Blackbaud, Inc. (NASDAQ:BLKB) Downgraded to Strong Sell at Zacks Investment Research
Blackbaud, Inc. (NASDAQ:BLKB) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Monday.
According to Zacks, “Blackbaud is the leading global provider of software and related services designed specifically for nonprofit organizations. Blackbaud’s solutions include The Raiser’s Edge, The Financial Edge, The Education Edge, The Information Edge, WealthPoint and ProspectPoint, as well as a wide range of consulting and educational services. Blackbaud has operations in Toronto, Ontario, Glasgow, Scotland, and Sydney, Australia. “
BLKB has been the subject of a number of other reports. Stifel Nicolaus increased their price target on shares of Blackbaud from $79.00 to $83.00 and gave the stock a “buy” rating in a research report on Monday, May 1st. Benchmark Co. reissued a “buy” rating and issued a $90.00 price target (up from $85.00) on shares of Blackbaud in a research report on Tuesday, May 2nd. B. Riley lowered shares of Blackbaud from a “buy” rating to a “neutral” rating and set a $78.00 price target for the company. in a research report on Wednesday, May 3rd. Finally, Raymond James Financial, Inc. assumed coverage on shares of Blackbaud in a research report on Wednesday, April 19th. They issued an “outperform” rating and a $90.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. Blackbaud presently has a consensus rating of “Hold” and a consensus price target of $81.71.
Blackbaud (NASDAQ:BLKB) opened at 87.57 on Monday. Blackbaud has a 52-week low of $55.88 and a 52-week high of $93.81. The stock has a 50 day moving average of $88.63 and a 200-day moving average of $79.29. The firm has a market cap of $4.09 billion, a price-to-earnings ratio of 84.28 and a beta of 0.77.
Blackbaud (NASDAQ:BLKB) last posted its quarterly earnings data on Monday, July 31st. The technology company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.51 by $0.12. The firm had revenue of $192.50 million for the quarter, compared to analysts’ expectations of $193.66 million. Blackbaud had a net margin of 6.46% and a return on equity of 30.88%. Blackbaud’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.46 earnings per share. On average, analysts expect that Blackbaud will post $2.14 EPS for the current year.
In related news, Director Sarah E. Nash sold 825 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $78.67, for a total transaction of $64,902.75. Following the transaction, the director now owns 20,652 shares of the company’s stock, valued at $1,624,692.84. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP John J. Mistretta sold 596 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $82.00, for a total transaction of $48,872.00. Following the transaction, the executive vice president now directly owns 86,278 shares in the company, valued at approximately $7,074,796. The disclosure for this sale can be found here. Insiders sold 9,130 shares of company stock valued at $749,929 over the last three months. 2.74% of the stock is owned by insiders.
A number of institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of Blackbaud by 145,653.8% in the first quarter. BlackRock Inc. now owns 5,741,241 shares of the technology company’s stock valued at $440,182,000 after buying an additional 5,737,302 shares during the last quarter. Neuberger Berman Group LLC raised its position in shares of Blackbaud by 208.2% in the first quarter. Neuberger Berman Group LLC now owns 624,541 shares of the technology company’s stock valued at $47,884,000 after buying an additional 421,894 shares during the last quarter. Public Employees Retirement Association of Colorado raised its position in shares of Blackbaud by 2,074.9% in the first quarter. Public Employees Retirement Association of Colorado now owns 218,009 shares of the technology company’s stock valued at $16,715,000 after buying an additional 207,985 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Blackbaud by 5.1% in the first quarter. Vanguard Group Inc. now owns 4,239,186 shares of the technology company’s stock valued at $325,020,000 after buying an additional 205,672 shares during the last quarter. Finally, Champlain Investment Partners LLC raised its position in shares of Blackbaud by 9.6% in the first quarter. Champlain Investment Partners LLC now owns 2,258,955 shares of the technology company’s stock valued at $173,194,000 after buying an additional 197,065 shares during the last quarter.
Blackbaud, Inc is a cloud software company. The Company offers a range of cloud and on-premise solutions, as well as a resource network that empowers and connects organizations of all sizes. Its segments include the General Markets Business Unit (the GMBU), the Enterprise Customer Business Unit (the ECBU) and the International Business Unit (the IBU).
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