Blackbaud, Inc. (BLKB) Upgraded to “Buy” at Zacks Investment Research
Blackbaud, Inc. (NASDAQ:BLKB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm currently has a $115.00 price target on the technology company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 13.56% from the company’s previous close.
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 research analysts have also issued reports on the company. Citigroup Inc. set a $112.00 target price on Blackbaud and gave the company a “buy” rating in a research report on Friday. B. Riley set a $82.00 target price on Blackbaud and gave the company a “hold” rating in a research report on Thursday. Robert W. Baird upped their target price on Blackbaud from $85.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday, October 23rd. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $96.00 target price on shares of Blackbaud in a research report on Friday, July 21st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. Blackbaud currently has an average rating of “Hold” and a consensus target price of $91.44.
Blackbaud (NASDAQ BLKB) traded down 1.09% during midday trading on Monday, reaching $101.27. The company had a trading volume of 580,117 shares. The company has a market capitalization of $4.73 billion, a P/E ratio of 97.47 and a beta of 0.84. The firm has a 50-day moving average of $88.42 and a 200 day moving average of $85.52. Blackbaud has a 1-year low of $55.88 and a 1-year high of $103.41.
Blackbaud (NASDAQ:BLKB) last announced its earnings results on Wednesday, October 25th. The technology company reported $0.56 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.05. Blackbaud had a return on equity of 31.25% and a net margin of 6.82%. The company had revenue of $195.51 million for the quarter, compared to analyst estimates of $196.35 million. During the same period in the prior year, the company posted $0.45 EPS. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. On average, equities research analysts forecast that Blackbaud will post $2.16 EPS for the current year.
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In other news, Director George H. Ellis sold 3,000 shares of the stock in a transaction dated Monday, August 14th. The stock was sold at an average price of $85.40, for a total value of $256,200.00. Following the transaction, the director now directly owns 9,011 shares of the company’s stock, valued at $769,539.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jon W. Olson sold 5,282 shares of the stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $84.24, for a total value of $444,955.68. Following the completion of the transaction, the senior vice president now directly owns 50,756 shares in the company, valued at $4,275,685.44. The disclosure for this sale can be found here. Insiders sold 20,752 shares of company stock worth $1,771,517 over the last three months. Corporate insiders own 2.19% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. World Asset Management Inc increased its holdings in shares of Blackbaud by 0.8% in the second quarter. World Asset Management Inc now owns 3,043 shares of the technology company’s stock valued at $261,000 after purchasing an additional 24 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Blackbaud by 2.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,537 shares of the technology company’s stock valued at $132,000 after purchasing an additional 39 shares during the period. Janney Montgomery Scott LLC increased its holdings in shares of Blackbaud by 1.3% in the second quarter. Janney Montgomery Scott LLC now owns 4,234 shares of the technology company’s stock valued at $363,000 after purchasing an additional 54 shares during the period. 1st Global Advisors Inc. increased its holdings in shares of Blackbaud by 0.6% in the second quarter. 1st Global Advisors Inc. now owns 9,588 shares of the technology company’s stock valued at $822,000 after purchasing an additional 57 shares during the period. Finally, Advisor Group Inc. increased its holdings in shares of Blackbaud by 2.1% in the second quarter. Advisor Group Inc. now owns 3,108 shares of the technology company’s stock valued at $265,000 after purchasing an additional 65 shares during the period.
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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