Brokerages Set BlackBerry Limited (NYSE:BB) Price Target at $4.12

Shares of BlackBerry Limited (NYSE:BB) have been given a consensus recommendation of “Moderate Buy” by the eight ratings firms that are currently covering the stock, MarketBeat reports. Five equities research analysts have rated the stock with a hold recommendation, two have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $4.12.

A number of equities analysts have recently issued reports on the stock. CIBC dropped their price objective on shares of BlackBerry from $7.00 to $6.00 and set an “outperformer” rating for the company in a research note on Thursday, April 3rd. StockNews.com upgraded shares of BlackBerry from a “sell” rating to a “hold” rating in a research note on Friday, April 11th. Royal Bank of Canada set a $3.75 target price on BlackBerry in a report on Thursday, April 3rd. Finally, Canaccord Genuity Group lowered their price target on BlackBerry from $4.75 to $4.25 and set a “hold” rating on the stock in a research report on Thursday, April 3rd.

BlackBerry Stock Performance

Shares of BB stock opened at $3.17 on Thursday. The business has a 50 day simple moving average of $4.24 and a 200 day simple moving average of $3.56. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.37 and a quick ratio of 1.37. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of -14.39 and a beta of 1.30. BlackBerry has a 12-month low of $2.01 and a 12-month high of $6.24.

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

Insiders Place Their Bets

In related news, SVP Jennifer Armstrong-Owen sold 29,940 shares of BlackBerry stock in a transaction on Friday, April 4th. The stock was sold at an average price of $2.99, for a total transaction of $89,520.60. Following the completion of the sale, the senior vice president now directly owns 42,398 shares of the company’s stock, valued at $126,770.02. The trade was a 41.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Jay P. Chai sold 24,425 shares of the company’s stock in a transaction dated Friday, January 24th. The shares were 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. In the last three months, insiders sold 61,641 shares of company stock valued at $214,365. 0.34% of the stock is currently owned by insiders.

Hedge Funds Weigh In On BlackBerry

Several institutional investors have recently modified their holdings of the stock. Barclays PLC boosted its stake in BlackBerry by 60.2% during the 3rd quarter. Barclays PLC now owns 249,218 shares of the company’s stock worth $652,000 after acquiring an additional 93,651 shares during the last quarter. Milestone Asset Management LLC bought a new position in shares of BlackBerry during the fourth quarter worth $557,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of BlackBerry by 41.9% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,669,715 shares of the company’s stock valued at $51,856,000 after buying an additional 4,039,483 shares during the period. Alberta Investment Management Corp increased its position in shares of BlackBerry by 60.5% in the 4th quarter. Alberta Investment Management Corp now owns 644,900 shares of the company’s stock valued at $2,448,000 after buying an additional 243,000 shares in the last quarter. Finally, Thompson Davis & CO. Inc. acquired a new stake in BlackBerry during the 4th quarter worth $641,000. 54.48% of the stock is currently owned by institutional investors and hedge funds.

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.