Blackbaud, Inc. (BLKB) Upgraded to “Hold” by Zacks Investment Research
Zacks Investment Research upgraded shares of Blackbaud, Inc. (NASDAQ:BLKB) from a sell rating to a hold rating in a report issued on Tuesday morning.
According to Zacks, “Blackbaud, Inc. is a cloud software company. The Company offers a range of cloud and on-premise solutions, as well as a resource network that empowers and connects organizations of all sizes. Its segments include the General Markets Business Unit (the GMBU), the Enterprise Customer Business Unit (the ECBU) and the International Business Unit (the IBU). The GMBU is focused on marketing, sales, delivery and support to all emerging and mid-sized prospects and customers in North America. The ECBU is focused on marketing, sales, delivery and support to all large and/or strategic prospects and customers in North America. The IBU is focused on marketing, sales, delivery and support to all prospects and customers outside of North America. It operates in four geographic regions: the United States, Canada, Europe and Australia. Its portfolio of software and services supports nonprofit fundraising and relationship management, digital marketing, advocacy, accounting, payments and analytics. “
Other equities analysts have also issued reports about the company. Stifel Nicolaus reiterated a buy rating and issued a $96.00 target price on shares of Blackbaud in a report on Friday, July 21st. Benchmark Co. reduced their price target on shares of Blackbaud from $100.00 to $90.00 and set a buy rating for the company in a research report on Tuesday, June 27th. B. Riley restated a neutral rating and set a $78.00 price target on shares of Blackbaud in a research note on Wednesday, August 2nd. Robert W. Baird set a $85.00 price target on shares of Blackbaud and gave the company a hold rating in a research note on Sunday. Finally, Citigroup Inc. started coverage on shares of Blackbaud in a research note on Friday, September 22nd. They set a buy rating and a $100.00 price target for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $85.25.
Shares of Blackbaud (BLKB) traded down 0.14% during mid-day trading on Tuesday, hitting $88.32. The stock had a trading volume of 99,152 shares. Blackbaud has a 1-year low of $55.88 and a 1-year high of $93.81. The company has a market cap of $4.09 billion, a P/E ratio of 100.36 and a beta of 0.84. The firm’s 50 day moving average price is $84.58 and its 200 day moving average price is $83.66.
Blackbaud (NASDAQ:BLKB) last announced its quarterly earnings results on Monday, July 31st. The technology company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.12). The firm had revenue of $192.50 million during the quarter, compared to the consensus estimate of $193.66 million. Blackbaud had a return on equity of 30.88% and a net margin of 6.46%. The firm’s revenue was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.46 EPS. Analysts predict that Blackbaud will post $2.13 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Monday, August 28th were given a dividend of $0.12 per share. The ex-dividend date was Thursday, August 24th. This represents a $0.48 annualized dividend and a dividend yield of 0.54%. Blackbaud’s payout ratio is 47.06%.
In other Blackbaud news, EVP Kevin W. Mooney sold 2,338 shares of Blackbaud stock in a transaction on Tuesday, August 8th. The shares were sold at an average price of $88.00, for a total transaction of $205,744.00. Following the transaction, the executive vice president now directly owns 83,638 shares of the company’s stock, valued at approximately $7,360,144. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director George H. Ellis sold 3,000 shares of Blackbaud stock in a transaction on Monday, August 14th. The stock was sold at an average price of $85.40, for a total transaction of $256,200.00. Following the transaction, the director now directly owns 9,011 shares in the company, valued at $769,539.40. The disclosure for this sale can be found here. Insiders have sold 20,752 shares of company stock valued at $1,771,517 in the last quarter. 2.19% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Wells Fargo & Company MN raised its holdings in shares of Blackbaud by 2.8% in the first quarter. Wells Fargo & Company MN now owns 60,599 shares of the technology company’s stock valued at $4,646,000 after purchasing an additional 1,659 shares during the last quarter. US Bancorp DE boosted its holdings in Blackbaud by 5.1% during the first quarter. US Bancorp DE now owns 6,817 shares of the technology company’s stock worth $523,000 after purchasing an additional 330 shares during the last quarter. World Asset Management Inc purchased a new position in Blackbaud during the first quarter worth about $231,000. UBS Asset Management Americas Inc. boosted its holdings in Blackbaud by 20.9% during the first quarter. UBS Asset Management Americas Inc. now owns 25,200 shares of the technology company’s stock worth $1,932,000 after purchasing an additional 4,362 shares during the last quarter. Finally, Karp Capital Management Corp purchased a new position in Blackbaud during the first quarter worth about $1,516,000.
Blackbaud Company Profile
Blackbaud, Inc is a cloud software company. The Company offers a range of cloud and on-premise solutions, as well as a resource network that empowers and connects organizations of all sizes. Its segments include the General Markets Business Unit (the GMBU), the Enterprise Customer Business Unit (the ECBU) and the International Business Unit (the IBU).
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