Blackbaud Inc. (BLKB) Shares Gap Down to $68.50
Blackbaud Inc. (NASDAQ:BLKB) shares gapped down prior to trading on Monday . The stock had previously closed at $68.24, but opened at $68.50. Blackbaud shares last traded at $69.34, with a volume of 206,000 shares trading hands.
A number of research analysts have issued reports on the stock. Zacks Investment Research lowered shares of Blackbaud from a “hold” rating to a “sell” rating in a report on Thursday, August 4th. B. Riley restated a “buy” rating and issued a $77.00 target price on shares of Blackbaud in a report on Wednesday, August 3rd. Wunderlich upped their target price on shares of Blackbaud from $69.00 to $78.00 and gave the company a “buy” rating in a report on Tuesday, August 2nd. Off Wall Street assumed coverage on shares of Blackbaud in a report on Wednesday, July 27th. They issued a “sell” rating and a $50.00 target price on the stock. Finally, William Blair assumed coverage on shares of Blackbaud in a report on Monday, July 11th. They issued an “outperform” rating on the stock. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $70.90.
The firm has a market cap of $3.20 billion and a PE ratio of 119.55. The company’s 50-day moving average is $68.13 and its 200-day moving average is $63.75.
Blackbaud (NASDAQ:BLKB) last released its earnings results on Monday, August 1st. The company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by $0.04. During the same quarter in the prior year, the firm posted $0.41 earnings per share. The company earned $180.20 million during the quarter, compared to analysts’ expectations of $182.05 million. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. Equities research analysts expect that Blackbaud Inc. will post $1.92 EPS for the current fiscal 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 issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date of this dividend is Wednesday, August 24th.
In related news, Director Joyce Nelson sold 600 shares of Blackbaud stock in a transaction dated Tuesday, August 23rd. The stock was sold at an average price of $68.11, for a total value of $40,866.00. Following the transaction, the director now owns 15,254 shares of the company’s stock, valued at approximately $1,038,949.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John J. Mistretta sold 2,255 shares of Blackbaud stock in a transaction dated Tuesday, July 12th. The stock was sold at an average price of $70.00, for a total value of $157,850.00. Following the completion of the transaction, the executive vice president now directly owns 86,117 shares in the company, valued at approximately $6,028,190. The disclosure for this sale can be found here.
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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