Robinhood shares gain on Q2 beat, as user and crypto growth accelerate
In a recent transaction, John Joseph Giamatteo, CEO and President of Cybersecurity at BlackBerry Ltd (NYSE:BB), sold 155,815 shares of the company's common stock. The shares were sold at an average price of $3.68, totaling $573,399. This sale occurred on January 2, 2025, as part of a planned transaction to cover withholding taxes upon the vesting of Restricted Share Units. The stock, which has shown strong momentum with a 64% gain over the past six months according to InvestingPro data, is currently trading near its 52-week high of $4.12.
Additionally, Giamatteo acquired 335,277 common shares following the vesting of Restricted Share Units, which did not involve any cash transaction. After these transactions, he now holds 385,552 shares directly.
These transactions are part of routine financial management strategies, ensuring compliance with tax obligations while adjusting the executive's equity position in the company.
In other recent news, BlackBerry Limited has reported significant developments in its operations. The company recently announced a partnership with Microsoft (NASDAQ:MSFT) to expedite the development of Software-Defined Vehicles (SDVs) through the integration of its QNX Software (ETR:SOWGn) Development Platform (SDP) 8.0 with Microsoft Azure. This collaboration aims to streamline the creation, testing, and integration of software essential for the next wave of automotive technology.
In other developments, BlackBerry's QNX division has teamed up with Microsoft Azure to enhance the development of auto software. This joint venture aims to provide a robust environment for automakers to innovate and refine automotive and Internet of Things applications. The partnership is also set to extend to the QNX Hypervisor and QNX Cabin, a new reference architecture designed to help Original Equipment Manufacturers (OEMs) develop digital cockpits.
Furthermore, BlackBerry has rebranded its IoT division to QNX, aiming to strengthen its position in the automotive and embedded software markets. Analysts from Baird, RBC Capital, and Canaccord Genuity have adjusted their financial outlooks for BlackBerry, raising their price targets while maintaining a neutral outlook on the stock.
Canaccord Genuity has also increased its price target for BlackBerry shares to $3.00, maintaining a Hold rating, reflecting the substantial backlog for its QNX software. Lastly, Baird has revised its estimates for BlackBerry's fiscal years 2026 and 2027, following the company's third-quarter fiscal year 2025 results that exceeded expectations.
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