Blackbaud, Inc. (BLKB) Earns Buy Rating from Analysts at Citigroup Inc.
Equities researchers at Citigroup Inc. began coverage on shares of Blackbaud, Inc. (NASDAQ:BLKB) in a report issued on Friday, The Fly reports. The firm set a “buy” rating on the technology company’s stock.
A number of other research analysts have also recently issued reports on BLKB. Benchmark Co. decreased their target price on Blackbaud from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Tuesday, June 27th. Stifel Nicolaus reiterated a “buy” rating and issued a $96.00 target price on shares of Blackbaud in a research report on Friday, July 21st. Zacks Investment Research upgraded Blackbaud from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Finally, B. Riley reiterated a “neutral” rating and issued a $78.00 target price on shares of Blackbaud in a research report on Wednesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $81.71.
Blackbaud (BLKB) opened at 83.01 on Friday. Blackbaud has a 12 month low of $55.88 and a 12 month high of $93.81. The company’s 50-day moving average is $84.91 and its 200 day moving average is $82.88. The firm has a market cap of $3.87 billion, a P/E ratio of 79.89 and a beta of 0.82.
Blackbaud (NASDAQ:BLKB) last released its earnings results on Monday, July 31st. The technology company reported $0.39 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.12). Blackbaud had a net margin of 6.46% and a return on equity of 30.88%. The business had revenue of $192.50 million during the quarter, compared to the consensus estimate of $193.66 million. During the same quarter in the prior year, the firm earned $0.46 EPS. The business’s revenue was up 6.4% on a year-over-year basis. Equities research analysts expect that Blackbaud will post $2.13 EPS for the current fiscal year.
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In related news, SVP Jon W. Olson sold 5,282 shares of Blackbaud stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $84.24, for a total value of $444,955.68. Following the transaction, the senior vice president now directly owns 50,756 shares of the company’s stock, valued at $4,275,685.44. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director George H. Ellis sold 3,000 shares of Blackbaud stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $85.40, for a total value of $256,200.00. Following the completion of the transaction, the director now directly owns 9,011 shares in the company, valued at $769,539.40. The disclosure for this sale can be found here. Insiders have sold 20,752 shares of company stock worth $1,771,517 over the last three months. Insiders own 2.74% of the company’s stock.
Several institutional investors have recently bought and sold shares of BLKB. Strs Ohio lifted its stake in shares of Blackbaud by 19.6% in the first quarter. Strs Ohio now owns 6,700 shares of the technology company’s stock worth $513,000 after acquiring an additional 1,100 shares during the period. Wells Fargo & Company MN lifted its stake in shares of Blackbaud by 2.8% in the first quarter. Wells Fargo & Company MN now owns 60,599 shares of the technology company’s stock worth $4,646,000 after acquiring an additional 1,659 shares during the period. American Century Companies Inc. acquired a new position in shares of Blackbaud in the first quarter worth approximately $2,708,000. US Bancorp DE lifted its stake in shares of Blackbaud by 5.1% in the first quarter. US Bancorp DE now owns 6,817 shares of the technology company’s stock worth $523,000 after acquiring an additional 330 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Blackbaud by 3.4% in the first quarter. Bank of New York Mellon Corp now owns 654,894 shares of the technology company’s stock worth $50,209,000 after acquiring an additional 21,840 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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