Blackbaud Inc. (BLKB) Downgraded by Bank of America Corp.
Bank of America Corp. lowered shares of Blackbaud Inc. (NASDAQ:BLKB) from a neutral rating to an underperform rating in a research note released on Wednesday morning. Bank of America Corp. currently has $65.00 price objective on the stock.
Other equities research analysts have also issued reports about the stock. B. Riley restated a buy rating and set a $77.00 target price on shares of Blackbaud in a research report on Wednesday, August 3rd. Wunderlich boosted their price objective on shares of Blackbaud from $69.00 to $78.00 and gave the stock a buy rating in a research report on Tuesday, August 2nd. Zacks Investment Research upgraded shares of Blackbaud from a strong sell rating to a hold rating in a research report on Monday, November 7th. JMP Securities initiated coverage on shares of Blackbaud in a research report on Thursday, October 13th. They issued an outperform rating on the stock. Finally, Off Wall Street initiated coverage on shares of Blackbaud in a research report on Wednesday, July 27th. They issued a sell rating and a $50.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $69.89.
Shares of Blackbaud (NASDAQ:BLKB) opened at 64.18 on Wednesday. The firm has a market capitalization of $2.96 billion, a PE ratio of 98.74 and a beta of 0.96. Blackbaud has a 12 month low of $49.89 and a 12 month high of $71.76. The firm’s 50 day moving average is $63.47 and its 200-day moving average is $65.59.
Blackbaud (NASDAQ:BLKB) last issued its earnings results on Tuesday, November 1st. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.51 by $0.06. The company had revenue of $183.10 million for the quarter, compared to analysts’ expectations of $184.68 million. Blackbaud had a return on equity of 27.58% and a net margin of 3.97%. Blackbaud’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.38 earnings per share. On average, analysts expect that Blackbaud will post $1.90 EPS for the current fiscal year.
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The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Wednesday, November 23rd will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date of this dividend is Monday, November 21st. Blackbaud’s dividend payout ratio is currently 78.69%.
In other news, Director Joyce Nelson sold 1,000 shares of the company’s stock in a transaction dated Tuesday, November 15th. The shares were sold at an average price of $64.69, for a total transaction of $64,690.00. Following the completion of the transaction, the director now owns 14,254 shares of the company’s stock, valued at approximately $922,091.26. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Kevin W. Mooney sold 4,319 shares of the company’s stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $60.85, for a total transaction of $262,811.15. Following the transaction, the executive vice president now directly owns 72,797 shares of the company’s stock, valued at approximately $4,429,697.45. The disclosure for this sale can be found here. Insiders own 2.74% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Strs Ohio increased its position in Blackbaud by 10.1% in the second quarter. Strs Ohio now owns 7,600 shares of the company’s stock worth $516,000 after buying an additional 700 shares in the last quarter. Louisiana State Employees Retirement System increased its position in Blackbaud by 1.0% in the second quarter. Louisiana State Employees Retirement System now owns 21,000 shares of the company’s stock worth $1,426,000 after buying an additional 200 shares in the last quarter. Bank of Montreal Can bought a new position in Blackbaud during the second quarter worth approximately $916,000. LS Investment Advisors LLC increased its position in Blackbaud by 3.6% in the second quarter. LS Investment Advisors LLC now owns 1,696 shares of the company’s stock worth $115,000 after buying an additional 59 shares in the last quarter. Finally, 1st Global Advisors Inc. increased its position in Blackbaud by 2.5% in the second quarter. 1st Global Advisors Inc. now owns 7,117 shares of the company’s stock worth $483,000 after buying an additional 174 shares in the last quarter.
Blackbaud Company Profile
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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