Blackbaud (NASDAQ:BLKB) PT Raised to $85.00

Blackbaud (NASDAQ:BLKB) had its price objective hoisted by equities research analysts at Stifel Nicolaus from $80.00 to $85.00 in a report released on Thursday, Benzinga reports. The firm presently has a “hold” rating on the technology company’s stock. Stifel Nicolaus’ price target would suggest a potential upside of 1.70% from the company’s previous close.

Several other equities research analysts also recently issued reports on BLKB. Robert W. Baird raised their price objective on shares of Blackbaud from $88.00 to $92.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. Evercore ISI upgraded Blackbaud to a “hold” rating in a research note on Thursday, August 1st.

Blackbaud Stock Down 0.1 %

Shares of NASDAQ BLKB traded down $0.12 during trading hours on Thursday, hitting $83.58. The company had a trading volume of 30,707 shares, compared to its average volume of 239,248. The stock has a market capitalization of $4.31 billion, a P/E ratio of 203.85 and a beta of 1.02. Blackbaud has a 1-year low of $64.32 and a 1-year high of $88.56. The firm’s 50 day moving average is $80.27 and its 200-day moving average is $77.62. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.73.

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

Blackbaud declared that its Board of Directors has approved a stock buyback program on Tuesday, July 30th that allows the company to buyback $800.00 million in outstanding 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 typically a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Blackbaud

In related news, SVP Jon W. Olson sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $76.00, for a total value of $304,000.00. Following the completion of the sale, the senior vice president now directly owns 29,628 shares in the company, valued at $2,251,728. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, SVP Jon W. Olson sold 4,000 shares of the company’s 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 completion of the sale, the senior vice president now owns 29,628 shares of the company’s stock, valued at $2,251,728. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $245,299.60. Following the completion of the transaction, the director now directly owns 26,823 shares in the company, valued at $2,043,376.14. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 55,409 shares of company stock valued at $4,483,193. 1.95% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Blackbaud

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Blackbaud by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 5,646,203 shares of the technology company’s stock valued at $418,609,000 after purchasing an additional 71,619 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Blackbaud by 1.9% in the 1st quarter. Janus Henderson Group PLC now owns 2,840,576 shares of the technology company’s stock valued at $210,599,000 after acquiring an additional 53,057 shares during the last quarter. Geneva Capital Management LLC boosted its holdings in shares of Blackbaud by 12.7% during the 1st quarter. Geneva Capital Management LLC now owns 1,195,891 shares of the technology company’s stock valued at $88,663,000 after acquiring an additional 135,103 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Blackbaud by 0.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,036,467 shares of the technology company’s stock worth $78,949,000 after acquiring an additional 8,761 shares during the last quarter. Finally, Van Berkom & Associates Inc. increased its holdings in Blackbaud by 1.6% in the 2nd quarter. Van Berkom & Associates Inc. now owns 657,419 shares of the technology company’s stock worth $50,076,000 after purchasing an additional 10,203 shares in the last quarter. 94.21% of the stock is currently owned by institutional investors.

About Blackbaud

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.