Canaccord Genuity Group Trims BlackBerry (NYSE:BB) Target Price to $2.70

BlackBerry (NYSE:BB) had its price objective reduced by Canaccord Genuity Group from $3.25 to $2.70 in a report released on Thursday morning, Benzinga reports. They currently have a hold rating on the stock.

Several other analysts have also recently issued reports on the stock. Royal Bank of Canada reissued a sector perform rating and set a $3.00 price objective on shares of BlackBerry in a research note on Thursday, April 4th. CIBC upgraded BlackBerry from a neutral rating to a sector outperform rating and set a $3.50 price target for the company in a research note on Thursday. Finally, Robert W. Baird reduced their price objective on BlackBerry from $3.50 to $3.00 and set a neutral rating on the stock in a research note on Thursday. One analyst has rated the stock with a sell rating, six have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, BlackBerry presently has an average rating of Hold and an average price target of $3.20.

BlackBerry Stock Up 1.2 %

Shares of NYSE:BB opened at $2.48 on Thursday. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.25. The firm has a market cap of $1.46 billion, a price-to-earnings ratio of -8.55 and a beta of 1.37. The stock’s 50-day moving average price is $2.76 and its two-hundred day moving average price is $2.95. BlackBerry has a 12-month low of $2.20 and a 12-month high of $5.75.

BlackBerry (NYSE:BB) last released its earnings results on Wednesday, June 26th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. BlackBerry had a negative net margin of 25.80% and a negative return on equity of 6.30%. The business had revenue of $144.00 million for the quarter, compared to analysts’ expectations of $132.05 million. During the same period last year, the company earned $0.04 earnings per share. The company’s quarterly revenue was down 61.4% on a year-over-year basis. On average, research analysts forecast that BlackBerry will post -0.09 EPS for the current year.

Institutional Investors Weigh In On BlackBerry

Several institutional investors and hedge funds have recently modified their holdings of the stock. Highlander Capital Management LLC increased its stake 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 during the period. Duality Advisers LP lifted its stake in shares of BlackBerry by 4.1% in the fourth quarter. Duality Advisers LP now owns 97,086 shares of the company’s stock worth $344,000 after acquiring an additional 3,837 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in BlackBerry by 6.4% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 65,535 shares of the company’s stock valued at $232,000 after purchasing an additional 3,958 shares during the last quarter. Private Advisor Group LLC grew its stake in BlackBerry by 28.4% during the 4th quarter. Private Advisor Group LLC now owns 25,522 shares of the company’s stock valued at $90,000 after purchasing an additional 5,645 shares in the last quarter. Finally, Maryland State Retirement & Pension System increased its holdings in BlackBerry by 1.8% during 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. 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.