Royal Bank Of Canada Reiterates $4.00 Price Target for BlackBerry (NYSE:BB)

Key Points

• Royal Bank of Canada has reiterated a price target of $4.00 for BlackBerry, suggesting a potential downside of 9.19% from the stock's previous close.
• BlackBerry's average target price is currently $4.60, with a consensus rating of "Moderate Buy" from analysts.
• The stock traded up 4.6% on Monday, closing at $4.41, with a market cap of $2.60 billion.

Royal Bank Of Canada set a $4.00 price target on BlackBerry (NYSE:BB - Free Report) in a research note published on Monday,BayStreet.CA reports. The firm currently has a sector perform rating on the stock.

Other equities analysts also recently issued research reports about the stock. Canaccord Genuity Group upped their price objective on shares of BlackBerry from $4.25 to $4.60 and gave the stock a "hold" rating in a research report on Tuesday, June 24th. CIBC reiterated an "outperform" rating on shares of BlackBerry in a report on Tuesday, June 24th. Robert W. Baird increased their price target on shares of BlackBerry from $4.00 to $5.00 and gave the company a "neutral" rating in a report on Wednesday, June 25th. Finally, Wall Street Zen downgraded shares of BlackBerry from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, BlackBerry presently has a consensus rating of "Moderate Buy" and a consensus price target of $4.60.

BlackBerry Stock Performance

BlackBerry stock traded down $0.08 during trading hours on Monday, reaching $4.33. 3,838,887 shares of the stock were exchanged, compared to its average volume of 16,181,012. The stock has a market cap of $2.55 billion, a P/E ratio of -72.08 and a beta of 1.49. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.10 and a current ratio of 2.10. BlackBerry has a 52-week low of $2.24 and a 52-week high of $6.24. The firm's 50 day moving average is $3.84 and its 200 day moving average is $3.87.

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

Insider Activity

In related news, CEO John Joseph Giamatteo sold 26,998 shares of BlackBerry stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $4.32, for a total value of $116,631.36. Following the completion of the sale, the chief executive officer owned 530,135 shares in the company, valued at approximately $2,290,183.20. The trade was a 4.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 42,200 shares of company stock worth $182,385 in the last 90 days. Company insiders own 0.37% of the company's stock.

Hedge Funds Weigh In On BlackBerry

A number of hedge funds have recently added to or reduced their stakes in the business. Quantinno Capital Management LP raised its holdings in shares of BlackBerry by 99.6% during the fourth quarter. Quantinno Capital Management LP now owns 28,591 shares of the company's stock worth $108,000 after purchasing an additional 14,270 shares during the period. Two Sigma Advisers LP raised its holdings in shares of BlackBerry by 105.2% during the fourth quarter. Two Sigma Advisers LP now owns 920,458 shares of the company's stock worth $3,479,000 after purchasing an additional 471,800 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of BlackBerry by 3.3% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 813,155 shares of the company's stock worth $3,074,000 after purchasing an additional 26,129 shares during the period. Mackenzie Financial Corp raised its holdings in shares of BlackBerry by 3.8% during the fourth quarter. Mackenzie Financial Corp now owns 353,306 shares of the company's stock worth $1,341,000 after purchasing an additional 13,089 shares during the period. Finally, Parallel Advisors LLC raised its holdings in shares of BlackBerry by 216.2% during the first quarter. Parallel Advisors LLC now owns 7,156 shares of the company's stock worth $27,000 after purchasing an additional 4,893 shares during the period. Institutional investors and hedge funds 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.