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

BlackBerry (NYSE:BB) had its price target trimmed by CIBC from $7.00 to $6.00 in a research report released on Thursday, MarketBeat.com reports. The brokerage currently has an outperformer rating on the stock.

Several other research analysts have also recently issued reports on the stock. TD Cowen upgraded shares of BlackBerry from a “hold” rating to a “buy” rating and increased their target price for the stock from $3.25 to $4.00 in a report on Friday, December 20th. Robert W. Baird increased their price objective on shares of BlackBerry from $3.00 to $3.50 and gave the company a “neutral” rating in a research note on Friday, December 20th. TD Securities raised shares of BlackBerry from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $3.25 to $4.00 in a research note on Friday, December 20th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $4.00 target price on shares of BlackBerry in a research report on Tuesday, April 1st. Finally, Canaccord Genuity Group reduced their price target on BlackBerry from $4.75 to $4.25 and set a “hold” rating for the company in a research report on Thursday. One analyst has rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $4.15.

BlackBerry Trading Down 4.3 %

Shares of BB opened at $3.01 on Thursday. The firm has a market capitalization of $1.79 billion, a price-to-earnings ratio of -13.66 and a beta of 1.30. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.37 and a quick ratio of 1.37. BlackBerry has a 1-year low of $2.01 and a 1-year high of $6.24. The company has a 50-day moving average of $4.63 and a 200 day moving average of $3.51.

BlackBerry (NYSE:BB) last released 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. BlackBerry had a negative return on equity of 2.02% and a negative net margin of 21.16%. The company had revenue of $141.70 million for the quarter, compared to the consensus estimate of $137.56 million. During the same period last year, the business posted $0.03 EPS. BlackBerry’s quarterly revenue was down 7.3% on a year-over-year basis. On average, research analysts expect that BlackBerry will post -0.03 EPS for the current year.

Insider Activity

In other BlackBerry news, insider Mattias Eriksson sold 12,680 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $4.00, for a total transaction of $50,720.00. Following the completion of the sale, the insider now directly 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Jay P. Chai sold 24,425 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $4.19, for a total value of $102,340.75. The disclosure for this sale can be found here. Insiders sold a total of 71,388 shares of company stock valued at $288,882 in the last three months. 0.34% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Barclays PLC raised its position in shares of BlackBerry by 60.2% in the third quarter. Barclays PLC now owns 249,218 shares of the company’s stock valued at $652,000 after buying an additional 93,651 shares during the last quarter. Milestone Asset Management LLC purchased a new stake in BlackBerry during the 4th quarter valued at about $557,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in 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 acquiring an additional 4,039,483 shares during the last quarter. Alberta Investment Management Corp lifted its stake in BlackBerry by 60.5% in the 4th quarter. Alberta Investment Management Corp now owns 644,900 shares of the company’s stock worth $2,448,000 after purchasing an additional 243,000 shares in the last quarter. Finally, Thompson Davis & CO. Inc. acquired a new position in shares of BlackBerry during the 4th quarter worth approximately $641,000. 54.48% of the stock is owned by institutional investors and hedge funds.

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.