Blackbaud Inc. (BLKB) Shares Down 4.8%
Blackbaud Inc. (NASDAQ:BLKB) shares were down 4.8% during trading on Wednesday . The stock traded as low as $67.41 and last traded at $67.61, with a volume of 356,568 shares traded. The stock had previously closed at $71.01.
Several research analysts have recently commented on BLKB shares. Zacks Investment Research lowered Blackbaud from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 12th. B. Riley restated a “buy” rating and set a $77.00 price target on shares of Blackbaud in a research report on Friday, April 29th. SunTrust Banks Inc. restated a “buy” rating and set a $75.00 price target on shares of Blackbaud in a research report on Thursday, May 5th. Evercore ISI started coverage on Blackbaud in a research report on Monday, June 27th. They set a “hold” rating and a $70.00 price target for the company. Finally, Evercore Partners Inc. started coverage on Blackbaud in a research report on Monday, June 27th. They set a “hold” rating for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $70.00.
The stock has a 50 day moving average price of $67.81 and a 200 day moving average price of $61.90. The firm has a market capitalization of $3.12 billion and a P/E ratio of 119.40.
Blackbaud (NASDAQ:BLKB) last released its quarterly earnings results on Wednesday, April 27th. The company reported $0.42 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.42. The business had revenue of $171 million for the quarter, compared to the consensus estimate of $171.69 million. The firm’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.32 EPS. On average, analysts predict that Blackbaud Inc. will post $1.94 earnings per share for the current fiscal year.
In other news, CFO Anthony W. Boor sold 14,968 shares of the firm’s stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $62.18, for a total transaction of $930,710.24. Following the transaction, the chief financial officer now owns 127,705 shares in the company, valued at approximately $7,940,696.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John J. Mistretta sold 2,255 shares of the firm’s stock in a transaction on Tuesday, July 12th. The shares were sold at an average price of $70.00, for a total transaction of $157,850.00. Following the transaction, the executive vice president now owns 86,117 shares in the company, valued at approximately $6,028,190. The disclosure for this sale can be found here.
Several hedge funds and institutional investors have added to or reduced their stakes in the stock. GSA Capital Partners LLP increased its position in Blackbaud by 90.7% in the fourth quarter. GSA Capital Partners LLP now owns 17,629 shares of the company’s stock worth $1,161,000 after buying an additional 8,383 shares in the last quarter. Russell Frank Co increased its position in Blackbaud by 863.7% in the fourth quarter. Russell Frank Co now owns 21,800 shares of the company’s stock worth $1,455,000 after buying an additional 19,538 shares in the last quarter. State of Tennessee Treasury Department acquired a new position in Blackbaud during the fourth quarter worth $2,410,000. Marshall Wace LLP acquired a new position in Blackbaud during the fourth quarter worth $3,356,000. Finally, Rhumbline Advisers increased its position in Blackbaud by 7.3% in the fourth quarter. Rhumbline Advisers now owns 62,506 shares of the company’s stock worth $4,117,000 after buying an additional 4,255 shares in the last quarter.
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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