Brokerages Set BlackBerry Ltd (BB) Price Target at $12.32

BlackBerry Ltd (NYSE:BB) has been given a consensus recommendation of “Buy” by the twelve research firms that are presently covering the company, MarketBeat reports. Six equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $12.32.

Several equities research analysts have commented on BB shares. Raymond James upped their price target on shares of BlackBerry from $11.00 to $11.50 and gave the company a “market perform” rating in a report on Monday, October 1st. Zacks Investment Research raised shares of BlackBerry from a “hold” rating to a “strong-buy” rating and set a $12.00 price target on the stock in a report on Thursday, October 4th.

Large investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in BlackBerry in the first quarter valued at $21,452,000. Kahn Brothers Group Inc. DE purchased a new stake in shares of BlackBerry during the 3rd quarter worth about $52,025,000. Millennium Management LLC purchased a new stake in shares of BlackBerry during the 1st quarter worth about $1,526,000. Clinton Group Inc. boosted its stake in shares of BlackBerry by 85.9% during the 2nd quarter. Clinton Group Inc. now owns 162,181 shares of the company’s stock worth $1,565,000 after acquiring an additional 74,957 shares in the last quarter. Finally, Guggenheim Capital LLC purchased a new stake in shares of BlackBerry during the 1st quarter worth about $595,000. 56.07% of the stock is currently owned by institutional investors.

Shares of BB opened at $9.02 on Friday. The firm has a market cap of $4.82 billion, a PE ratio of 180.40 and a beta of 1.54. The company has a debt-to-equity ratio of 0.30, a quick ratio of 6.43 and a current ratio of 6.43. BlackBerry has a 1-year low of $8.63 and a 1-year high of $14.55.

BlackBerry (NYSE:BB) last posted its quarterly earnings results on Friday, September 28th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.01 by $0.03. BlackBerry had a negative net margin of 34.24% and a positive return on equity of 0.61%. The company had revenue of $214.00 million for the quarter, compared to analyst estimates of $209.41 million. During the same period in the prior year, the company earned $0.05 earnings per share. The firm’s revenue was down 14.1% on a year-over-year basis. Sell-side analysts anticipate that BlackBerry will post -0.03 EPS for the current fiscal year.

About BlackBerry

BlackBerry Limited operates as an enterprise software and services company focused on securing and managing endpoints in the Internet of Things. It offers BlackBerry Enterprise Mobility Suite, which combines and integrates mobile security, management, productivity, and collaboration solutions, such as BlackBerry UEM, BlackBerry Dynamics, and BlackBerry Workspaces; BlackBerry AtHoc, a secure and networked crisis communications solution; SecuSUITE for Government, a voice encryption software solution; BlackBerry Enterprise Consulting and BlackBerry Cybersecurity Consulting; and BBM Enterprise, an enterprise-grade secure instant messaging solution, as well as Communications Platform as a Service.

Further Reading: Fundamental Analysis

Analyst Recommendations for BlackBerry (NYSE:BB)

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