BlackBerry (NYSE:BB) PT Raised to $3.60 at CIBC

BlackBerry (NYSE:BB) had its price objective upped by CIBC from $3.50 to $3.60 in a report issued on Thursday morning, BayStreet.CA reports. They currently have an outperform rating on the stock.

BB has been the subject of a number of other reports. Royal Bank of Canada reiterated a “sector perform” rating and set a $3.00 price objective on shares of BlackBerry in a research note on Friday, September 27th. Canaccord Genuity Group cut their price objective on BlackBerry from $3.25 to $2.70 and set a “hold” rating for the company in a research note on Thursday, June 27th. TD Securities cut their price objective on BlackBerry from $3.00 to $2.75 and set a “hold” rating for the company in a research note on Thursday, June 27th. Canaccord Genuity Group lowered their price target on BlackBerry from $3.25 to $2.70 and set a “hold” rating on the stock in a report on Thursday, June 27th. Finally, Cibc World Mkts raised BlackBerry from a “hold” rating to a “strong-buy” rating in a report on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $3.21.

BlackBerry Price Performance

BlackBerry stock opened at $2.58 on Thursday. The business has a 50-day simple moving average of $2.39 and a two-hundred day simple moving average of $2.57. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.44 and a current ratio of 1.44. BlackBerry has a 52-week low of $2.01 and a 52-week high of $4.44.

BlackBerry (NYSE:BB) last announced its quarterly earnings data on Thursday, September 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. The company had revenue of $145.00 million during the quarter, compared to the consensus estimate of $138.82 million. BlackBerry had a negative return on equity of 3.38% and a negative net margin of 21.66%. The firm’s revenue was up 9.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.06) EPS. On average, sell-side analysts predict that BlackBerry will post -0.06 earnings per share for the current year.

Insider Transactions at BlackBerry

In other news, insider Philip S. Kurtz sold 15,005 shares of the company’s stock in a transaction that occurred on Saturday, September 28th. The stock was sold at an average price of $2.53, for a total transaction of $37,962.65. Following the sale, the insider now directly owns 30,129 shares of the company’s stock, valued at $76,226.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.34% of the company’s stock.

Institutional Trading of BlackBerry

Several hedge funds have recently modified their holdings of the company. Creative Planning raised its holdings in shares of BlackBerry by 40.8% during the 3rd quarter. Creative Planning now owns 36,551 shares of the company’s stock worth $96,000 after acquiring an additional 10,585 shares in the last quarter. EP Wealth Advisors LLC purchased a new stake in shares of BlackBerry during the 2nd quarter worth approximately $28,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of BlackBerry by 83.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 11,769 shares of the company’s stock worth $29,000 after acquiring an additional 5,349 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of BlackBerry by 2.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 441,235 shares of the company’s stock valued at $1,101,000 after purchasing an additional 11,370 shares during the last quarter. Finally, Millennium Management LLC increased its position in shares of BlackBerry by 5,408.9% during the 2nd quarter. Millennium Management LLC now owns 3,431,588 shares of the company’s stock valued at $8,510,000 after purchasing an additional 3,369,296 shares during the last quarter. 54.48% of the stock is owned by hedge funds and other institutional investors.

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.