ValuEngine Downgrades Blackbaud (NASDAQ:BLKB) to Hold

ValuEngine downgraded shares of Blackbaud (NASDAQ:BLKB) from a buy rating to a hold rating in a research note released on Thursday morning, ValuEngine reports.

Several other research firms have also weighed in on BLKB. Bank of America reiterated an underperform rating and set a $80.00 target price (up previously from $70.00) on shares of Blackbaud in a research note on Thursday, August 1st. DA Davidson boosted their target price on shares of Blackbaud to $89.00 and gave the company a neutral rating in a research note on Thursday, August 1st. BidaskClub lowered shares of Blackbaud from a buy rating to a hold rating in a research note on Tuesday, September 3rd. Finally, Zacks Investment Research lowered shares of Blackbaud from a strong-buy rating to a hold rating and set a $101.00 target price for the company. in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $89.00.

Shares of NASDAQ:BLKB traded down $0.55 during midday trading on Thursday, reaching $93.07. The company had a trading volume of 69,669 shares, compared to its average volume of 265,086. The company has a debt-to-equity ratio of 1.75, a current ratio of 0.76 and a quick ratio of 0.76. The stock’s fifty day moving average price is $90.74 and its 200-day moving average price is $84.29. The stock has a market capitalization of $4.51 billion, a P/E ratio of 49.77, a PEG ratio of 9.01 and a beta of 1.21. Blackbaud has a one year low of $58.23 and a one year high of $97.35.

Blackbaud (NASDAQ:BLKB) last released its earnings results on Tuesday, July 30th. The technology company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.37. Blackbaud had a net margin of 3.04% and a return on equity of 20.51%. The firm had revenue of $226.40 million during the quarter, compared to analyst estimates of $223.53 million. During the same quarter in the previous year, the firm earned $0.69 earnings per share. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Blackbaud will post 1.27 earnings per share for the current year.

In other news, Director Joyce Nelson sold 1,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $88.62, for a total transaction of $88,620.00. Following the completion of the transaction, the director now owns 12,051 shares in the company, valued at $1,067,959.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director George H. Ellis sold 2,000 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was sold at an average price of $88.20, for a total transaction of $176,400.00. Following the transaction, the director now owns 4,404 shares of the company’s stock, valued at approximately $388,432.80. The disclosure for this sale can be found here. 1.56% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in shares of Blackbaud by 1.7% during the second quarter. BlackRock Inc. now owns 5,704,970 shares of the technology company’s stock worth $476,366,000 after acquiring an additional 95,043 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of Blackbaud by 2.0% during the second quarter. Janus Henderson Group PLC now owns 4,878,906 shares of the technology company’s stock worth $407,395,000 after acquiring an additional 96,323 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Blackbaud by 1.1% during the second quarter. Vanguard Group Inc. now owns 4,671,771 shares of the technology company’s stock worth $390,093,000 after acquiring an additional 50,669 shares during the last quarter. Conestoga Capital Advisors LLC grew its position in shares of Blackbaud by 2.6% during the second quarter. Conestoga Capital Advisors LLC now owns 1,037,322 shares of the technology company’s stock worth $86,616,000 after acquiring an additional 25,957 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of Blackbaud by 2.8% during the second quarter. JPMorgan Chase & Co. now owns 1,002,823 shares of the technology company’s stock worth $82,082,000 after acquiring an additional 26,925 shares during the last quarter.

About Blackbaud

Blackbaud, Inc provides cloud software solutions to nonprofits, foundations, companies, education institutions, healthcare organizations, individual change agents, and other charitable giving entities. The company offers fundraising and relationship management solutions and services, including Blackbaud Raiser's Edge NXT, Blackbaud CRM, Blackbaud Luminate CRM, Blackbaud eTapestry, Blackbaud TeamRaiser, everydayhero, Blackbaud Peer-to-Peer Fundraising, and Blackbaud Guided Fundraising; and marketing and engagement solutions, such as Blackbaud Luminate Online, Blackbaud Online Express, Blackbaud NetCommunity, Blackbaud Attentive.ly, and Blackbaud School Website System.

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