BlackBerry’s (BB) Sector Perform Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reaffirmed their sector perform rating on shares of BlackBerry (NYSE:BB) in a report issued on Friday morning, Benzinga reports. The brokerage currently has a $3.00 target price on the stock.

A number of other brokerages have also weighed in on BB. Canaccord Genuity Group cut their price objective on BlackBerry from $3.25 to $2.70 and set a hold rating on the stock in a report on Thursday, June 27th. TD Securities reduced their price target on shares of BlackBerry from $3.00 to $2.75 and set a hold rating for the company in a research report on Thursday, June 27th. Raymond James dropped their price objective on shares of BlackBerry from $5.50 to $4.75 and set a market perform rating on the stock in a report on Friday, June 28th. Cibc World Mkts raised shares of BlackBerry from a hold rating to a strong-buy rating in a report on Thursday, June 27th. Finally, Robert W. Baird lowered their price target on shares of BlackBerry from $3.50 to $3.00 and set a neutral rating on the stock in a report on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, BlackBerry has an average rating of Hold and an average price target of $3.20.

BlackBerry Stock Up 4.4 %

Shares of NYSE BB opened at $2.63 on Friday. BlackBerry has a 12-month low of $2.01 and a 12-month high of $4.70. The stock’s fifty day simple moving average is $2.35 and its two-hundred day simple moving average is $2.59. The stock has a market capitalization of $1.55 billion, a PE ratio of -9.03 and a beta of 1.39. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.26.

BlackBerry (NYSE:BB) last released its quarterly earnings results on Thursday, September 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.02. BlackBerry had a negative net margin of 25.80% and a negative return on equity of 6.43%. The business had revenue of $145.00 million for the quarter, compared to analyst estimates of $138.82 million. During the same period in the previous year, the company earned ($0.06) earnings per share. The business’s revenue for the quarter was up 9.8% on a year-over-year basis. As a group, analysts expect that BlackBerry will post -0.09 EPS for the current fiscal year.

Insider Transactions at BlackBerry

In other news, insider Philip S. Kurtz sold 15,005 shares of the company’s stock in a transaction on Saturday, September 28th. The shares were sold at an average price of $2.53, for a total transaction of $37,962.65. Following the completion of the sale, the insider now owns 30,129 shares of the company’s stock, valued at $76,226.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.34% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. First Trust Advisors LP raised its position in shares of 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 buying an additional 13,925,510 shares during the period. CANADA LIFE ASSURANCE Co lifted its stake in shares of BlackBerry by 132.4% in 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 during the last quarter. Millennium Management LLC grew its holdings in shares of BlackBerry by 5,408.9% during the 2nd quarter. Millennium Management LLC now owns 3,431,588 shares of the company’s stock worth $8,510,000 after purchasing an additional 3,369,296 shares during the period. EdgePoint Investment Group Inc. increased its position in shares of BlackBerry by 25.6% during the 1st quarter. EdgePoint Investment Group Inc. now owns 12,443,225 shares of the company’s stock worth $34,343,000 after purchasing an additional 2,536,966 shares during the last quarter. Finally, Hawk Ridge Capital Management LP raised its holdings in BlackBerry by 39.8% in 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 buying an additional 1,800,800 shares during the period. Hedge funds and other institutional investors own 54.48% of the company’s stock.

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.