BlackBerry (NYSE:BB) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

BlackBerry (NYSE:BBGet Free Report) issued its earnings results on Wednesday. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of ($0.03) by $0.06, RTT News reports. The company had revenue of $173.00 million for the quarter, compared to analyst estimates of $150.47 million. BlackBerry had a negative net margin of 68.47% and a negative return on equity of 4.27%. The firm’s revenue for the quarter was up 14.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.04) earnings per share.

BlackBerry Stock Performance

Shares of NYSE BB opened at $2.81 on Thursday. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of -2.83 and a beta of 1.41. BlackBerry has a 1 year low of $2.46 and a 1 year high of $5.75. The stock’s 50-day simple moving average is $2.77 and its 200-day simple moving average is $3.44.

Analyst Ratings Changes

A number of equities analysts have issued reports on BB shares. StockNews.com cut shares of BlackBerry from a “hold” rating to a “sell” rating in a research report on Wednesday, February 21st. CIBC cut their price target on BlackBerry from $4.25 to $3.50 and set a “neutral” rating for the company in a report on Wednesday, February 14th. Royal Bank of Canada decreased their price objective on BlackBerry from $4.00 to $3.00 and set a “sector perform” rating on the stock in a research note on Wednesday, February 14th. TD Securities reduced their target price on shares of BlackBerry from $4.00 to $3.75 and set a “hold” rating on the stock in a report on Thursday, December 21st. Finally, Raymond James lowered their price target on shares of BlackBerry from $7.00 to $6.50 and set a “market perform” rating for the company in a report on Thursday, December 21st. One equities research analyst has rated the stock with a sell rating and six have assigned a hold rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $4.08.

Get Our Latest Report on BB

Insiders Place Their Bets

In related news, Director Philip G. Brace bought 35,000 shares of the company’s stock in a transaction dated Wednesday, February 14th. The stock was bought at an average price of $2.79 per share, with a total value of $97,650.00. Following the transaction, the director now owns 35,000 shares of the company’s stock, valued at $97,650. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Philip G. Brace acquired 35,000 shares of BlackBerry stock in a transaction that occurred on Wednesday, February 14th. The shares were purchased at an average cost of $2.79 per share, for a total transaction of $97,650.00. Following the completion of the purchase, the director now directly owns 35,000 shares of the company’s stock, valued at approximately $97,650. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John Joseph Giamatteo sold 18,279 shares of the stock in a transaction on Monday, January 8th. The stock was sold at an average price of $3.23, for a total transaction of $59,041.17. Following the sale, the chief executive officer now directly owns 206,090 shares in the company, valued at $665,670.70. The disclosure for this sale can be found here. Insiders have sold 44,090 shares of company stock worth $142,812 in the last three months. 1.94% of the stock is owned by insiders.

Institutional Investors Weigh In On BlackBerry

Several large investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc raised its stake in BlackBerry by 21.2% during the 4th quarter. Legal & General Group Plc now owns 23,417,371 shares of the company’s stock valued at $83,468,000 after acquiring an additional 4,101,823 shares in the last quarter. Vanguard Group Inc. lifted its holdings in BlackBerry by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 19,355,856 shares of the company’s stock worth $68,520,000 after purchasing an additional 131,133 shares during the period. Norges Bank bought a new position in BlackBerry in the 4th quarter valued at about $38,430,000. Dimensional Fund Advisors LP increased its stake in BlackBerry by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,620,951 shares of the company’s stock valued at $20,023,000 after buying an additional 314,868 shares during the period. Finally, Morgan Stanley raised its position in shares of BlackBerry by 41.9% during the 4th quarter. Morgan Stanley now owns 3,462,641 shares of the company’s stock worth $11,288,000 after buying an additional 1,022,608 shares in the last quarter. 54.48% of the stock is owned by institutional investors and hedge funds.

BlackBerry Company Profile

(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 CylancePROTECT, an endpoint protection platform and mobile threat defense solution; CylanceOPTICS, an endpoint detection and response solution; CylanceGUARD, a managed detection and response solution; CylanceGATEWAY, an AI-empowered zero-trust network access solution; CylancePERSONA, a user and entity behavior analytics solution; BlackBerry unified endpoint management, a central software component for secure communications platform; BlackBerry Dynamics, a development platform and secure container for mobile applications; and BlackBerry Workspaces solutions.

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Earnings History for BlackBerry (NYSE:BB)

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