Royal Bank of Canada Reiterates Sector Perform Rating for BlackBerry (NYSE:BB)

BlackBerry (NYSE:BB)‘s stock had its “sector perform” rating reiterated by equities research analysts at Royal Bank of Canada in a note issued to investors on Friday, Benzinga reports. They presently have a $3.00 target price on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 19.05% from the company’s current price.

BB has been the topic of a number of other reports. 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 research note on Thursday, June 27th. Raymond James lowered their target price on shares of BlackBerry from $5.50 to $4.75 and set a “market perform” rating on the stock in a research note on Friday, June 28th. CIBC upgraded shares of BlackBerry from a “neutral” rating to a “sector outperform” rating and set a $3.50 target price for the company in a research report on Thursday, June 27th. Canaccord Genuity Group decreased their price target on shares of BlackBerry from $3.25 to $2.70 and set a “hold” rating on the stock in a research note on Thursday, June 27th. Finally, TD Securities dropped their price objective on shares of BlackBerry from $3.00 to $2.75 and set a “hold” rating for the company in a research note on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $3.20.

BlackBerry Stock Down 0.8 %

Shares of BB opened at $2.52 on Friday. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of -8.69 and a beta of 1.39. BlackBerry has a 52 week low of $2.01 and a 52 week high of $4.90. The stock’s 50-day moving average price is $2.35 and its 200-day moving average price is $2.60. The company has a quick ratio of 1.43, a current ratio of 1.43 and a debt-to-equity ratio of 0.26.

BlackBerry (NYSE:BB) last released its quarterly earnings data on Thursday, September 26th. The company reported ($0.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.02. BlackBerry had a negative net margin of 25.80% and a negative return on equity of 6.43%. The company had revenue of $145.00 million during the quarter, compared to analysts’ expectations of $138.82 million. During the same quarter in the previous year, the company earned ($0.06) earnings per share. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, sell-side analysts predict that BlackBerry will post -0.09 EPS for the current year.

Hedge Funds Weigh In On BlackBerry

Several institutional investors have recently modified their holdings of the business. BNP Paribas Financial Markets grew its holdings in BlackBerry by 33.1% during the 4th quarter. BNP Paribas Financial Markets now owns 140,079 shares of the company’s stock worth $496,000 after acquiring an additional 34,818 shares in the last quarter. TD Asset Management Inc increased its holdings in BlackBerry by 1.6% in the fourth quarter. TD Asset Management Inc now owns 1,454,153 shares of the company’s stock valued at $5,183,000 after buying an additional 22,830 shares during the last quarter. Scotia Capital Inc. raised its stake in BlackBerry by 12.9% in the fourth quarter. Scotia Capital Inc. now owns 73,400 shares of the company’s stock valued at $260,000 after buying an additional 8,378 shares in the last quarter. CIBC Asset Management Inc lifted its holdings in BlackBerry by 3.8% during the 4th quarter. CIBC Asset Management Inc now owns 523,257 shares of the company’s stock worth $1,862,000 after buying an additional 19,331 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of BlackBerry by 70.1% in the 4th quarter. First Trust Advisors LP now owns 33,801,506 shares of the company’s stock valued at $119,657,000 after acquiring an additional 13,925,510 shares during the last quarter. Institutional investors and hedge funds 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.