Blackbaud Inc. (BLKB) Downgraded by Bank of America Corp.
Blackbaud Inc. (NASDAQ:BLKB) was downgraded by Bank of America Corp. from a “neutral” rating to an “underperform” rating in a report released on Wednesday. They currently have a $65.00 price target on the stock. Bank of America Corp.’s target price would suggest a potential downside of 3.59% from the company’s previous close.
Several other equities analysts have also recently commented on BLKB. B. Riley reiterated a “buy” rating and set a $75.00 target price on shares of Blackbaud in a research note on Tuesday, November 8th. Zacks Investment Research cut Blackbaud from a “hold” rating to a “sell” rating in a research note on Monday, October 31st. Wunderlich increased their target price on Blackbaud from $69.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, August 2nd. JMP Securities began coverage on Blackbaud in a research note on Thursday, October 13th. They set an “outperform” rating for the company. Finally, Off Wall Street began coverage on Blackbaud in a research note on Wednesday, July 27th. They set a “sell” rating and a $50.00 target price for the company. Two analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $69.89.
Blackbaud (NASDAQ:BLKB) opened at 67.42 on Wednesday. Blackbaud has a 52-week low of $49.89 and a 52-week high of $71.76. The stock has a market capitalization of $3.11 billion, a price-to-earnings ratio of 103.72 and a beta of 0.96. The company has a 50-day moving average of $63.68 and a 200-day moving average of $65.49.
Blackbaud (NASDAQ:BLKB) last released its quarterly earnings results on Tuesday, November 1st. The company reported $0.45 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.51 by $0.06. The company earned $183.10 million during the quarter, compared to analysts’ expectations of $184.68 million. Blackbaud had a return on equity of 27.58% and a net margin of 3.97%. The firm’s revenue was up 15.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.38 EPS. Equities research analysts expect that Blackbaud will post $1.90 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Shareholders of record on Wednesday, November 23rd will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.71%. The ex-dividend date of this dividend is Monday, November 21st. Blackbaud’s dividend payout ratio is presently 78.69%.
In other Blackbaud news, Director Joyce Nelson sold 1,000 shares of the stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $64.69, for a total value of $64,690.00. Following the sale, the director now directly owns 14,254 shares of the company’s stock, valued at $922,091.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Kevin W. Mooney sold 4,319 shares of the stock in a transaction on Monday, November 7th. The stock was sold at an average price of $60.85, for a total value of $262,811.15. Following the completion of the sale, the executive vice president now directly owns 72,797 shares in the company, valued at $4,429,697.45. The disclosure for this sale can be found here. 2.74% of the stock is owned by company insiders.
A number of large investors have recently modified their holdings of the company. LS Investment Advisors LLC raised its stake in shares of Blackbaud by 3.6% in the second quarter. LS Investment Advisors LLC now owns 1,696 shares of the company’s stock valued at $115,000 after buying an additional 59 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of Blackbaud by 2,651.5% in the second quarter. Tower Research Capital LLC TRC now owns 1,816 shares of the company’s stock valued at $124,000 after buying an additional 1,750 shares in the last quarter. Martingale Asset Management L P bought a new stake in shares of Blackbaud during the second quarter valued at $211,000. World Asset Management Inc bought a new stake in shares of Blackbaud during the third quarter valued at $210,000. Finally, Pacer Advisors Inc. bought a new stake in shares of Blackbaud during the third quarter valued at $223,000.
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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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