Millennium Management LLC Sells 892,405 Shares of BlackBerry Limited (NYSE:BB)

Millennium Management LLC cut its stake in shares of BlackBerry Limited (NYSE:BB - Free Report) by 26.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,470,854 shares of the company's stock after selling 892,405 shares during the quarter. Millennium Management LLC owned 0.42% of BlackBerry worth $9,351,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Milestone Asset Management LLC bought a new position in BlackBerry in the 4th quarter valued at approximately $557,000. ArrowMark Colorado Holdings LLC raised its stake in shares of BlackBerry by 7.4% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 1,911,833 shares of the company's stock valued at $7,227,000 after acquiring an additional 131,833 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of BlackBerry by 41.9% during 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 purchasing an additional 4,039,483 shares during the period. Alberta Investment Management Corp grew its stake in shares of BlackBerry by 60.5% in the fourth quarter. Alberta Investment Management Corp now owns 644,900 shares of the company's stock worth $2,448,000 after purchasing an additional 243,000 shares during the last quarter. Finally, Thompson Davis & CO. Inc. acquired a new stake in BlackBerry in the fourth quarter valued at $641,000. 54.48% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BB has been the subject of several recent research reports. Wall Street Zen raised BlackBerry from a "sell" rating to a "hold" rating in a research note on Friday, April 11th. Canaccord Genuity Group lowered their price target on shares of BlackBerry from $4.75 to $4.25 and set a "hold" rating for the company in a report on Thursday, April 3rd. Royal Bank of Canada set a $3.75 price objective on shares of BlackBerry in a research note on Thursday, April 3rd. Finally, CIBC decreased their price objective on shares of BlackBerry from $7.00 to $6.00 and set an "outperformer" rating for the company in a research report on Thursday, April 3rd. Six analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, BlackBerry currently has an average rating of "Hold" and an average target price of $4.12.

Insiders Place Their Bets

In other news, SVP Jennifer Armstrong-Owen sold 29,940 shares of the company's 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 transaction, the senior vice president now owns 42,398 shares of the company's stock, valued at $126,770.02. This represents a 41.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders have sold 37,216 shares of company stock valued at $112,025. Company insiders own 0.37% of the company's stock.

BlackBerry Stock Down 0.4%

BlackBerry stock traded down $0.02 during trading on Friday, hitting $3.98. 2,200,982 shares of the company were exchanged, compared to its average volume of 13,945,139. The company has a market capitalization of $2.37 billion, a P/E ratio of -18.07 and a beta of 1.42. The business's 50 day moving average is $3.55 and its 200 day moving average is $3.81. BlackBerry Limited has a 52 week low of $2.01 and a 52 week high of $6.24. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.27.

BlackBerry (NYSE:BB - Get Free Report) last released its quarterly earnings results on Wednesday, April 2nd. The company reported $0.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.01. The company had revenue of $141.70 million for 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 was down 7.3% on a year-over-year basis. During the same period last year, the firm earned $0.03 earnings per share. Analysts predict that BlackBerry Limited will post -0.03 earnings per share for the current year.

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.