BlackBerry (NYSE:BB) Price Target Cut to $4.25 by Analysts at Canaccord Genuity Group

BlackBerry (NYSE:BB) had its target price cut by Canaccord Genuity Group from $4.75 to $4.25 in a research report report published on Thursday morning,Benzinga reports. They currently have a hold rating on the stock.

Several other research firms have also issued reports on BB. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $4.00 price target on shares of BlackBerry in a research report on Tuesday, April 1st. TD Cowen upgraded BlackBerry from a “hold” rating to a “buy” rating and raised their price objective for the stock from $3.25 to $4.00 in a research note on Friday, December 20th. TD Securities raised BlackBerry from a “hold” rating to a “buy” rating and raised their target price for the company from $3.25 to $4.00 in a report on Friday, December 20th. Robert W. Baird upped their price objective on shares of BlackBerry from $3.00 to $3.50 and gave the stock a “neutral” rating in a research report on Friday, December 20th. Finally, StockNews.com downgraded BlackBerry from a “hold” rating to a “sell” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, BlackBerry currently has an average rating of “Hold” and a consensus target price of $4.15.

BlackBerry Stock Down 4.3 %

Shares of BB opened at $3.01 on Thursday. The firm has a market capitalization of $1.79 billion, a P/E ratio of -13.66 and a beta of 1.30. BlackBerry has a 52 week low of $2.01 and a 52 week high of $6.24. The company has a 50-day simple moving average of $4.63 and a 200-day simple moving average of $3.51. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.37 and a current ratio of 1.37.

BlackBerry (NYSE:BB) last released its quarterly earnings results on Wednesday, April 2nd. The company reported $0.03 EPS for the quarter, beating the consensus estimate of $0.02 by $0.01. BlackBerry had a negative net margin of 21.16% and a negative return on equity of 2.02%. The business had revenue of $141.70 million for the quarter, compared to analysts’ expectations of $137.56 million. During the same period in the prior year, the firm earned $0.03 earnings per share. BlackBerry’s revenue was down 7.3% compared to the same quarter last year. On average, equities research analysts expect that BlackBerry will post -0.03 earnings per share for the current year.

Insider Activity

In related news, insider Mattias Eriksson sold 12,680 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $4.00, for a total transaction of $50,720.00. Following the sale, the insider now owns 278,306 shares in the company, valued at $1,113,224. This represents a 4.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jay P. Chai sold 24,425 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $4.19, for a total value of $102,340.75. The disclosure for this sale can be found here. Over the last quarter, insiders sold 71,388 shares of company stock valued at $288,882. Company insiders own 0.34% of the company’s stock.

Hedge Funds Weigh In On BlackBerry

A number of institutional investors and hedge funds have recently modified their holdings of BB. Hood River Capital Management LLC bought a new position in BlackBerry in the fourth quarter worth approximately $53,267,000. Legal & General Group Plc grew its holdings in shares of BlackBerry by 19.9% in the fourth quarter. Legal & General Group Plc now owns 33,185,748 shares of the company’s stock valued at $125,987,000 after acquiring an additional 5,518,216 shares in the last quarter. Renaissance Technologies LLC bought a new position in BlackBerry in the 4th quarter valued at $19,485,000. Connor Clark & Lunn Investment Management Ltd. increased its position in BlackBerry by 41.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,669,715 shares of the company’s stock worth $51,856,000 after buying an additional 4,039,483 shares during the last quarter. Finally, NewGen Asset Management Ltd purchased a new stake in BlackBerry in the 4th quarter worth about $14,282,000. 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.