In a recent stock transaction, Tim Foote, Chief Financial Officer of BlackBerry Ltd (NYSE:BB), sold 745 common shares of the company. The shares were sold at an average price of $4.00, resulting in a total transaction value of approximately $2,980. The transaction comes as BlackBerry’s stock trades near its 52-week high of $4.35, having gained over 67% in the past six months. According to InvestingPro analysis, the stock appears slightly overvalued at current levels.
The sale was part of a broader transaction dated January 6, 2025, where Foote also acquired 2,367 common shares through the vesting of Restricted Share Units (RSUs). These RSUs were converted into common shares, with no direct purchase price involved. Following these transactions, Foote now holds a total of 10,858 shares directly in the company, which currently maintains a market capitalization of $2.4 billion.
The RSUs, which were originally granted on January 6, 2023, are set to vest in three equal annual installments, concluding on January 6, 2026. The shares sold were part of a transaction to cover withholding taxes upon the vesting of these RSUs. For deeper insights into insider transactions and comprehensive analysis, check out BlackBerry’s detailed Pro Research Report, available exclusively on InvestingPro.
In other recent news, BlackBerry Limited has announced a significant partnership with Microsoft (NASDAQ:MSFT) to expedite the development of Software-Defined Vehicles (SDVs). This collaboration aims to integrate BlackBerry’s QNX Software (ETR:SOWGn) Development Platform (SDP) 8.0 with Microsoft Azure, providing a robust cloud environment for automotive and Internet of Things applications. Furthermore, BlackBerry’s IoT division has been rebranded to QNX, a strategic move to strengthen its position in the automotive and embedded software markets. The company’s Q2 financial results for fiscal year 2025 exceeded expectations, reporting total revenue of $145 million, despite a non-GAAP operating loss of $4 million. For Q3, BlackBerry expects IoT revenue of $56 to $60 million and Cyber revenue of $86 to $90 million. Analysts from Baird, RBC Capital, and Canaccord Genuity have adjusted their financial outlooks for BlackBerry, with all maintaining a neutral outlook on the stock. These revisions reflect recent developments, including the sale of BlackBerry’s cybersecurity unit, Cylance, to Arctic Wolf, and the dismissal of a lawsuit filed by a former executive.
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