Blackbaud (NASDAQ:BLKB) Price Target Raised to $85.00

Blackbaud (NASDAQ:BLKB) had its target price raised by Stifel Nicolaus from $80.00 to $85.00 in a report published on Thursday, Benzinga reports. The firm currently has a hold rating on the technology company’s stock.

Several other analysts also recently weighed in on the company. Robert W. Baird raised their target price on Blackbaud from $88.00 to $92.00 and gave the company an outperform rating in a research note on Thursday, August 1st. Evercore ISI upgraded Blackbaud to a hold rating in a research note on Thursday, August 1st.

Blackbaud Stock Up 0.1 %

Shares of NASDAQ BLKB opened at $84.10 on Thursday. Blackbaud has a 12-month low of $64.32 and a 12-month high of $88.56. The company has a market cap of $4.34 billion, a P/E ratio of 205.12 and a beta of 1.02. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.73. The stock has a fifty day moving average price of $80.55 and a 200 day moving average price of $77.73.

Blackbaud (NASDAQ:BLKB) last announced its quarterly earnings results on Tuesday, July 30th. The technology company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.04. The firm had revenue of $287.29 million during the quarter, compared to the consensus estimate of $289.26 million. Blackbaud had a return on equity of 18.54% and a net margin of 3.64%. The firm’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.49 EPS. Research analysts anticipate that Blackbaud will post 2.46 EPS for the current fiscal year.

Blackbaud declared that its Board of Directors has approved a stock repurchase program on Tuesday, July 30th that authorizes the company to buyback $800.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 18.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Transactions at Blackbaud

In other news, SVP Jon W. Olson sold 4,000 shares of the stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $76.00, for a total transaction of $304,000.00. Following the transaction, the senior vice president now owns 29,628 shares of the company’s stock, valued at $2,251,728. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Blackbaud news, Director Sarah E. Nash sold 3,220 shares of the firm’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $76.18, for a total value of $245,299.60. Following the transaction, the director now owns 26,823 shares of the company’s stock, valued at $2,043,376.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jon W. Olson sold 4,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $76.00, for a total transaction of $304,000.00. Following the completion of the transaction, the senior vice president now directly owns 29,628 shares in the company, valued at approximately $2,251,728. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,409 shares of company stock valued at $4,483,193. Insiders own 1.95% of the company’s stock.

Hedge Funds Weigh In On Blackbaud

A number of large investors have recently bought and sold shares of BLKB. DT Investment Partners LLC bought a new stake in shares of Blackbaud during the second quarter valued at approximately $33,000. Quest Partners LLC raised its holdings in shares of Blackbaud by 2,950.0% during the second quarter. Quest Partners LLC now owns 427 shares of the technology company’s stock valued at $33,000 after buying an additional 413 shares during the last quarter. YHB Investment Advisors Inc. bought a new stake in shares of Blackbaud during the first quarter valued at approximately $54,000. Parallel Advisors LLC raised its holdings in shares of Blackbaud by 303.3% during the fourth quarter. Parallel Advisors LLC now owns 734 shares of the technology company’s stock valued at $64,000 after buying an additional 552 shares during the last quarter. Finally, EntryPoint Capital LLC raised its holdings in shares of Blackbaud by 447.8% during the first quarter. EntryPoint Capital LLC now owns 2,542 shares of the technology company’s stock valued at $188,000 after buying an additional 2,078 shares during the last quarter. Institutional investors own 94.21% of the company’s stock.

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.