Primecap Management Co. CA Has $82.66 Million Stake in BlackBerry Limited (NYSE:BB)

Primecap Management Co. CA reduced its position in shares of BlackBerry Limited (NYSE:BB - Free Report) by 3.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 33,330,110 shares of the company's stock after selling 1,228,552 shares during the period. Primecap Management Co. CA owned approximately 5.65% of BlackBerry worth $82,659,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in BlackBerry during the fourth quarter worth $48,775,000. Vanguard Group Inc. raised its position in BlackBerry by 0.8% during the first quarter. Vanguard Group Inc. now owns 19,505,300 shares of the company's stock worth $53,835,000 after acquiring an additional 149,444 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of BlackBerry by 33.1% in the fourth quarter. BNP Paribas Financial Markets now owns 140,079 shares of the company's stock valued at $496,000 after purchasing an additional 34,818 shares in the last quarter. Jump Financial LLC purchased a new stake in shares of BlackBerry in the fourth quarter valued at about $362,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of BlackBerry by 9.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 10,115,850 shares of the company's stock valued at $27,920,000 after purchasing an additional 886,523 shares during the last quarter. Institutional investors and hedge funds own 54.48% of the company's stock.

BlackBerry Stock Down 1.7 %

NYSE BB traded down $0.04 on Wednesday, hitting $2.38. 7,938,705 shares of the stock traded hands, compared to its average volume of 8,885,501. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.26. The stock has a 50-day moving average of $2.36 and a 200 day moving average of $2.61. BlackBerry Limited has a twelve month low of $2.01 and a twelve month high of $5.25. The company has a market capitalization of $1.41 billion, a P/E ratio of -8.21 and a beta of 1.39.

BlackBerry (NYSE:BB - Get Free Report) last announced its quarterly earnings results on Wednesday, June 26th. The company reported ($0.03) earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.01. The business 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 6.43% and a negative net margin of 25.80%. The business's quarterly revenue was down 61.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.04 EPS. As a group, analysts expect that BlackBerry Limited will post -0.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on BB. Royal Bank of Canada reissued a "sector perform" rating and set a $3.00 price target on shares of BlackBerry in a research note on Thursday, June 27th. Raymond James dropped their price target on shares of BlackBerry from $5.50 to $4.75 and set a "market perform" rating for the company in a research report on Friday, June 28th. Cibc World Mkts upgraded shares of BlackBerry from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 27th. Canaccord Genuity Group dropped their price objective on BlackBerry from $3.25 to $2.70 and set a "hold" rating for the company in a report on Thursday, June 27th. Finally, TD Securities reduced their target price on BlackBerry from $3.00 to $2.75 and set a "hold" rating on the stock in a report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, BlackBerry presently has a consensus rating of "Hold" and an average price target of $3.20.

Insiders Place Their Bets

In other BlackBerry news, insider Mattias Eriksson sold 52,549 shares of the firm's stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $2.45, for a total transaction of $128,745.05. Following the transaction, the insider now owns 214,440 shares of the company's stock, valued at approximately $525,378. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.34% of the stock is currently owned by insiders.

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.