BidaskClub Downgrades Blackbaud (BLKB) to Buy
Blackbaud (NASDAQ:BLKB) was downgraded by equities research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued on Tuesday.
BLKB has been the topic of a number of other reports. Citigroup began coverage on Blackbaud in a report on Friday, September 22nd. They issued a “buy” rating and a $100.00 price target on the stock. Zacks Investment Research raised Blackbaud from a “hold” rating to a “buy” rating and set a $115.00 price objective on the stock in a report on Monday, October 30th. B. Riley set a $82.00 price objective on Blackbaud and gave the stock a “hold” rating in a report on Thursday, October 26th. Robert W. Baird set a $85.00 price objective on Blackbaud and gave the stock a “hold” rating in a report on Sunday, October 1st. Finally, Dougherty & Co began coverage on Blackbaud in a report on Tuesday, October 31st. They set a “neutral” rating on the stock. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Blackbaud currently has an average rating of “Buy” and a consensus target price of $94.75.
Blackbaud (BLKB) traded down $0.33 during midday trading on Tuesday, reaching $95.39. The company had a trading volume of 131,908 shares, compared to its average volume of 307,138. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 1.19. Blackbaud has a one year low of $61.98 and a one year high of $104.55. The stock has a market cap of $4,600.00, a PE ratio of 56.80, a PEG ratio of 5.86 and a beta of 0.82.
Blackbaud (NASDAQ:BLKB) last posted its quarterly earnings results on Wednesday, October 25th. The technology company reported $0.56 EPS for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.05. Blackbaud had a return on equity of 31.25% and a net margin of 6.82%. The company had revenue of $195.51 million for the quarter, compared to analysts’ expectations of $196.35 million. During the same period in the previous year, the firm earned $0.45 EPS. The firm’s revenue was up 6.8% compared to the same quarter last year. sell-side analysts predict that Blackbaud will post 1.57 earnings per share for the current fiscal year.
In other news, CFO Anthony W. Boor sold 1,989 shares of the company’s stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $98.26, for a total transaction of $195,439.14. Following the sale, the chief financial officer now directly owns 105,342 shares of the company’s stock, valued at approximately $10,350,904.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Brian Boruff sold 800 shares of the business’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $103.95, for a total value of $83,160.00. Following the transaction, the executive vice president now directly owns 50,862 shares in the company, valued at approximately $5,287,104.90. The disclosure for this sale can be found here. Insiders have sold a total of 9,655 shares of company stock worth $972,923 over the last ninety days. Insiders own 2.19% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allen Investment Management LLC increased its position in shares of Blackbaud by 69.1% during the 2nd quarter. Allen Investment Management LLC now owns 18,541 shares of the technology company’s stock valued at $1,590,000 after purchasing an additional 7,579 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Blackbaud by 6.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 918,865 shares of the technology company’s stock valued at $78,792,000 after purchasing an additional 51,747 shares during the last quarter. Russell Investments Group Ltd. bought a new position in shares of Blackbaud during the 2nd quarter valued at approximately $1,476,000. Turner Investments LLC bought a new position in shares of Blackbaud during the 2nd quarter valued at approximately $472,000. Finally, Nationwide Fund Advisors increased its position in shares of Blackbaud by 27.2% during the 2nd quarter. Nationwide Fund Advisors now owns 431,506 shares of the technology company’s stock valued at $37,002,000 after purchasing an additional 92,379 shares during the last quarter.
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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