Brokerages Set BlackBerry Limited (NYSE:BB) Target Price at $3.60

BlackBerry Limited (NYSE:BB) has earned a consensus rating of “Moderate Buy” from the nine analysts that are covering the stock, Marketbeat reports. Five research analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $3.69.

A number of brokerages have recently commented on BB. Canaccord Genuity Group increased their target price on shares of BlackBerry from $2.80 to $3.00 and gave the company a “hold” rating in a research report on Friday, December 20th. CIBC raised their target price on shares of BlackBerry from $3.50 to $3.60 and gave the stock an “outperform” rating in a research note on Thursday, October 17th. TD Cowen upgraded 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 report on Friday, December 20th. Royal Bank of Canada lifted their price objective on BlackBerry from $3.25 to $4.00 and gave the stock a “sector perform” rating in a research report on Friday. Finally, Robert W. Baird upped their target price on BlackBerry from $3.00 to $3.50 and gave the company a “neutral” rating in a report on Friday, December 20th.

BlackBerry Stock Performance

Shares of BlackBerry stock opened at $4.05 on Tuesday. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27. BlackBerry has a twelve month low of $2.01 and a twelve month high of $4.35. The firm has a market capitalization of $2.40 billion, a PE ratio of -16.20 and a beta of 1.30. The firm’s 50-day moving average price is $3.00 and its 200 day moving average price is $2.60.

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

Insider Transactions at BlackBerry

In other news, CEO John Joseph Giamatteo sold 155,815 shares of BlackBerry stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $3.68, for a total value of $573,399.20. Following the completion of the sale, the chief executive officer now directly owns 385,552 shares of the company’s stock, valued at approximately $1,418,831.36. The trade was a 28.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Mattias Eriksson sold 12,680 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $4.00, for a total value of $50,720.00. Following the transaction, the insider now directly owns 278,306 shares in the company, valued at approximately $1,113,224. The trade was a 4.36 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 219,796 shares of company stock worth $823,314. 0.34% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On BlackBerry

Several institutional investors have recently bought and sold shares of the company. EP Wealth Advisors LLC acquired a new position in shares of BlackBerry in the second quarter valued at approximately $28,000. Northwestern Mutual Wealth Management Co. boosted its position in BlackBerry by 83.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 11,769 shares of the company’s stock valued at $29,000 after buying an additional 5,349 shares during the period. Quantinno Capital Management LP acquired a new position in shares of BlackBerry in the third quarter worth $38,000. Werba Rubin Papier Wealth Management purchased a new stake in shares of BlackBerry during the second quarter worth $43,000. Finally, Signaturefd LLC raised its stake in shares of BlackBerry by 65.5% in the third quarter. Signaturefd LLC now owns 22,898 shares of the company’s stock valued at $60,000 after acquiring an additional 9,063 shares in the last quarter. 54.48% of the stock is owned by institutional investors and hedge funds.

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.