Zacks Investment Research lowered shares of Blackbaud (NASDAQ:BLKB) from a buy rating to a hold rating in a research report released on Wednesday, December 27th.
According to Zacks, “Blackbaud Inc. combines technology and expertise to help organizations achieve their missions. Blackbaud works with more than 30,000 customers in over 60 countries that support higher education, healthcare, human services, arts and culture, faith, the environment, independent K-12 education, animal welfare and other charitable causes. The company offers a full spectrum of cloud-based and on-premise software solutions and related services for organizations of all sizes including: fundraising, eMarketing, advocacy, constituent relationship management (CRM), financial management, payment solutions, analytics and vertical-specific solutions. Using Blackbaud technology, these organizations raise more than $100 billion each year. “
Several other equities research analysts have also recently commented on the stock. Robert W. Baird lifted their price target on shares of Blackbaud from $85.00 to $95.00 and gave the stock a neutral rating in a research report on Monday, October 23rd. Citigroup assumed coverage on shares of Blackbaud in a research note on Friday, September 22nd. They issued a buy rating and a $100.00 price target on the stock. BidaskClub lowered shares of Blackbaud from a strong-buy rating to a buy rating in a research report on Tuesday, December 12th. Dougherty & Co assumed coverage on shares of Blackbaud in a research report on Tuesday, October 31st. They issued a neutral rating on the stock. Finally, B. Riley set a $82.00 price target on shares of Blackbaud and gave the stock a hold rating in a research report on Thursday, October 26th. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Blackbaud currently has a consensus rating of Hold and a consensus price target of $94.75.
Blackbaud (NASDAQ:BLKB) last posted its quarterly earnings data on Wednesday, October 25th. The technology company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.05. Blackbaud had a net margin of 6.82% and a return on equity of 31.25%. The firm had revenue of $195.51 million during the quarter, compared to analysts’ expectations of $196.35 million. During the same quarter last year, the company posted $0.45 EPS. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. equities analysts predict that Blackbaud will post 1.57 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Tuesday, November 28th were paid a $0.12 dividend. The ex-dividend date was Monday, November 27th. This represents a $0.48 annualized dividend and a dividend yield of 0.50%. Blackbaud’s dividend payout ratio (DPR) is presently 43.64%.
In other news, EVP Brian Boruff sold 800 shares of the stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $103.95, for a total value of $83,160.00. Following the completion of the transaction, the executive vice president now owns 50,862 shares of the company’s stock, valued at $5,287,104.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director George H. Ellis sold 1,500 shares of the stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $101.47, for a total transaction of $152,205.00. Following the completion of the transaction, the director now directly owns 7,511 shares of the company’s stock, valued at approximately $762,141.17. The disclosure for this sale can be found here. Insiders sold 9,655 shares of company stock worth $972,923 over the last 90 days. 2.19% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of BLKB. Russell Investments Group Ltd. bought a new position in Blackbaud in the 2nd quarter valued at approximately $1,476,000. TD Asset Management Inc. raised its holdings in Blackbaud by 10.3% in the 2nd quarter. TD Asset Management Inc. now owns 6,400 shares of the technology company’s stock valued at $549,000 after buying an additional 600 shares during the last quarter. Schwab Charles Investment Management Inc. raised its holdings in Blackbaud by 2.1% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 204,735 shares of the technology company’s stock valued at $17,557,000 after buying an additional 4,218 shares during the last quarter. First Trust Advisors LP raised its holdings in Blackbaud by 302.8% in the 2nd quarter. First Trust Advisors LP now owns 31,492 shares of the technology company’s stock valued at $2,700,000 after buying an additional 23,673 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its position in Blackbaud by 136.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 23,004 shares of the technology company’s stock valued at $1,973,000 after purchasing an additional 13,278 shares during the period.
Blackbaud Company Profile
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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