Blackbaud Inc. (BLKB) Sees Large Volume Increase
Blackbaud Inc. (NASDAQ:BLKB) shares saw unusually-high trading volume on Friday . Approximately 342,075 shares traded hands during trading, an increase of 15% from the previous session’s volume of 297,922 shares.The stock last traded at $64.92 and had previously closed at $64.69.
A number of analysts recently weighed in on the stock. Zacks Investment Research raised shares of Blackbaud from a “sell” rating to a “hold” rating in a research report on Tuesday, June 14th. Evercore ISI assumed coverage on shares of Blackbaud in a research report on Monday, June 27th. They set a “hold” rating and a $70.00 price target for the company. Evercore Partners Inc. assumed coverage on shares of Blackbaud in a research report on Monday, June 27th. They set a “hold” rating for the company. Robert W. Baird reaffirmed an “outperform” rating and set a $70.00 price target on shares of Blackbaud in a research report on Wednesday, June 29th. Finally, Stifel Nicolaus upped their price target on shares of Blackbaud from $70.00 to $73.00 and gave the stock a “buy” rating in a research report on Thursday, June 30th. Two analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $70.90.
The company has a market cap of $2.96 billion, a price-to-earnings ratio of 110.90 and a beta of 1.20. The company has a 50-day moving average of $67.62 and a 200 day moving average of $64.42.
Blackbaud (NASDAQ:BLKB) last released its earnings results on Monday, August 1st. The company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by $0.04. Blackbaud had a return on equity of 27.31% and a net margin of 3.97%. The company earned $180.20 million during the quarter, compared to analysts’ expectations of $182.05 million. During the same quarter in the previous year, the company earned $0.41 EPS. The firm’s quarterly revenue was up 15.3% compared to the same quarter last year. Equities analysts forecast that Blackbaud Inc. will post $1.92 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Friday, August 26th were given a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, August 24th. This represents a $0.48 dividend on an annualized basis and a yield of 0.75%. Blackbaud’s payout ratio is 81.36%.
In other Blackbaud news, insider Michael P. Gianoni sold 11,500 shares of the stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $66.84, for a total value of $768,660.00. Following the completion of the sale, the insider now owns 254,429 shares in the company, valued at approximately $17,006,034.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Joyce Nelson sold 600 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $68.11, for a total transaction of $40,866.00. Following the completion of the sale, the director now owns 15,254 shares of the company’s stock, valued at approximately $1,038,949.94. The disclosure for this sale can be found here. 2.74% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the company. Mason Street Advisors LLC bought a new stake in Blackbaud during the second quarter worth about $630,000. Royal Bank of Canada increased its stake in Blackbaud by 5.7% in the second quarter. Royal Bank of Canada now owns 16,131 shares of the company’s stock worth $1,095,000 after buying an additional 873 shares during the last quarter. Sterling Capital Management LLC increased its stake in Blackbaud by 14.5% in the second quarter. Sterling Capital Management LLC now owns 20,904 shares of the company’s stock worth $1,419,000 after buying an additional 2,649 shares during the last quarter. Schwab Charles Investment Management Inc. increased its stake in Blackbaud by 1.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 178,320 shares of the company’s stock worth $12,108,000 after buying an additional 2,844 shares during the last quarter. Finally, Amalgamated Bank increased its stake in Blackbaud by 10.4% in the second quarter. Amalgamated Bank now owns 5,449 shares of the company’s stock worth $372,000 after buying an additional 514 shares during the last quarter.
Blackbaud Company Profile
Blackbaud, Inc is a provider of software and services for the global philanthropic community. The Company’s 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.
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