Blackbaud Inc. (BLKB) Sees Strong Trading Volume
Blackbaud Inc. (NASDAQ:BLKB) saw unusually-strong trading volume on Thursday . Approximately 357,750 shares were traded during trading, an increase of 74% from the previous session’s volume of 205,875 shares.The stock last traded at $67.22 and had previously closed at $67.94.
A number of research firms recently issued reports on BLKB. Zacks Investment Research cut shares of Blackbaud from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 12th. B. Riley reissued a “buy” rating and issued a $77.00 price target on shares of Blackbaud in a research note on Friday, April 29th. SunTrust Banks Inc. reissued a “buy” rating and issued a $75.00 price target on shares of Blackbaud in a research note on Thursday, May 5th. Evercore ISI began coverage on shares of Blackbaud in a research note on Monday, June 27th. They issued a “hold” rating and a $70.00 price target on the stock. Finally, Evercore Partners Inc. began coverage on shares of Blackbaud in a research note on Monday, June 27th. They issued a “hold” rating on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the stock. Blackbaud presently has an average rating of “Buy” and a consensus target price of $70.00.
The stock has a 50 day moving average of $67.93 and a 200 day moving average of $61.98. The firm has a market cap of $3.08 billion and a P/E ratio of 117.70.
Blackbaud (NASDAQ:BLKB) last released its quarterly earnings results on Wednesday, April 27th. The company reported $0.42 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.42. The company had revenue of $171 million for the quarter, compared to analysts’ expectations of $171.69 million. Blackbaud’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.32 EPS. Equities analysts forecast that Blackbaud Inc. will post $1.94 earnings per share for the current year.
In other news, CFO Anthony W. Boor sold 14,968 shares of the company’s stock in a transaction that occurred on Monday, May 2nd. The stock was sold at an average price of $62.18, for a total transaction of $930,710.24. Following the completion of the sale, the chief financial officer now owns 127,705 shares in the company, valued at $7,940,696.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John J. Mistretta sold 3,922 shares of the company’s stock in a transaction that occurred on Tuesday, May 31st. The stock was sold at an average price of $62.10, for a total value of $243,556.20. Following the sale, the executive vice president now owns 90,957 shares of the company’s stock, valued at approximately $5,648,429.70. The disclosure for this sale can be found here.
Other large investors recently added to or reduced their stakes in the company. GSA Capital Partners LLP boosted its stake in Blackbaud by 90.7% in the fourth quarter. GSA Capital Partners LLP now owns 17,629 shares of the company’s stock valued at $1,161,000 after buying an additional 8,383 shares during the period. Russell Frank Co boosted its position in Blackbaud by 863.7% in the fourth quarter. Russell Frank Co now owns 21,800 shares of the company’s stock valued at $1,455,000 after buying an additional 19,538 shares during the last quarter. State of Tennessee Treasury Department acquired a new position in Blackbaud during the fourth quarter valued at about $2,410,000. Marshall Wace LLP acquired a new position in Blackbaud during the fourth quarter valued at about $3,356,000. Finally, Rhumbline Advisers boosted its position in Blackbaud by 7.3% in the fourth quarter. Rhumbline Advisers now owns 62,506 shares of the company’s stock valued at $4,117,000 after buying an additional 4,255 shares during 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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