Blackbaud Inc. (BLKB) Trading Down 3%
Shares of Blackbaud Inc. (NASDAQ:BLKB) traded down 3% during mid-day trading on Wednesday . The company traded as low as $65.36 and last traded at $65.40, with a volume of 234,694 shares. The stock had previously closed at $67.42.
A number of research firms have recently weighed in on BLKB. Zacks Investment Research cut Blackbaud from a “hold” rating to a “sell” rating in a report on Thursday, August 4th. B. Riley reiterated a “buy” rating and set a $77.00 price target on shares of Blackbaud in a report on Wednesday, August 3rd. Wunderlich increased their price target on Blackbaud from $69.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, August 2nd. Off Wall Street began coverage on Blackbaud in a report on Wednesday, July 27th. They set a “sell” rating and a $50.00 price target for the company. Finally, William Blair began coverage on Blackbaud in a report on Monday, July 11th. They set an “outperform” rating for the company. Two analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $70.90.
The stock’s 50-day moving average is $68.44 and its 200 day moving average is $62.84. The company has a market capitalization of $3.01 billion and a price-to-earnings ratio of 112.76.
Blackbaud (NASDAQ:BLKB) last posted its earnings results on Monday, August 1st. The company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.50 by $0.04. During the same quarter in the prior year, the company posted $0.41 EPS. The company earned $180.20 million during the quarter, compared to analysts’ expectations of $182.05 million. Blackbaud’s revenue for the quarter was up 15.3% compared to the same quarter last year. On average, equities analysts expect that Blackbaud Inc. will post $1.92 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Friday, August 26th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.73%. The ex-dividend date is Wednesday, August 24th.
In other Blackbaud news, SVP Jon W. Olson sold 4,500 shares of the stock in a transaction on Thursday, August 4th. The stock was sold at an average price of $66.88, for a total transaction of $300,960.00. Following the completion of the transaction, the senior vice president now directly owns 33,404 shares of the company’s stock, valued at approximately $2,234,059.52. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director George H. Ellis sold 1,300 shares of the stock in a transaction on Wednesday, May 25th. The shares were sold at an average price of $61.44, for a total value of $79,872.00. Following the transaction, the director now directly owns 10,660 shares of the company’s stock, valued at $654,950.40. The disclosure for this sale can be found here.
A number of institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its position in shares of 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 during the last quarter. Marshall Wace LLP purchased a new position in shares of Blackbaud during the fourth quarter worth about $3,356,000. Finally, State of Tennessee Treasury Department purchased a new position in shares of Blackbaud during the fourth quarter worth about $2,410,000.
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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