Blackbaud (NASDAQ:BLKB) Cut to “Hold” at Baird R W

Baird R W downgraded shares of Blackbaud (NASDAQ:BLKB) from a strong-buy rating to a hold rating in a report issued on Thursday morning, Zacks.com reports.

Several other brokerages have also recently issued reports on BLKB. Stifel Nicolaus boosted their price objective on shares of Blackbaud from $80.00 to $85.00 and gave the company a “hold” rating in a research note on Thursday, September 26th. Robert W. Baird cut shares of Blackbaud from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $92.00 to $80.00 in a report on Thursday. Evercore ISI upgraded shares of Blackbaud to a “hold” rating in a research report on Thursday, August 1st. Finally, Raymond James dropped their target price on Blackbaud from $98.00 to $95.00 and set an “outperform” rating on the stock in a research report on Monday, October 7th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Blackbaud has a consensus rating of “Hold” and an average price target of $86.67.

Blackbaud Trading Up 2.9 %

Shares of BLKB stock opened at $77.72 on Thursday. The company has a market capitalization of $4.01 billion, a P/E ratio of 76.20 and a beta of 1.02. The company has a current ratio of 0.68, a quick ratio of 0.80 and a debt-to-equity ratio of 1.79. The business’s 50 day moving average is $83.30 and its two-hundred day moving average is $79.55. Blackbaud has a twelve month low of $66.47 and a twelve month high of $88.56.

Blackbaud declared that its Board of Directors has authorized a share repurchase plan on Tuesday, July 30th that permits the company to repurchase $800.00 million in shares. This repurchase authorization permits the technology company to reacquire up to 18.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Blackbaud

In related news, EVP Kevin Mcdearis sold 2,261 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $85.12, for a total value of $192,456.32. Following the sale, the executive vice president now directly owns 60,129 shares of the company’s stock, valued at approximately $5,118,180.48. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Kevin Mcdearis sold 2,261 shares of Blackbaud stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $85.12, for a total transaction of $192,456.32. Following the completion of the transaction, the executive vice president now directly owns 60,129 shares in the company, valued at $5,118,180.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP David J. Benjamin sold 5,590 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $78.04, for a total value of $436,243.60. Following the transaction, the executive vice president now directly owns 51,108 shares of the company’s stock, valued at $3,988,468.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,409 shares of company stock valued at $4,483,193 in the last 90 days. 1.95% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. DT Investment Partners LLC purchased a new stake in shares of Blackbaud during the second quarter worth about $33,000. Quest Partners LLC boosted its position in Blackbaud by 2,950.0% during the second quarter. Quest Partners LLC now owns 427 shares of the technology company’s stock worth $33,000 after acquiring an additional 413 shares during the last quarter. Blue Trust Inc. grew its stake in Blackbaud by 190.4% in the 3rd quarter. Blue Trust Inc. now owns 1,597 shares of the technology company’s stock worth $135,000 after acquiring an additional 1,047 shares during the period. EntryPoint Capital LLC raised its holdings in Blackbaud by 447.8% in the 1st quarter. EntryPoint Capital LLC now owns 2,542 shares of the technology company’s stock valued at $188,000 after acquiring an additional 2,078 shares during the last quarter. Finally, Legacy Capital Wealth Partners LLC purchased a new position in shares of Blackbaud during the 2nd quarter worth $201,000. Institutional investors and hedge funds own 94.21% of the company’s stock.

About Blackbaud

Blackbaud, Inc provides cloud software solutions to nonprofits, foundations, education institutions, and healthcare organizations in the United States and internationally. The company offers fundraising and engagement solutions, such as Blackbaud Raiser's Edge NXT, Blackbaud CRM, Blackbaud eTapestry, Blackbaud Luminate Online, Blackbaud TeamRaiser, JustGiving, Blackbaud Fundraiser Performance Management, Blackbaud Guided Fundraising, and Blackbaud Altru; and financial management solutions comprising Blackbaud Financial Edge NXT, Blackbaud Tuition Management, and Blackbaud Financial Aid and Billing Management.