BlackBerry (NYSE:BB) Price Target Cut to $2.75

BlackBerry (NYSE:BB) had its price target decreased by research analysts at TD Securities from $3.00 to $2.75 in a research report issued to clients and investors on Thursday, BayStreet.CA reports. The brokerage presently has a “hold” rating on the stock. TD Securities’ price objective indicates a potential upside of 8.70% from the company’s current price.

Several other equities analysts have also issued reports on BB. Robert W. Baird lowered their price target on BlackBerry from $3.50 to $3.00 and set a “neutral” rating on the stock in a research note on Thursday. Canaccord Genuity Group lowered their price objective on BlackBerry from $3.25 to $2.70 and set a “hold” rating on the stock in a research note on Thursday. CIBC upgraded BlackBerry from a “neutral” rating to a “sector outperform” rating in a research note on Thursday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $3.00 price objective on shares of BlackBerry in a research note on Thursday. Finally, Canaccord Genuity Group lowered their price objective on BlackBerry from $3.25 to $2.70 and set a “hold” rating on the stock in a research note on Thursday. One research analyst has rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $3.45.

BlackBerry Stock Performance

Shares of NYSE BB traded up $0.32 during trading hours on Thursday, hitting $2.53. 25,702,568 shares of the company’s stock were exchanged, compared to its average volume of 10,651,891. BlackBerry has a 1-year low of $2.20 and a 1-year high of $5.75. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.43 and a quick ratio of 1.43. The stock has a market capitalization of $1.49 billion, a price-to-earnings ratio of -10.50 and a beta of 1.37. The company’s 50-day moving average price is $2.77 and its 200-day moving average price is $2.97.

BlackBerry (NYSE:BB) last issued its quarterly earnings results on Wednesday, June 26th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. BlackBerry had a negative return on equity of 0.24% and a negative net margin of 15.24%. The firm had revenue of $144.00 million for the quarter, compared to analyst estimates of $132.05 million. During the same period in the previous year, the company posted $0.04 earnings per share. The company’s quarterly revenue was down 61.4% compared to the same quarter last year. On average, sell-side analysts expect that BlackBerry will post -0.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BlackBerry

Large investors have recently bought and sold shares of the business. Highlander Capital Management LLC lifted its holdings in BlackBerry by 77.8% during the 4th quarter. Highlander Capital Management LLC now owns 8,000 shares of the company’s stock worth $28,000 after buying an additional 3,500 shares in the last quarter. Duality Advisers LP boosted its position in shares of BlackBerry by 4.1% in the 4th quarter. Duality Advisers LP now owns 97,086 shares of the company’s stock worth $344,000 after purchasing an additional 3,837 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of BlackBerry by 6.4% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 65,535 shares of the company’s stock worth $232,000 after purchasing an additional 3,958 shares during the last quarter. Private Advisor Group LLC boosted its position in shares of BlackBerry by 28.4% in the 4th quarter. Private Advisor Group LLC now owns 25,522 shares of the company’s stock worth $90,000 after purchasing an additional 5,645 shares during the last quarter. Finally, Maryland State Retirement & Pension System boosted its position in shares of BlackBerry by 1.8% in the 1st quarter. Maryland State Retirement & Pension System now owns 351,339 shares of the company’s stock worth $989,000 after purchasing an additional 6,196 shares during the last quarter. 54.48% of the stock is currently owned by institutional investors.

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.