Blackbaud Inc. (BLKB) Sees Strong Trading Volume
Blackbaud Inc. (NASDAQ:BLKB) shares saw unusually-strong trading volume on Tuesday . Approximately 257,602 shares were traded during trading, a decline of 1% from the previous session’s volume of 260,862 shares.The stock last traded at $67.98 and had previously closed at $69.00.
Several research analysts have commented on BLKB shares. B. Riley reaffirmed a “buy” rating and set a $77.00 target price on shares of Blackbaud in a report on Friday, April 29th. Zacks Investment Research downgraded Blackbaud from a “hold” rating to a “sell” rating in a report on Tuesday, May 3rd. SunTrust Banks Inc. reaffirmed a “buy” rating and set a $75.00 target price on shares of Blackbaud in a report on Thursday, May 5th. Evercore ISI started coverage on Blackbaud in a report on Monday, June 27th. They set a “hold” rating and a $70.00 target price on the stock. Finally, Evercore Partners Inc. started coverage on Blackbaud in a report on Monday, June 27th. They set a “hold” rating on the stock. Two analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $70.90.
The firm has a 50-day moving average of $68.42 and a 200-day moving average of $62.78. The firm has a market capitalization of $3.11 billion and a PE ratio of 116.24.
Blackbaud (NASDAQ:BLKB) last released its quarterly earnings results on Monday, August 1st. The company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.50 by $0.04. The firm had revenue of $180.20 million for the quarter, compared to analysts’ expectations of $182.05 million. The business’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.41 earnings per share. On average, equities research analysts predict that Blackbaud Inc. will post $1.92 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Friday, August 26th will be paid a $0.12 dividend. The ex-dividend date is Wednesday, August 24th. This represents a $0.48 dividend on an annualized basis and a yield of 0.71%.
In related news, EVP John J. Mistretta sold 2,255 shares of the stock in a transaction on Tuesday, July 12th. The stock was sold at an average price of $70.00, for a total value of $157,850.00. Following the transaction, the executive vice president now owns 86,117 shares of the company’s stock, valued at $6,028,190. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Charles T. Cumbaa sold 11,431 shares of the stock in a transaction on Friday, July 8th. The shares were sold at an average price of $68.50, for a total value of $783,023.50. Following the completion of the transaction, the executive vice president now directly owns 91,955 shares in the company, valued at approximately $6,298,917.50. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have recently added to or reduced their stakes in the stock. Marshall Wace LLP purchased a new position in Blackbaud during the fourth quarter worth approximately $3,356,000. Dimensional Fund Advisors LP boosted its position in Blackbaud by 5.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 842,204 shares of the company’s stock worth $55,469,000 after buying an additional 41,080 shares in the last quarter. State of Tennessee Treasury Department purchased a new position in Blackbaud during the fourth quarter worth approximately $2,410,000. Finally, GSA Capital Partners LLP boosted 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.
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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