BlackBerry (NYSE:BB) Stock Price Expected to Rise, Robert W. Baird Analyst Says

BlackBerry (NYSE:BBFree Report) had its price objective raised by Robert W. Baird from $4.00 to $5.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages have also recently commented on BB. Canaccord Genuity Group raised their price objective on BlackBerry from $4.25 to $4.60 and gave the company a “hold” rating in a research note on Tuesday. Wall Street Zen raised BlackBerry from a “hold” rating to a “buy” rating in a research note on Sunday. CIBC reissued an “outperform” rating on shares of BlackBerry in a research note on Tuesday. Finally, Royal Bank Of Canada raised their price objective on BlackBerry from $3.75 to $4.00 and gave the company a “sector perform” rating in a research note on Friday, June 20th. Five analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $4.38.

Get Our Latest Stock Analysis on BB

BlackBerry Trading Up 12.9%

Shares of BB stock opened at $4.89 on Wednesday. The company has a market cap of $2.91 billion, a P/E ratio of -81.50 and a beta of 1.45. The stock has a 50 day simple moving average of $3.86 and a two-hundred day simple moving average of $4.04. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.72 and a current ratio of 1.72. BlackBerry has a fifty-two week low of $2.01 and a fifty-two week high of $6.24.

BlackBerry (NYSE:BBGet Free Report) last issued its earnings results on Tuesday, June 24th. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.03. The business had revenue of $121.26 million during the quarter, compared to the consensus estimate of $112.18 million. BlackBerry had a positive return on equity of 2.29% and a negative net margin of 6.44%. The firm’s revenue for the quarter was down 15.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.03) earnings per share. Research analysts forecast that BlackBerry will post -0.03 earnings per share for the current year.

Insider Activity at BlackBerry

In related news, SVP Jennifer Armstrong-Owen sold 29,940 shares of BlackBerry stock in a transaction that occurred 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 transaction, the senior vice president now 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 filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 37,216 shares of company stock valued at $112,025 over the last 90 days. Insiders own 0.37% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. ArrowMark Colorado Holdings LLC boosted its position in shares of BlackBerry by 7.4% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 1,911,833 shares of the company’s stock valued at $7,227,000 after buying an additional 131,833 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted 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 purchasing an additional 4,039,483 shares during the last quarter. JPMorgan Chase & Co. boosted its position in BlackBerry by 36.9% in the fourth quarter. JPMorgan Chase & Co. now owns 1,781,820 shares of the company’s stock worth $6,735,000 after purchasing an additional 480,205 shares during the last quarter. EdgePoint Investment Group Inc. boosted its position in BlackBerry by 2.5% in the fourth quarter. EdgePoint Investment Group Inc. now owns 12,224,473 shares of the company’s stock worth $46,209,000 after purchasing an additional 301,678 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new position in BlackBerry in the fourth quarter worth $544,000. Hedge funds and other institutional investors own 54.48% of the company’s stock.

About BlackBerry

(Get Free Report)

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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