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Philip S. Kurtz, the Chief Legal Officer and Corporate Secretary at BlackBerry Ltd (NYSE:BB), recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Kurtz sold a total of 1,382 common shares on January 3, 2025, at an average price of $3.97 per share, amounting to a total value of $5,486. The sale comes as BlackBerry's stock trades near its 52-week high of $4.12, having surged 63.6% over the past six months. According to InvestingPro analysis, the stock is currently trading above its Fair Value, with technical indicators suggesting overbought conditions.
The transactions included two separate sales, one involving 1,027 shares and another with 355 shares. These sales were conducted to cover withholding taxes upon the vesting of Restricted Share Units (RSUs).
Following these transactions, Kurtz's direct ownership in BlackBerry amounts to 38,938 shares. The sales were part of routine financial management related to equity compensation.
In other recent news, BlackBerry Limited has announced a collaboration with Microsoft (NASDAQ:MSFT) to expedite the development of Software-Defined Vehicles (SDVs) through the integration of the QNX Software (ETR:SOWGn) Development Platform (SDP) 8.0 and Microsoft Azure. This partnership is expected to provide a robust cloud environment for developers to innovate and refine automotive and Internet of Things applications. BlackBerry's Q2 financial results for fiscal year 2025 reported a total revenue of $145 million, despite a non-GAAP operating loss of $4 million. Looking ahead to 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 Baird raising its price target to $3.50, RBC Capital to $3.25, and Canaccord Genuity to $3.00. 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 former executive Neelam Sandhu.
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