Primecap Management Co. CA Sells 5,033,899 Shares of BlackBerry Limited (NYSE:BB)

Primecap Management Co. CA reduced its stake in BlackBerry Limited (NYSE:BB - Free Report) by 15.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,296,211 shares of the company's stock after selling 5,033,899 shares during the quarter. Primecap Management Co. CA owned 4.79% of BlackBerry worth $74,136,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BB. CIBC Asset Management Inc grew its position in BlackBerry by 8.9% in the third quarter. CIBC Asset Management Inc now owns 700,933 shares of the company's stock valued at $1,846,000 after purchasing an additional 57,123 shares in the last quarter. GSA Capital Partners LLP increased its position in shares of BlackBerry by 189.5% in the third quarter. GSA Capital Partners LLP now owns 165,394 shares of the company's stock valued at $433,000 after acquiring an additional 108,268 shares during the last quarter. Intact Investment Management Inc. raised its holdings in BlackBerry by 25.7% during the third quarter. Intact Investment Management Inc. now owns 1,439,240 shares of the company's stock worth $3,789,000 after acquiring an additional 294,250 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in BlackBerry by 9.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 412,782 shares of the company's stock valued at $1,040,000 after purchasing an additional 34,295 shares during the last quarter. Finally, International Assets Investment Management LLC grew its stake in BlackBerry by 60.7% in the third quarter. International Assets Investment Management LLC now owns 20,769 shares of the company's stock valued at $540,000 after purchasing an additional 7,842 shares in the last quarter. 54.48% of the stock is owned by institutional investors and hedge funds.

BlackBerry Stock Performance

BB stock traded up $0.03 during mid-day trading on Friday, hitting $2.35. 6,795,942 shares of the company were exchanged, compared to its average volume of 9,028,217. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.27. The business has a 50 day simple moving average of $2.42 and a 200-day simple moving average of $2.49. BlackBerry Limited has a 1-year low of $2.01 and a 1-year high of $4.44. The stock has a market capitalization of $1.39 billion, a PE ratio of -9.32 and a beta of 1.42.

BlackBerry (NYSE:BB - Get Free Report) last released its quarterly earnings results on Thursday, September 26th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.03) by $0.02. BlackBerry had a negative net margin of 21.66% and a negative return on equity of 3.38%. The business had revenue of $145.00 million for the quarter, compared to the consensus estimate of $138.82 million. During the same period in the prior year, the company posted ($0.06) earnings per share. BlackBerry's revenue was up 9.8% compared to the same quarter last year. On average, equities analysts forecast that BlackBerry Limited will post -0.06 earnings per share for the current year.

Insider Activity at BlackBerry

In other BlackBerry news, insider Philip S. Kurtz sold 15,005 shares of the business's stock in a transaction that occurred on Saturday, September 28th. The shares were sold at an average price of $2.53, for a total transaction of $37,962.65. Following the completion of the transaction, the insider now directly owns 30,129 shares in the company, valued at $76,226.37. The trade was a 33.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BB. StockNews.com downgraded shares of BlackBerry from a "hold" rating to a "sell" rating in a report on Wednesday. Royal Bank of Canada restated a "sector perform" rating and set a $3.00 price objective on shares of BlackBerry in a research note on Friday, September 27th. CIBC raised their target price on shares of BlackBerry from $3.50 to $3.60 and gave the company an "outperform" rating in a research note on Thursday, October 17th. Finally, Canaccord Genuity Group boosted their price target on BlackBerry from $2.70 to $2.80 and gave the stock a "hold" rating in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $3.23.

BlackBerry Profile

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.