BlackBerry (NYSE:BB) Price Target Lowered to $6.00 at CIBC

BlackBerry (NYSE:BB) had its price objective lowered by investment analysts at CIBC from $7.00 to $6.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “outperformer” rating on the stock. CIBC’s price objective indicates a potential upside of 88.68% from the stock’s previous close.

A number of other equities analysts have also commented on BB. Canaccord Genuity Group dropped their price target on BlackBerry from $4.75 to $4.25 and set a “hold” rating for the company in a research note on Thursday. TD Securities raised shares of BlackBerry from a “hold” rating to a “buy” rating and boosted their price objective for the company from $3.25 to $4.00 in a research report on Friday, December 20th. Robert W. Baird increased their price target on BlackBerry from $3.00 to $3.50 and gave the stock a “neutral” rating in a research report on Friday, December 20th. Royal Bank of Canada restated a “sector perform” rating and set a $4.00 target price on shares of BlackBerry in a report on Tuesday. Finally, StockNews.com downgraded shares of BlackBerry from a “hold” rating to a “sell” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $4.15.

BlackBerry Stock Performance

NYSE BB traded down $0.21 during trading hours on Thursday, hitting $3.18. The company’s stock had a trading volume of 10,288,605 shares, compared to its average volume of 24,072,250. 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 company’s 50 day simple moving average is $4.67 and its two-hundred day simple moving average is $3.51. BlackBerry has a 12 month low of $2.01 and a 12 month high of $6.24. The company has a market cap of $1.90 billion, a P/E ratio of -14.45 and a beta of 1.30.

BlackBerry (NYSE:BB) last posted its quarterly earnings data on Wednesday, April 2nd. The company reported $0.03 EPS for the quarter, topping the consensus estimate of $0.02 by $0.01. The firm had revenue of $141.70 million during 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% on a year-over-year basis. During the same period in the prior year, the business posted $0.03 EPS. As a group, sell-side analysts expect that BlackBerry will post -0.03 EPS for the current fiscal year.

Insider Buying and Selling at BlackBerry

In related news, insider Mattias Eriksson sold 12,680 shares of BlackBerry stock in a transaction on Monday, January 6th. The shares were sold at an average price of $4.00, for a total transaction of $50,720.00. Following the transaction, the insider now owns 278,306 shares in the company, valued at approximately $1,113,224. The trade was a 4.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO John Joseph Giamatteo sold 29,402 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $4.00, for a total transaction of $117,608.00. Following the transaction, the chief executive officer now directly owns 490,761 shares in the company, valued at approximately $1,963,044. The trade was a 5.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 69,308 shares of company stock worth $281,914. 0.34% of the stock is currently owned by insiders.

Institutional Trading of BlackBerry

Institutional investors and hedge funds have recently bought and sold shares of the company. Legal & General Group Plc increased its position in BlackBerry by 19.9% in the fourth quarter. Legal & General Group Plc now owns 33,185,748 shares of the company’s stock worth $125,987,000 after buying an additional 5,518,216 shares during the period. Vanguard Group Inc. grew its stake in shares of BlackBerry by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 22,865,831 shares of the company’s stock worth $86,844,000 after purchasing an additional 364,569 shares during the last quarter. Hood River Capital Management LLC acquired a new stake in shares of BlackBerry during the 4th quarter valued at $53,267,000. Connor Clark & Lunn Investment Management Ltd. boosted its position 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 purchasing an additional 4,039,483 shares during the period. Finally, First Trust Advisors LP increased its stake in BlackBerry by 13.9% in the 4th quarter. First Trust Advisors LP now owns 12,755,972 shares of the company’s stock valued at $48,218,000 after buying an additional 1,558,904 shares during the period. 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.