Bank of America Corp DE Takes $64.72 Million Position in BlackBerry Limited $BB

Key Points

• Bank of America acquired a new 5.12 million-share stake in BlackBerry during the second quarter, valued at approximately $64.7 million and representing 0.87% of the company. Institutional investors and hedge funds collectively own 54.48% of BlackBerry.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $8.92; individual targets range from $8.00 to $13.00.
• BlackBerry reported stronger-than-expected quarterly results, posting $0.04 in EPS versus $0.03 expected and $152.9 million in revenue, up 25.6% year over year. However, insiders sold more than 355,000 shares worth about $4.0 million over the past 90 days.

Bank of America Corp DE purchased a new stake in shares of BlackBerry Limited (NYSE:BB - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 5,116,047 shares of the company's stock, valued at approximately $64,718,000. Bank of America Corp DE owned 0.87% of BlackBerry at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of BB. Legal & General Group Plc purchased a new position in BlackBerry during the second quarter valued at approximately $480,710,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in BlackBerry in the second quarter valued at about $69,786,000. Renaissance Technologies LLC increased its position in BlackBerry by 139.2% in the 1st quarter. Renaissance Technologies LLC now owns 3,545,543 shares of the company's stock worth $11,488,000 after purchasing an additional 2,063,153 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of BlackBerry during the 2nd quarter worth about $42,002,000. Finally, Primecap Management Co. CA acquired a new stake in shares of BlackBerry during the 2nd quarter valued at about $36,362,000. 54.48% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Canadian Imperial Bank of Commerce raised their price objective on shares of BlackBerry from $10.00 to $13.00 and gave the company an "outperformer" rating in a research report on Friday, June 26th. Zacks Research lowered shares of BlackBerry from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 25th. Raymond James Financial upped their price objective on shares of BlackBerry from $4.75 to $9.50 and gave the stock a "market perform" rating in a report on Friday, June 26th. Stifel Nicolaus assumed coverage on BlackBerry in a research report on Wednesday, June 24th. They issued a "buy" rating and a $12.00 price target for the company. Finally, TD Securities reiterated a "hold" rating and set a $8.00 price target on shares of BlackBerry in a research note on Friday, June 26th. Two analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $8.92.

BlackBerry Price Performance

Shares of NYSE:BB opened at $7.99 on Friday. The company has a market cap of $4.69 billion, a price-to-earnings ratio of 88.73 and a beta of 2.23. The business has a 50 day moving average price of $8.45 and a 200 day moving average price of $7.20. The company has a quick ratio of 2.20, a current ratio of 2.20 and a debt-to-equity ratio of 0.26. BlackBerry Limited has a twelve month low of $3.12 and a twelve month high of $13.59.

BlackBerry (NYSE:BB - Get Free Report) last issued its quarterly earnings results on Thursday, June 25th. The company reported $0.04 EPS for the quarter, topping analysts' consensus estimates of $0.03 by $0.01. The company had revenue of $152.90 million during the quarter, compared to analyst estimates of $136.10 million. BlackBerry had a return on equity of 11.66% and a net margin of 10.31%.The company's quarterly revenue was up 25.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.02 earnings per share. BlackBerry has set its FY 2027 guidance at 0.160-0.200 EPS and its Q2 2027 guidance at 0.030-0.040 EPS. Research analysts predict that BlackBerry Limited will post 0.13 earnings per share for the current year.

Insider Activity at BlackBerry

In other BlackBerry news, CFO Tim Foote sold 25,878 shares of the company's stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $12.39, for a total value of $320,628.42. Following the completion of the transaction, the chief financial officer owned 58,372 shares of the company's stock, valued at $723,229.08. This represents a 30.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Philip S. Kurtz sold 6,414 shares of the firm's stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $11.07, for a total value of $71,002.98. Following the completion of the sale, the insider owned 125,158 shares of the company's stock, valued at $1,385,499.06. This represents a 4.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 355,858 shares of company stock worth $4,012,270 over the last ninety days. Corporate insiders own 0.51% of the company's stock.

BlackBerry Profile

BlackBerry Limited is a Canadian software company headquartered in Waterloo, Ontario, that provides cybersecurity and Internet of Things (IoT) solutions to enterprises, governments and other organizations worldwide. Its cybersecurity offerings include endpoint protection, endpoint management, identity and access controls, secure communications, and tools designed to help organizations monitor and respond to cyber threats.

The company's IoT business is built around QNX, a software platform used in automotive systems and other embedded applications.

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