In a recent filing with the Securities and Exchange Commission, BlackBerry Ltd (NYSE:BB) disclosed that Chief Financial Officer Tim Foote sold 467 common shares on January 3, 2025. The shares were sold at a weighted average price of $4.00, resulting in a total transaction value of $1,868. The transaction comes as BlackBerry shares trade near their 52-week high of $4.12, having surged 63.6% over the past six months. According to InvestingPro analysis, the stock's RSI indicates overbought conditions.
The sale was conducted to cover withholding taxes upon the vesting of Restricted Share Units (RSUs), as noted in the filing. Following this transaction, Foote holds 9,236 shares directly.
Additionally, the filing reported that Foote acquired 1,600 common shares through the vesting of RSUs on the same date. These RSUs fully vested on January 3, 2025, and were converted into common shares without any monetary exchange.
In other recent news, BlackBerry Limited has been making significant strides in the automotive and software sectors. The company announced a partnership with Microsoft (NASDAQ:MSFT) to expedite the development of Software-Defined Vehicles (SDVs) by integrating the QNX Software (ETR:SOWGn) Development Platform with Microsoft Azure. This collaboration is expected to streamline the creation, testing, and integration of software essential for the next wave of automotive technology.
BlackBerry also rebranded its IoT division to QNX to strengthen its position in the automotive and embedded software markets. This move is part of a strategy to enhance visibility and leadership within these sectors, anticipating sustained growth and success.
On the financial front, BlackBerry's Q2 results for fiscal year 2025 exceeded expectations, reporting a total revenue of $145 million. Looking ahead to Q3, BlackBerry expects IoT revenue of $56 to $60 million and Cyber revenue of $86 to $90 million.
In terms of analyst notes, Baird, RBC Capital, and Canaccord Genuity have adjusted their financial outlooks for BlackBerry. Baird raised its price target to $3.50, RBC Capital increased the price target to $3.25, while Canaccord Genuity raised the price target to $3.00, all maintaining a neutral outlook on the stock. These revisions reflect BlackBerry's recent sale of its cybersecurity unit, Cylance, to Arctic Wolf and the dismissal of a lawsuit filed by former executive Neelam Sandhu.
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