Brokerages Set BlackBerry Limited (NYSE:BB) PT at $3.20

BlackBerry Limited (NYSE:BB) has been assigned a consensus rating of “Hold” from the eight ratings firms that are presently covering the company, Marketbeat reports. Six analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $3.20.

A number of equities research analysts have issued reports on BB shares. CIBC raised BlackBerry from a “neutral” rating to a “sector outperform” rating and set a $3.50 target price for the company in a research report on Thursday, June 27th. Canaccord Genuity Group decreased their target price on BlackBerry from $3.25 to $2.70 and set a “hold” rating for the company in a research report on Thursday, June 27th. Raymond James decreased their target price on BlackBerry from $5.50 to $4.75 and set a “market perform” rating for the company in a research report on Friday, June 28th. Canaccord Genuity Group decreased their target price 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, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $3.00 target price on shares of BlackBerry in a research report on Thursday, June 27th.

BlackBerry Trading Down 1.8 %

NYSE:BB opened at $2.23 on Friday. The stock’s 50 day moving average price is $2.40 and its 200 day moving average price is $2.68. BlackBerry has a 52 week low of $2.01 and a 52 week high of $5.75. The company has a market capitalization of $1.32 billion, a P/E ratio of -7.69 and a beta of 1.40. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.43 and a current ratio of 1.43.

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

Insider Buying and Selling at BlackBerry

In other news, insider Mattias Eriksson sold 52,549 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $2.45, for a total transaction of $128,745.05. Following the completion of the transaction, the insider now directly owns 214,440 shares in the company, valued at $525,378. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.34% of the stock is currently owned by insiders.

Hedge Funds Weigh In On BlackBerry

Several hedge funds and other institutional investors have recently made changes to their positions in BB. First Trust Advisors LP boosted its stake in BlackBerry by 70.1% during the 4th quarter. First Trust Advisors LP now owns 33,801,506 shares of the company’s stock valued at $119,657,000 after purchasing an additional 13,925,510 shares in the last quarter. Norges Bank bought a new position in BlackBerry during the 4th quarter valued at $48,775,000. CANADA LIFE ASSURANCE Co boosted its stake in BlackBerry by 132.4% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 6,069,593 shares of the company’s stock valued at $16,631,000 after purchasing an additional 3,458,275 shares in the last quarter. EdgePoint Investment Group Inc. boosted its stake in BlackBerry by 25.6% during the 1st quarter. EdgePoint Investment Group Inc. now owns 12,443,225 shares of the company’s stock valued at $34,343,000 after purchasing an additional 2,536,966 shares in the last quarter. Finally, Hawk Ridge Capital Management LP boosted its stake in BlackBerry by 39.8% during the 4th quarter. Hawk Ridge Capital Management LP now owns 6,326,400 shares of the company’s stock valued at $22,395,000 after purchasing an additional 1,800,800 shares in the last quarter. 54.48% of the stock is currently owned by institutional investors and hedge funds.

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.