BlackBerry Limited (NYSE:BB) Receives $3.69 Consensus Price Target from Brokerages

Shares of BlackBerry Limited (NYSE:BB) have been given a consensus recommendation of “Moderate Buy” by the nine analysts that are covering the firm, Marketbeat Ratings reports. Five research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $3.69.

BB has been the subject of several recent research reports. StockNews.com raised shares of BlackBerry from a “sell” rating to a “hold” rating in a research report on Monday, December 9th. CIBC lifted their target price on BlackBerry from $3.50 to $3.60 and gave the company an “outperform” rating in a report on Thursday, October 17th. TD Cowen upgraded BlackBerry from a “hold” rating to a “buy” rating and upped their price target for the stock from $3.25 to $4.00 in a report on Friday, December 20th. Robert W. Baird increased their price target on BlackBerry from $3.00 to $3.50 and gave the company a “neutral” rating in a research report on Friday, December 20th. Finally, Canaccord Genuity Group increased their price target on BlackBerry from $2.80 to $3.00 and gave the company a “hold” rating in a research report on Friday, December 20th.

Insider Buying and Selling

In other BlackBerry news, CAO Jay P. Chai sold 24,425 shares of BlackBerry 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Mattias Eriksson sold 12,680 shares of BlackBerry stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $4.00, for a total value of $50,720.00. Following the completion of the sale, the insider now owns 278,306 shares in the company, valued at approximately $1,113,224. This trade represents a 4.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 244,221 shares of company stock worth $925,655 in the last quarter. 0.34% of the stock is owned by insiders.

Hedge Funds Weigh In On BlackBerry

Several hedge funds and other institutional investors have recently bought and sold shares of BB. Marshall Wace LLP raised its holdings in BlackBerry by 18.1% during the second quarter. Marshall Wace LLP now owns 822,417 shares of the company’s stock worth $2,040,000 after purchasing an additional 125,894 shares during the last quarter. Millennium Management LLC raised its holdings in BlackBerry by 5,408.9% during the second quarter. Millennium Management LLC now owns 3,431,588 shares of the company’s stock worth $8,510,000 after purchasing an additional 3,369,296 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in BlackBerry by 2.6% during the second quarter. The Manufacturers Life Insurance Company now owns 441,235 shares of the company’s stock worth $1,101,000 after purchasing an additional 11,370 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in BlackBerry by 83.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 11,769 shares of the company’s stock worth $29,000 after purchasing an additional 5,349 shares during the last quarter. Finally, EP Wealth Advisors LLC acquired a new position in shares of BlackBerry in the second quarter worth $28,000. 54.48% of the stock is owned by institutional investors and hedge funds.

BlackBerry Stock Up 9.6 %

Shares of NYSE BB opened at $5.07 on Friday. The company has a 50 day simple moving average of $3.66 and a 200-day simple moving average of $2.83. The company has a market capitalization of $3.00 billion, a P/E ratio of -23.02 and a beta of 1.31. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.37 and a quick ratio of 1.37. BlackBerry has a 1 year low of $2.01 and a 1 year high of $5.09.

BlackBerry (NYSE:BB) last announced its quarterly earnings results on Thursday, December 19th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. The business had revenue of $143.00 million during the quarter, compared to the consensus estimate of $144.84 million. BlackBerry had a negative net margin of 21.16% and a negative return on equity of 2.02%. The business’s revenue was down 5.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.01 EPS. On average, equities research analysts predict that BlackBerry will post -0.03 earnings per share for the current year.

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.