Wall Street Zen upgraded shares of BlackBerry (NYSE:BB – Free Report) from a hold rating to a buy rating in a report issued on Sunday morning.
Several other research analysts also recently commented on the company. Canaccord Genuity Group decreased their price objective on BlackBerry from $4.75 to $4.25 and set a “hold” rating on the stock in a report on Thursday, April 3rd. Royal Bank Of Canada set a $3.75 price target on BlackBerry and gave the stock a “sector perform” rating in a research note on Friday. Finally, CIBC cut their target price on shares of BlackBerry from $7.00 to $6.00 and set an “outperformer” rating on the stock in a report on Thursday, April 3rd. Five research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, BlackBerry has a consensus rating of “Moderate Buy” and an average target price of $4.12.
Get Our Latest Stock Analysis on BlackBerry
BlackBerry Price Performance
BlackBerry (NYSE:BB – Get Free Report) last issued its quarterly earnings results on Wednesday, April 2nd. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.01. The business had revenue of $141.70 million for the quarter, compared to analysts’ expectations of $137.56 million. BlackBerry had a negative net margin of 13.84% and a negative return on equity of 1.78%. The business’s quarterly revenue was down 7.3% on a year-over-year basis. During the same period last year, the business earned $0.03 earnings per share. Sell-side analysts forecast that BlackBerry will post -0.03 EPS for the current fiscal year.
Insider Activity at BlackBerry
In other news, SVP Jennifer Armstrong-Owen sold 29,940 shares of BlackBerry stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $2.99, for a total transaction of $89,520.60. Following the completion of the transaction, the senior vice president now directly owns 42,398 shares in the company, valued at approximately $126,770.02. This trade represents a 41.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 37,216 shares of company stock worth $112,025 over the last ninety days. 0.37% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in the stock. Voya Investment Management LLC purchased a new stake in shares of BlackBerry in the first quarter worth $95,166,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in BlackBerry by 1.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 823,822 shares of the company’s stock worth $3,106,000 after purchasing an additional 10,667 shares in the last quarter. Vident Advisory LLC grew its position in BlackBerry by 52.1% during the 1st quarter. Vident Advisory LLC now owns 1,182,034 shares of the company’s stock valued at $4,456,000 after purchasing an additional 404,823 shares during the last quarter. FORA Capital LLC purchased a new stake in BlackBerry during the 1st quarter valued at about $418,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in BlackBerry by 7.0% during the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 1,086,634 shares of the company’s stock valued at $4,093,000 after purchasing an additional 71,057 shares in the last quarter. Hedge funds and other institutional investors own 54.48% of the company’s stock.
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.
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