Blackbaud Inc. (BLKB) Receives Consensus Rating of “Hold” from Brokerages
Shares of Blackbaud Inc. (NASDAQ:BLKB) have earned an average rating of “Hold” from the thirteen analysts that are presently covering the company. Two analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and seven have issued a buy recommendation on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $70.67.
Several research analysts have recently issued reports on BLKB shares. B. Riley reaffirmed a “buy” rating and issued a $77.00 target price on shares of Blackbaud in a research note on Wednesday, August 3rd. Wunderlich raised their target price on shares of Blackbaud from $69.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, August 2nd. Stifel Nicolaus lifted their price objective on shares of Blackbaud from $70.00 to $73.00 and gave the stock a “buy” rating in a research note on Thursday, June 30th. Evercore Partners Inc. initiated coverage on shares of Blackbaud in a research note on Monday, June 27th. They set a “hold” rating on the stock. Finally, Evercore ISI initiated coverage on shares of Blackbaud in a research note on Monday, June 27th. They set a “hold” rating and a $70.00 price objective on the stock.
In other news, insider Michael P. Gianoni sold 11,500 shares of Blackbaud stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $66.84, for a total value of $768,660.00. Following the sale, the insider now directly owns 254,429 shares in the company, valued at $17,006,034.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jon W. Olson sold 4,500 shares of Blackbaud stock in a transaction that occurred on Thursday, August 4th. The shares were sold at an average price of $66.88, for a total transaction of $300,960.00. Following the completion of the sale, the senior vice president now owns 33,404 shares in the company, valued at $2,234,059.52. The disclosure for this sale can be found here. Company insiders own 2.74% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. TimesSquare Capital Management LLC acquired a new stake in Blackbaud during the second quarter worth about $28,237,000. Mesirow Financial Investment Management Equity Management acquired a new stake in Blackbaud during the second quarter worth about $22,609,000. Atlanta Capital Management Co. L L C increased its stake in Blackbaud by 5.9% in the second quarter. Atlanta Capital Management Co. L L C now owns 4,539,544 shares of the company’s stock worth $308,235,000 after buying an additional 254,792 shares during the period. Henderson Group PLC increased its stake in Blackbaud by 57.6% in the second quarter. Henderson Group PLC now owns 490,805 shares of the company’s stock worth $33,326,000 after buying an additional 179,382 shares during the period. Finally, Champlain Investment Partners LLC increased its stake in Blackbaud by 12.8% in the second quarter. Champlain Investment Partners LLC now owns 1,252,110 shares of the company’s stock worth $85,018,000 after buying an additional 141,820 shares during the period.
Blackbaud (NASDAQ:BLKB) traded down 0.26% during mid-day trading on Wednesday, reaching $64.14. 90,495 shares of the company’s stock traded hands. The firm has a 50-day moving average price of $66.46 and a 200-day moving average price of $65.32. Blackbaud has a 1-year low of $49.89 and a 1-year high of $71.76. The stock has a market cap of $2.96 billion, a P/E ratio of 110.59 and a beta of 1.16.
Blackbaud (NASDAQ:BLKB) last issued its earnings results on Monday, August 1st. The company reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by $0.04. The business earned $180.20 million during the quarter, compared to the consensus estimate of $182.05 million. Blackbaud had a net margin of 3.97% and a return on equity of 27.31%. The firm’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period last year, the business posted $0.41 EPS. Equities research analysts anticipate that Blackbaud will post $1.92 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Friday, August 26th were issued a dividend of $0.12 per share. The ex-dividend date was Wednesday, August 24th. This represents a $0.48 annualized dividend and a yield of 0.75%. Blackbaud’s dividend payout ratio (DPR) is currently 81.36%.
Blackbaud, Inc is a provider of software and services for the global philanthropic community. The Company’s segments include the General Markets Business Unit (the GMBU), the Enterprise Customer Business Unit (the ECBU) and the International Business Unit (the IBU). The GMBU is focused on marketing, sales, delivery and support to all emerging and mid-sized prospects and customers in North America.
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