BlackBerry (NYSE:BB) Rating Reiterated by Royal Bank of Canada

Royal Bank of Canada restated their sector perform rating on shares of BlackBerry (NYSE:BB) in a research note released on Thursday, Benzinga reports. They currently have a $3.00 price target on the stock.

BB has been the subject of a number of other reports. Canaccord Genuity Group lowered their price target on BlackBerry from $3.25 to $2.70 and set a hold rating for the company in a report on Thursday. Robert W. Baird lowered their target price on shares of BlackBerry from $3.50 to $3.00 and set a neutral rating for the company in a report on Thursday. Finally, CIBC upgraded shares of BlackBerry from a neutral rating to a sector outperform rating and set a $3.50 price target on the stock in a research note on Thursday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Hold and a consensus target price of $3.20.

BlackBerry Price Performance

Shares of BB opened at $2.48 on Thursday. The firm has a market capitalization of $1.46 billion, a price-to-earnings ratio of -8.55 and a beta of 1.37. The firm’s fifty day simple moving average is $2.76 and its 200-day simple moving average is $2.94. BlackBerry has a twelve month low of $2.20 and a twelve month high of $5.75. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.25.

BlackBerry (NYSE:BB) last posted its quarterly earnings results on Wednesday, June 26th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.01. The company had revenue of $144.00 million for the quarter, compared to analysts’ expectations of $132.05 million. BlackBerry had a negative return on equity of 6.30% and a negative net margin of 25.80%. BlackBerry’s quarterly revenue was down 61.4% on a year-over-year basis. During the same period last year, the firm earned $0.04 earnings per share. Equities analysts forecast that BlackBerry will post -0.09 EPS for the current fiscal year.

Institutional Investors Weigh In On BlackBerry

A number of institutional investors and hedge funds have recently made changes to their positions in BB. First Trust Advisors LP lifted its holdings in shares of BlackBerry by 70.1% during the fourth quarter. First Trust Advisors LP now owns 33,801,506 shares of the company’s stock worth $119,657,000 after purchasing an additional 13,925,510 shares during the period. Norges Bank acquired a new stake in shares of BlackBerry in the 4th quarter worth $48,775,000. CANADA LIFE ASSURANCE Co lifted its stake in shares of BlackBerry by 132.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 6,069,593 shares of the company’s stock worth $16,631,000 after acquiring an additional 3,458,275 shares during the period. EdgePoint Investment Group Inc. boosted its holdings in shares of BlackBerry by 25.6% in the first quarter. EdgePoint Investment Group Inc. now owns 12,443,225 shares of the company’s stock valued at $34,343,000 after acquiring an additional 2,536,966 shares in the last quarter. Finally, Hawk Ridge Capital Management LP increased its stake in shares of BlackBerry by 39.8% during the fourth quarter. Hawk Ridge Capital Management LP now owns 6,326,400 shares of the company’s stock worth $22,395,000 after acquiring an additional 1,800,800 shares during the period. 54.48% of the stock is owned by hedge funds and other institutional investors.

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.