Canaccord Genuity Group Boosts BlackBerry (NYSE:BB) Price Target to $4.75

BlackBerry (NYSE:BB) had its price objective raised by stock analysts at Canaccord Genuity Group from $3.00 to $4.75 in a report released on Tuesday, Marketbeat.com reports. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 8.57% from the company’s previous close.

BB has been the subject of several other reports. Robert W. Baird boosted 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. TD Securities raised BlackBerry from a “hold” rating to a “buy” rating and boosted their price target for the stock from $3.25 to $4.00 in a research report on Friday, December 20th. TD Cowen raised BlackBerry from a “hold” rating to a “buy” rating and boosted their price target for the stock from $3.25 to $4.00 in a research report on Friday, December 20th. StockNews.com raised BlackBerry from a “sell” rating to a “hold” rating in a research report on Monday, December 9th. Finally, Royal Bank of Canada boosted their price target on BlackBerry from $3.25 to $4.00 and gave the stock a “sector perform” rating in a research report on Friday, January 10th. Six analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, BlackBerry has an average rating of “Moderate Buy” and an average price target of $3.91.

BlackBerry Price Performance

Shares of BB stock opened at $4.38 on Tuesday. BlackBerry has a twelve month low of $2.01 and a twelve month high of $6.24. The stock has a market capitalization of $2.61 billion, a price-to-earnings ratio of -19.89 and a beta of 1.27. The stock has a fifty day simple moving average of $4.61 and a two-hundred day simple moving average of $3.31. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.27.

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

Insider Activity at BlackBerry

In other news, insider Mattias Eriksson sold 14,475 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $3.68, for a total value of $53,268.00. Following the transaction, the insider now directly owns 238,838 shares of the company’s stock, valued at approximately $878,923.84. This represents a 5.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John Joseph Giamatteo sold 155,815 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $3.68, for a total value of $573,399.20. Following the completion of the transaction, the chief executive officer now directly owns 385,552 shares in the company, valued at $1,418,831.36. This represents a 28.78 % 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 valued at $925,655 in the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Institutional Trading of BlackBerry

A number of hedge funds have recently modified their holdings of BB. Tower Research Capital LLC TRC boosted its stake in shares of BlackBerry by 63.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 9,773 shares of the company’s stock worth $37,000 after buying an additional 3,811 shares during the last quarter. Quantinno Capital Management LP acquired a new position in shares of BlackBerry during the third quarter valued at approximately $38,000. Masso Torrence Wealth Management Inc. acquired a new position in shares of BlackBerry during the fourth quarter valued at approximately $38,000. Mindset Wealth Management LLC acquired a new stake in shares of BlackBerry in the fourth quarter valued at approximately $38,000. Finally, Quadrant Capital Group LLC increased its holdings in shares of BlackBerry by 100.3% in the fourth quarter. Quadrant Capital Group LLC now owns 10,000 shares of the company’s stock valued at $38,000 after purchasing an additional 5,008 shares during 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.