Microvast Holdings announces departure of chief financial officer
BlackBerry Ltd (NYSE:BB) Chief Financial Officer Tim Foote recently sold a portion of his holdings in the company, according to a regulatory filing. On April 4, Foote sold 5,196 common shares at an average price of $2.99, totaling approximately $15,536. This transaction was part of a series of sales to cover withholding taxes upon the vesting of restricted share units (RSUs). The stock, currently trading at $2.95, appears undervalued according to InvestingPro analysis, with technical indicators suggesting oversold conditions.
Despite the sale, Foote maintains a significant stake in BlackBerry, with 31,120 shares owned following the transaction. Additionally, he acquired 20,255 common shares through the vesting of RSUs, which were converted at no cost as per the company's discretion. These RSUs, granted a year prior, vest in equal annual installments over three years, contingent upon continued employment. The company maintains a healthy balance sheet with more cash than debt and a strong current ratio of 1.72.
This move comes as BlackBerry continues to navigate its strategic transformation from a smartphone manufacturer to a software and services company, focusing on cybersecurity and the Internet of Things. With annual revenue of $534.9 million and positive net income growth expected this year, the company shows promising signs. Investors closely monitor insider transactions like these for insights into executive confidence in the company's future. For deeper insights into BlackBerry's transformation and financial health, access the comprehensive research report available on InvestingPro.
In other recent news, BlackBerry Limited reported fourth-quarter earnings that exceeded expectations, with adjusted earnings per share of $0.03, surpassing the analyst estimate of $0.02. Revenue for the quarter reached $141.7 million, above the forecasted $132.2 million. However, despite this strong performance, the company provided guidance for the upcoming fiscal year that fell short of analysts' projections. BlackBerry anticipates first-quarter revenue between $107 million and $115 million, below the consensus of $128.4 million, and full-year 2026 revenue between $504 million and $534 million, also under the expected $550.6 million.
RBC Capital Markets adjusted BlackBerry's stock price target to $3.75 from $4.00, maintaining a Sector Perform rating due to concerns about fiscal year 2026 guidance and external factors affecting revenue. Canaccord Genuity also revised its price target, lowering it to $4.25 from $4.75, while maintaining a Hold rating, citing the company's business outlook and market conditions. BlackBerry's QNX division reported a 6% sequential revenue increase to $65.8 million, with Secure Communications revenue exceeding guidance at $67.3 million. The company's cash position improved significantly, bolstered by improved operating cash flow and proceeds from the sale of its Cylance unit. Despite these developments, analysts expressed concerns about uncertainties in revenue growth due to potential tariffs and political changes.
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