Zacks Investment Research Lowers Blackbaud, Inc. (BLKB) to Strong Sell
Blackbaud, Inc. (NASDAQ:BLKB) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Monday.
According to Zacks, “Blackbaud is the leading global provider of software and related services designed specifically for nonprofit organizations. Blackbaud’s solutions include The Raiser’s Edge, The Financial Edge, The Education Edge, The Information Edge, WealthPoint and ProspectPoint, as well as a wide range of consulting and educational services. Blackbaud has operations in Toronto, Ontario, Glasgow, Scotland, and Sydney, Australia. “
Other equities research analysts have also issued research reports about the stock. Benchmark Co. cut their price target on shares of Blackbaud from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, June 27th. B. Riley lowered shares of Blackbaud to a “neutral” rating and set a $78.00 price target on the stock. in a report on Monday, May 8th. Stifel Nicolaus raised their price target on shares of Blackbaud from $79.00 to $83.00 and gave the stock a “buy” rating in a report on Monday, May 1st. Finally, Raymond James Financial, Inc. assumed coverage on shares of Blackbaud in a report on Wednesday, April 19th. They issued an “outperform” rating and a $90.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $81.71.
Shares of Blackbaud (NASDAQ BLKB) traded up 0.43% during mid-day trading on Monday, reaching $88.04. 147,129 shares of the company’s stock were exchanged. Blackbaud has a one year low of $55.88 and a one year high of $93.81. The stock has a market cap of $4.11 billion, a PE ratio of 84.74 and a beta of 0.77. The company has a 50 day moving average price of $88.51 and a 200-day moving average price of $79.12.
Blackbaud (NASDAQ:BLKB) last announced its quarterly earnings results on Monday, July 31st. The technology company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by $0.12. The firm had revenue of $192.50 million during the quarter, compared to the consensus estimate of $193.66 million. Blackbaud had a return on equity of 30.88% and a net margin of 6.46%. Blackbaud’s revenue was up 6.4% on a year-over-year basis. During the same period last year, the business earned $0.46 EPS. On average, analysts predict that Blackbaud will post $2.14 EPS for the current year.
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In other news, EVP Kevin W. Mooney sold 5,094 shares of Blackbaud stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $79.11, for a total transaction of $402,986.34. Following the sale, the executive vice president now owns 85,976 shares of the company’s stock, valued at approximately $6,801,561.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John J. Mistretta sold 4,016 shares of Blackbaud stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $83.00, for a total transaction of $333,328.00. Following the sale, the executive vice president now directly owns 87,165 shares in the company, valued at approximately $7,234,695. The disclosure for this sale can be found here. Insiders have sold a total of 14,224 shares of company stock worth $1,152,915 in the last ninety days. Insiders own 2.74% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Foundry Partners LLC bought a new stake in shares of Blackbaud during the first quarter worth $201,000. Raymond James Trust N.A. bought a new stake in shares of Blackbaud during the first quarter worth $220,000. Bank of Montreal Can raised its stake in shares of Blackbaud by 0.7% in the first quarter. Bank of Montreal Can now owns 15,456 shares of the technology company’s stock worth $1,185,000 after buying an additional 111 shares during the last quarter. Daiwa SB Investments Ltd. bought a new stake in shares of Blackbaud during the first quarter worth $788,000. Finally, Campbell Newman Asset Management Inc. raised its stake in shares of Blackbaud by 13.6% in the first quarter. Campbell Newman Asset Management Inc. now owns 4,437 shares of the technology company’s stock worth $340,000 after buying an additional 530 shares during the last quarter.
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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