Robert W. Baird Downgrades Blackbaud (NASDAQ:BLKB) to Neutral

Blackbaud (NASDAQ:BLKB) was downgraded by research analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a note issued to investors on Thursday, MarketBeat Ratings reports. They currently have a $80.00 target price on the technology company’s stock, down from their prior target price of $92.00. Robert W. Baird’s target price would indicate a potential upside of 2.93% from the company’s previous close.

Several other research analysts have also commented on BLKB. Evercore ISI raised shares of Blackbaud to a “hold” rating in a research note on Thursday, August 1st. Stifel Nicolaus raised their price target on shares of Blackbaud from $80.00 to $85.00 and gave the company a “hold” rating in a research report on Thursday, September 26th. Finally, Raymond James cut their price objective on Blackbaud from $98.00 to $95.00 and set an “outperform” rating on the stock in a research report on Monday, October 7th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Blackbaud currently has an average rating of “Hold” and a consensus target price of $86.67.

Blackbaud Stock Performance

Shares of Blackbaud stock opened at $77.72 on Thursday. The firm has a market cap of $4.01 billion, a PE ratio of 76.20 and a beta of 1.02. The company has a quick ratio of 0.80, a current ratio of 0.68 and a debt-to-equity ratio of 1.79. Blackbaud has a 52 week low of $66.47 and a 52 week high of $88.56. The business’s fifty day simple moving average is $83.30 and its 200-day simple moving average is $79.55.

Blackbaud (NASDAQ:BLKB) last posted its earnings results on Tuesday, July 30th. The technology company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. Blackbaud had a net margin of 4.61% and a return on equity of 20.34%. The company had revenue of $287.29 million for the quarter, compared to analysts’ expectations of $289.26 million. During the same quarter in the prior year, the company posted $0.49 earnings per share. Blackbaud’s revenue for the quarter was up 6.0% compared to the same quarter last year. Equities analysts forecast that Blackbaud will post 2.45 earnings per share for the current year.

Blackbaud announced that its Board of Directors has initiated a share buyback program on Tuesday, July 30th that allows the company to buyback $800.00 million in shares. This buyback authorization allows the technology company to purchase up to 18.1% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, EVP David J. Benjamin sold 5,590 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $78.04, for a total value of $436,243.60. Following the transaction, the executive vice president now owns 51,108 shares in the company, valued at approximately $3,988,468.32. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, EVP Kevin Mcdearis sold 2,261 shares of the business’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $85.12, for a total value of $192,456.32. Following the completion of the sale, the executive vice president now directly owns 60,129 shares of the company’s stock, valued at $5,118,180.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP David J. Benjamin sold 5,590 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $78.04, for a total value of $436,243.60. Following the transaction, the executive vice president now directly owns 51,108 shares in the company, valued at approximately $3,988,468.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,409 shares of company stock valued at $4,483,193 in the last ninety days. Insiders own 1.95% of the company’s stock.

Institutional Trading of Blackbaud

Institutional investors and hedge funds have recently made changes to their positions in the company. First Personal Financial Services increased its position in Blackbaud by 25.9% during the third quarter. First Personal Financial Services now owns 16,640 shares of the technology company’s stock worth $1,409,000 after buying an additional 3,424 shares during the period. Angeles Wealth Management LLC acquired a new position in shares of Blackbaud in the 3rd quarter valued at $297,000. Allspring Global Investments Holdings LLC raised its position in Blackbaud by 20.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 320,058 shares of the technology company’s stock valued at $27,103,000 after purchasing an additional 54,138 shares during the last quarter. Blue Trust Inc. boosted its stake in Blackbaud by 190.4% during the 3rd quarter. Blue Trust Inc. now owns 1,597 shares of the technology company’s stock worth $135,000 after purchasing an additional 1,047 shares during the period. Finally, Inspire Investing LLC grew its position in Blackbaud by 6.4% during the 3rd quarter. Inspire Investing LLC now owns 4,879 shares of the technology company’s stock worth $413,000 after purchasing an additional 292 shares during the last quarter. 94.21% of the stock is owned by hedge funds and other institutional investors.

Blackbaud Company Profile

Blackbaud, Inc provides cloud software solutions to nonprofits, foundations, education institutions, and healthcare organizations in the United States and internationally. The company offers fundraising and engagement solutions, such as Blackbaud Raiser's Edge NXT, Blackbaud CRM, Blackbaud eTapestry, Blackbaud Luminate Online, Blackbaud TeamRaiser, JustGiving, Blackbaud Fundraiser Performance Management, Blackbaud Guided Fundraising, and Blackbaud Altru; and financial management solutions comprising Blackbaud Financial Edge NXT, Blackbaud Tuition Management, and Blackbaud Financial Aid and Billing Management.