BlackBerry Limited (NYSE:BB) Shares Sold by NewGen Asset Management Ltd

NewGen Asset Management Ltd lessened its stake in shares of BlackBerry Limited (NYSE:BB) by 55.0% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,700,000 shares of the company’s stock after selling 2,078,360 shares during the quarter. BlackBerry comprises about 4.2% of NewGen Asset Management Ltd’s portfolio, making the stock its 7th largest holding. NewGen Asset Management Ltd owned approximately 0.29% of BlackBerry worth $6,409,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Legal & General Group Plc raised its stake in BlackBerry by 19.9% in the 4th quarter. Legal & General Group Plc now owns 33,185,748 shares of the company’s stock worth $125,987,000 after purchasing an additional 5,518,216 shares in the last quarter. Vanguard Group Inc. raised its stake in BlackBerry by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 22,865,831 shares of the company’s stock worth $86,844,000 after purchasing an additional 364,569 shares in the last quarter. Hood River Capital Management LLC acquired a new stake in BlackBerry in the 4th quarter worth about $53,267,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in BlackBerry by 41.9% in the 4th 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 in the last quarter. Finally, First Trust Advisors LP raised its stake in BlackBerry by 13.9% in the 4th quarter. First Trust Advisors LP now owns 12,755,972 shares of the company’s stock worth $48,218,000 after purchasing an additional 1,558,904 shares in the last quarter. Institutional investors and hedge funds own 54.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. CIBC dropped their price objective on shares of BlackBerry from $7.00 to $6.00 and set an “outperformer” rating for the company in a research note on Thursday, April 3rd. Wall Street Zen upgraded shares of BlackBerry from a “hold” rating to a “buy” rating in a research report on Friday, June 6th. Royal Bank of Canada set a $3.75 target price on shares of BlackBerry in a research report on Thursday, April 3rd. Finally, Canaccord Genuity Group dropped their target price on shares of BlackBerry from $4.75 to $4.25 and set a “hold” rating for the company in a research report on Thursday, April 3rd. Five research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, BlackBerry currently has an average rating of “Moderate Buy” and an average price target of $4.12.

Insiders Place Their Bets

In other BlackBerry news, SVP Jennifer Armstrong-Owen sold 29,940 shares of the business’s stock in a transaction that occurred on Friday, April 4th. The shares were sold at an average price of $2.99, for a total transaction of $89,520.60. Following the sale, the senior vice president now directly owns 42,398 shares of the company’s stock, valued at $126,770.02. The trade was a 41.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold 37,216 shares of company stock valued at $112,025 in the last ninety days. 0.37% of the stock is currently owned by insiders.

BlackBerry Trading Up 0.6%

Shares of BlackBerry stock opened at $4.17 on Thursday. The firm has a market capitalization of $2.49 billion, a PE ratio of -18.93 and a beta of 1.45. The company has a current ratio of 1.37, a quick ratio of 1.37 and a debt-to-equity ratio of 0.27. The firm’s 50 day moving average is $3.62 and its 200 day moving average is $3.91. BlackBerry Limited has a 1 year low of $2.01 and a 1 year high of $6.24.

BlackBerry (NYSE:BB) last announced its quarterly earnings results on Wednesday, April 2nd. The company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate 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 in the previous year, the firm posted $0.03 EPS. Equities research analysts forecast that BlackBerry Limited will post -0.03 earnings per share for the current fiscal year.

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 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.