BlackBerry (NYSE:BB) Given New $6.00 Price Target at CIBC

BlackBerry (NYSE:BB - Get Free Report) had its price objective reduced by equities research analysts at CIBC from $7.00 to $6.00 in a report issued on Thursday, Marketbeat reports. The brokerage currently has an "outperformer" rating on the stock. CIBC's price target points to a potential upside of 106.54% from the stock's current price.

Other research analysts also recently issued research reports about the company. Canaccord Genuity Group reduced their target price on BlackBerry from $4.75 to $4.25 and set a "hold" rating on the stock in a report on Thursday, April 3rd. Royal Bank of Canada restated a "sector perform" rating and set a $4.00 price objective on shares of BlackBerry in a research note on Tuesday, April 1st. TD Securities raised 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. StockNews.com lowered shares of BlackBerry from a "hold" rating to a "sell" rating in a report on Wednesday, April 2nd. Finally, Robert W. Baird increased their price objective on shares of BlackBerry from $3.00 to $3.50 and gave the stock a "neutral" rating in a research note on Friday, December 20th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, BlackBerry presently has an average rating of "Hold" and a consensus target price of $4.12.

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BlackBerry Stock Down 1.9 %

Shares of BB stock traded down $0.06 during mid-day trading on Thursday, reaching $2.91. 7,470,937 shares of the company were exchanged, compared to its average volume of 13,446,477. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.37 and a current ratio of 1.37. The business's 50 day simple moving average is $4.61 and its 200 day simple moving average is $3.53. The company has a market capitalization of $1.73 billion, a P/E ratio of -13.11 and a beta of 1.30. BlackBerry has a fifty-two week low of $2.01 and a fifty-two week high of $6.24.

BlackBerry (NYSE:BB - Get Free Report) last announced its quarterly earnings data on Wednesday, April 2nd. The company reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.01. The company had revenue of $141.70 million during the quarter, compared to analyst estimates of $137.56 million. BlackBerry had a negative net margin of 21.16% and a negative return on equity of 2.02%. The firm's revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period last year, the business earned $0.03 EPS. Research analysts predict that BlackBerry will post -0.03 earnings per share for the current year.

Insider Transactions at BlackBerry

In other BlackBerry news, SVP Jennifer Armstrong-Owen sold 29,940 shares of the stock in a transaction on Friday, April 4th. The stock was sold at an average price of $2.99, for a total transaction of $89,520.60. Following the completion of the transaction, the senior vice president now directly owns 42,398 shares of the company's stock, valued at approximately $126,770.02. This trade represents a 41.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Jay P. Chai sold 24,425 shares of the business's stock in a transaction on Friday, January 24th. The stock was 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. Over the last three months, insiders sold 61,641 shares of company stock worth $214,365. Company insiders own 0.34% of the company's stock.

Institutional Investors Weigh In On BlackBerry

Hedge funds and other institutional investors have recently bought and sold shares of the business. Hood River Capital Management LLC acquired a new position in shares of BlackBerry in the 4th quarter worth approximately $53,267,000. Legal & General Group Plc boosted its position in shares of BlackBerry by 19.9% in the 4th quarter. Legal & General Group Plc now owns 33,185,748 shares of the company's stock valued at $125,987,000 after purchasing an additional 5,518,216 shares during the period. Renaissance Technologies LLC purchased a new stake in BlackBerry during the fourth quarter valued at about $19,485,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of BlackBerry by 41.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,669,715 shares of the company's stock worth $51,856,000 after buying an additional 4,039,483 shares during the period. Finally, NewGen Asset Management Ltd acquired a new stake in shares of BlackBerry during the fourth quarter valued at approximately $14,282,000. 54.48% of the stock is currently owned by 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.