BlackBerry (NYSE:BB) Price Target Raised to $4.00 at Royal Bank of Canada

BlackBerry (NYSE:BB) had its price target raised by Royal Bank of Canada from $3.25 to $4.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential downside of 1.72% from the company’s previous close.

BB has been the topic of several other research reports. TD Securities upgraded shares of BlackBerry from a “hold” rating to a “buy” rating and boosted their target price for the company from $3.25 to $4.00 in a research note on Friday, December 20th. StockNews.com raised BlackBerry from a “sell” rating to a “hold” rating in a report on Monday, December 9th. Canaccord Genuity Group boosted their price objective on BlackBerry from $2.80 to $3.00 and gave the stock a “hold” rating in a report on Friday, December 20th. CIBC upped their price target on BlackBerry from $3.50 to $3.60 and gave the company an “outperform” rating in a research note on Thursday, October 17th. Finally, TD Cowen raised BlackBerry from a “hold” rating to a “buy” rating and upped their price target for the company from $3.25 to $4.00 in a research note on Friday, December 20th. Six investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $3.69.

BlackBerry Stock Performance

Shares of NYSE:BB traded up $0.02 during trading on Friday, reaching $4.07. The stock had a trading volume of 10,722,666 shares, compared to its average volume of 19,250,898. BlackBerry has a 52 week low of $2.01 and a 52 week high of $4.35. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of -16.28 and a beta of 1.30. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.27. The stock has a fifty day simple moving average of $2.96 and a two-hundred day simple moving average of $2.59.

BlackBerry (NYSE:BB) last posted its quarterly earnings results on Thursday, December 19th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. BlackBerry had a negative net margin of 21.66% and a negative return on equity of 3.38%. The firm had revenue of $143.00 million for the quarter, compared to the consensus estimate of $144.84 million. During the same quarter in the previous year, the company earned $0.01 earnings per share. The business’s revenue was down 5.9% compared to the same quarter last year. As a group, analysts anticipate that BlackBerry will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling

In other BlackBerry news, insider Mattias Eriksson sold 14,475 shares of BlackBerry stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $3.68, for a total value of $53,268.00. Following the completion of the sale, the insider now directly owns 238,838 shares in the company, valued at approximately $878,923.84. The trade was a 5.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO John Joseph Giamatteo sold 29,402 shares of BlackBerry stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $4.00, for a total value of $117,608.00. Following the completion of the sale, the chief executive officer now owns 490,761 shares of the company’s stock, valued at approximately $1,963,044. The trade was a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 219,796 shares of company stock valued at $823,314 over the last ninety days. 0.34% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Barclays PLC raised its holdings in shares of BlackBerry by 60.2% in the 3rd quarter. Barclays PLC now owns 249,218 shares of the company’s stock valued at $652,000 after acquiring an additional 93,651 shares in the last quarter. Toronto Dominion Bank grew its position in shares of BlackBerry by 5.3% in the 3rd quarter. Toronto Dominion Bank now owns 718,314 shares of the company’s stock worth $1,882,000 after buying an additional 36,372 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of BlackBerry by 2.9% during the third quarter. Geode Capital Management LLC now owns 267,073 shares of the company’s stock valued at $706,000 after purchasing an additional 7,652 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of BlackBerry during the third quarter valued at approximately $410,000. Finally, Orion Portfolio Solutions LLC raised its stake in BlackBerry by 121.1% during the third quarter. Orion Portfolio Solutions LLC now owns 37,916 shares of the company’s stock valued at $99,000 after buying an additional 20,771 shares during the last quarter. 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.