,000 after acquiring an additional 149,444 shares during the period. 54.48% of the stock is owned by institutional investors.

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.