BlackBerry (NYSE:BB) Rating Lowered to "Hold" at Wall Street Zen

BlackBerry (NYSE:BB - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Monday.

A number of other equities research analysts have also weighed in on BB. Canaccord Genuity Group raised their target price on BlackBerry from $4.25 to $4.60 and gave the stock a "hold" rating in a research report on Tuesday, June 24th. Robert W. Baird lifted their price objective on BlackBerry from $4.00 to $5.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 25th. Royal Bank Of Canada upped their target price on BlackBerry from $3.75 to $4.00 and gave the company a "sector perform" rating in a report on Friday, June 20th. Finally, CIBC restated an "outperform" rating on shares of BlackBerry in a report on Tuesday, June 24th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $4.60.

BlackBerry Trading Down 3.9%

Shares of BB stock opened at $4.54 on Monday. BlackBerry has a fifty-two week low of $2.01 and a fifty-two week high of $6.24. The stock's fifty day moving average price is $3.92 and its two-hundred day moving average price is $4.08. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.10 and a current ratio of 2.10. The company has a market cap of $2.70 billion, a PE ratio of -75.58 and a beta of 1.45.

BlackBerry (NYSE:BB - Get Free Report) last announced its quarterly earnings data on Tuesday, June 24th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.03. The business had revenue of $121.26 million during the quarter, compared to the consensus estimate of $112.18 million. BlackBerry had a positive return on equity of 2.29% and a negative net margin of 6.44%. BlackBerry's revenue for the quarter was down 15.5% on a year-over-year basis. During the same period in the prior year, the company earned ($0.03) EPS. Equities analysts predict that BlackBerry will post -0.03 EPS for the current fiscal year.

Insider Activity

In related news, insider Philip S. Kurtz sold 16,217 shares of BlackBerry stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $5.25, for a total value of $85,139.25. Following the transaction, the insider now directly owns 57,503 shares of the company's stock, valued at $301,890.75. The trade was a 22.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Jennifer Armstrong-Owen sold 29,940 shares of the stock in a transaction on Friday, April 4th. The shares were sold at an average price of $2.99, for a total transaction of $89,520.60. Following the sale, the senior vice president now directly owns 42,398 shares of the company's stock, valued at $126,770.02. The trade was a 41.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 53,433 shares of company stock worth $197,164 over the last ninety days. Company insiders own 0.37% of the company's stock.

Hedge Funds Weigh In On BlackBerry

Hedge funds have recently modified their holdings of the company. Legal & General Group Plc increased its position in BlackBerry by 19.9% during 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. Voya Investment Management LLC bought a new stake in shares of BlackBerry during the 1st quarter valued at about $95,166,000. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of BlackBerry by 69.1% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 23,112,391 shares of the company's stock valued at $87,064,000 after buying an additional 9,442,676 shares during the period. Vanguard Group Inc. raised its stake in BlackBerry by 1.0% in the first quarter. Vanguard Group Inc. now owns 23,084,515 shares of the company's stock worth $86,936,000 after buying an additional 218,684 shares in the last quarter. Finally, Hood River Capital Management LLC bought a new position in BlackBerry in the fourth quarter worth about $53,267,000. Hedge funds and other institutional investors own 54.48% of the company's stock.

BlackBerry Company 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.

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