BlackBerry (NYSE:BB) Issues Earnings Results

BlackBerry (NYSE:BB) posted its quarterly earnings results on Wednesday. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.03) by $0.06, RTT News reports. The company had revenue of $173.00 million for the quarter, compared to the consensus estimate of $150.47 million. BlackBerry had a negative net margin of 15.24% and a negative return on equity of 0.24%. The company’s revenue for the quarter was up 14.6% on a year-over-year basis. During the same period last year, the firm posted ($0.04) EPS.

BlackBerry Stock Down 2.1 %

BB stock traded down $0.06 during midday trading on Friday, reaching $2.82. The company had a trading volume of 8,811,253 shares, compared to its average volume of 9,775,379. The company has a 50 day moving average of $2.76 and a two-hundred day moving average of $3.44. BlackBerry has a 1 year low of $2.46 and a 1 year high of $5.75.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. StockNews.com cut BlackBerry from a “hold” rating to a “sell” rating in a research note on Wednesday, February 21st. Raymond James lowered their price target on BlackBerry from $7.00 to $6.50 and set a “market perform” rating on the stock in a report on Thursday, December 21st. TD Securities decreased their target price on shares of BlackBerry from $4.00 to $3.75 and set a “hold” rating for the company in a research report on Thursday, December 21st. Canaccord Genuity Group dropped their price target on shares of BlackBerry from $5.00 to $4.25 and set a “hold” rating on the stock in a research report on Thursday, December 21st. Finally, CIBC dropped their target price on BlackBerry from $4.25 to $3.50 and set a “neutral” rating on the stock in a report on Wednesday, February 14th. One equities research analyst has rated the stock with a sell rating and six have given a hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $4.08.

Insider Activity

In other news, Director Philip G. Brace purchased 35,000 shares of the stock in a transaction that occurred on Wednesday, February 14th. The stock was acquired at an average price of $2.79 per share, with a total value of $97,650.00. Following the purchase, the director now owns 35,000 shares in the company, valued at approximately $97,650. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Philip G. Brace purchased 35,000 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were bought at an average price of $2.79 per share, with a total value of $97,650.00. Following the completion of the transaction, the director now directly owns 35,000 shares in the company, valued at approximately $97,650. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CFO Steve Rai sold 20,047 shares of the stock in a transaction on Monday, January 8th. The shares were sold at an average price of $3.25, for a total transaction of $65,152.75. Following the completion of the sale, the chief financial officer now directly owns 84,599 shares of the company’s stock, valued at $274,946.75. The disclosure for this sale can be found here. Insiders have sold a total of 44,090 shares of company stock worth $142,812 in the last ninety days. Corporate insiders own 1.94% of the company’s stock.

Hedge Funds Weigh In On BlackBerry

Several large investors have recently added to or reduced their stakes in the company. Virtu Financial LLC acquired a new stake in BlackBerry during the fourth quarter valued at approximately $36,000. Creative Planning acquired a new position in BlackBerry in the fourth quarter worth $37,000. Tower Research Capital LLC TRC grew its holdings in shares of BlackBerry by 470.1% during the third quarter. Tower Research Capital LLC TRC now owns 9,019 shares of the company’s stock worth $43,000 after purchasing an additional 7,437 shares during the last quarter. Mosaic Family Wealth Partners LLC acquired a new stake in shares of BlackBerry in the fourth quarter valued at $52,000. Finally, Lazard Asset Management LLC acquired a new stake in shares of BlackBerry in the second quarter valued at approximately $55,000. Institutional investors and hedge funds own 54.48% of the company’s stock.

About BlackBerry

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 CylancePROTECT, an endpoint protection platform and mobile threat defense solution; CylanceOPTICS, an endpoint detection and response solution; CylanceGUARD, a managed detection and response solution; CylanceGATEWAY, an AI-empowered zero-trust network access solution; CylancePERSONA, a user and entity behavior analytics solution; BlackBerry unified endpoint management, a central software component for secure communications platform; BlackBerry Dynamics, a development platform and secure container for mobile applications; and BlackBerry Workspaces solutions.