BlackBerry (NYSE:BB) Issues Quarterly Earnings Results, Beats Estimates By $0.06 EPS

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

BlackBerry Stock Up 2.7 %

BlackBerry stock opened at $2.89 on Friday. The stock’s 50 day moving average is $2.76 and its 200 day moving average is $3.44. BlackBerry has a one year low of $2.46 and a one year high of $5.75.

Insiders Place Their Bets

In other news, Director Philip G. Brace bought 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 completion of the purchase, the director now directly owns 35,000 shares of the company’s stock, valued at $97,650. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other BlackBerry news, CEO John Joseph Giamatteo sold 18,279 shares of the stock in a transaction that occurred on Monday, January 8th. The stock was sold at an average price of $3.23, for a total transaction of $59,041.17. Following the transaction, the chief executive officer now directly owns 206,090 shares in the company, valued at approximately $665,670.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Philip G. Brace bought 35,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 14th. The shares were bought at an average price of $2.79 per share, for a total transaction of $97,650.00. Following the transaction, the director now directly owns 35,000 shares in the company, valued at $97,650. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 44,090 shares of company stock worth $142,812. 1.94% of the stock is currently owned by insiders.

Institutional Investors Weigh In On BlackBerry

A number of hedge funds have recently added to or reduced their stakes in BB. Vanguard Group Inc. lifted its stake in shares of BlackBerry by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 19,355,856 shares of the company’s stock valued at $68,520,000 after buying an additional 131,133 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of BlackBerry by 191.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 927,037 shares of the company’s stock worth $3,282,000 after acquiring an additional 608,460 shares during the last quarter. Legal & General Group Plc raised its holdings in shares of BlackBerry by 21.2% in the 4th quarter. Legal & General Group Plc now owns 23,417,371 shares of the company’s stock worth $83,468,000 after acquiring an additional 4,101,823 shares during the last quarter. Nuveen Asset Management LLC bought a new position in BlackBerry in the 4th quarter valued at about $1,572,000. Finally, Creative Planning acquired a new position in BlackBerry during the 4th quarter valued at about $37,000. Institutional investors and hedge funds own 54.48% of the company’s stock.

Analyst Ratings Changes

BB has been the subject of several analyst reports. Raymond James decreased their price objective on BlackBerry from $7.00 to $6.50 and set a “market perform” rating for the company in a report on Thursday, December 21st. Royal Bank of Canada restated a “sector perform” rating and set a $3.00 price objective on shares of BlackBerry in a research report on Thursday. TD Securities dropped their price target on BlackBerry from $4.00 to $3.75 and set a “hold” rating for the company in a report on Thursday, December 21st. Robert W. Baird lowered their price target on shares of BlackBerry from $4.50 to $3.50 and set a “neutral” rating on the stock in a research report on Wednesday, February 14th. Finally, StockNews.com downgraded BlackBerry from a “hold” rating to a “sell” rating in a research report on Wednesday, February 21st. One analyst has rated the stock with a sell rating and six have issued a hold rating to the company’s stock. Based on data from MarketBeat, BlackBerry has an average rating of “Hold” and a consensus price target of $4.08.

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.