BlackBerry (NYSE:BB) Price Target Cut to $7.00

BlackBerry (NYSE:BB) had its price objective cut by research analysts at Morgan Stanley from $10.00 to $7.00 in a note issued to investors on Wednesday, The Fly reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price target would indicate a potential upside of 26.13% from the stock’s current price.

A number of other equities research analysts have also recently commented on BB. Canaccord Genuity reduced their target price on shares of BlackBerry from $10.00 to $9.00 and set a “hold” rating for the company in a report on Thursday, June 27th. CIBC lowered shares of BlackBerry from a “sector outperform” rating to a “neutral” rating and lowered their target price for the stock from $13.00 to $6.50 in a report on Tuesday. Scotiabank downgraded shares of BlackBerry from an “outperform” rating to a “sector perform” rating in a research report on Tuesday. Macquarie set a $11.00 price target on BlackBerry and gave the company a “hold” rating in a research note on Friday, August 30th. Finally, Raymond James decreased their price target on shares of BlackBerry from $11.00 to $10.50 and set a “market perform” rating for the company in a research note on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the company’s stock. BlackBerry currently has an average rating of “Hold” and a consensus target price of $8.18.

Shares of BlackBerry stock traded down $0.26 during trading on Wednesday, hitting $5.55. 6,322,054 shares of the stock traded hands, compared to its average volume of 3,488,560. The company has a quick ratio of 2.45, a current ratio of 2.45 and a debt-to-equity ratio of 0.30. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of 42.69 and a beta of 1.77. The firm’s fifty day moving average is $7.05 and its 200-day moving average is $8.09. BlackBerry has a 52 week low of $5.73 and a 52 week high of $12.00.

BlackBerry (NYSE:BB) last released its earnings results on Tuesday, September 24th. The company reported ($0.04) EPS for the quarter, meeting the Zacks’ consensus estimate of ($0.04). The company had revenue of $244.00 million during the quarter, compared to analysts’ expectations of $267.91 million. BlackBerry had a return on equity of 1.84% and a net margin of 12.58%. The firm’s revenue for the quarter was up 16.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.04 EPS. On average, analysts forecast that BlackBerry will post -0.03 earnings per share for the current fiscal year.

A number of large investors have recently made changes to their positions in BB. Intercontinental Wealth Advisors LLC purchased a new position in BlackBerry in the 2nd quarter worth approximately $42,000. Acadian Asset Management LLC acquired a new stake in shares of BlackBerry in the second quarter worth $59,000. Cambridge Investment Research Advisors Inc. acquired a new stake in BlackBerry during the 2nd quarter valued at $98,000. GSA Capital Partners LLP acquired a new position in BlackBerry during the 2nd quarter worth $102,000. Finally, Heathbridge Capital Management Ltd. acquired a new position in BlackBerry during the 2nd quarter worth $112,000. Institutional investors and hedge funds own 50.08% of the company’s stock.

BlackBerry Company Profile

BlackBerry Limited provides enterprise software and services worldwide. The company offers BlackBerry Enterprise Mobility Suite, which combines and integrates mobile security, management, productivity, and collaboration solutions, such as BlackBerry UEM, BlackBerry Dynamics, and BlackBerry Workspaces; BlackBerry AtHoc, a networked crisis communications solution; SecuSUITE for Government, a voice encryption software solution; BlackBerry Enterprise Consulting and BlackBerry Cybersecurity Consulting services; and BBM Enterprise, an enterprise-grade instant messaging solution, as well as BlackBerry Spark Communication services.

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