Blackbaud (NASDAQ:BLKB) Price Target Raised to $92.00 at Robert W. Baird

Blackbaud (NASDAQ:BLKB) had its target price upped by Robert W. Baird from $88.00 to $92.00 in a report released on Thursday morning, Benzinga reports. The firm currently has an outperform rating on the technology company’s stock.

Separately, StockNews.com upgraded Blackbaud from a hold rating to a buy rating in a research note on Wednesday, May 8th.

Blackbaud Price Performance

Blackbaud stock traded down $2.26 during mid-day trading on Thursday, hitting $75.90. 49,457 shares of the company were exchanged, compared to its average volume of 250,736. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 1.91. The business has a fifty day moving average of $77.22 and a 200 day moving average of $76.42. Blackbaud has a 1-year low of $64.32 and a 1-year high of $88.56. The company has a market capitalization of $3.92 billion, a PE ratio of 190.64 and a beta of 1.01.

Blackbaud (NASDAQ:BLKB) last released its quarterly earnings data on Tuesday, July 30th. The technology company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.04. Blackbaud had a return on equity of 17.65% and a net margin of 3.64%. The firm had revenue of $287.29 million during the quarter, compared to analyst estimates of $289.26 million. During the same period in the prior year, the company posted $0.49 earnings per share. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. As a group, sell-side analysts expect that Blackbaud will post 2.27 earnings per share for the current year.

Insider Activity

In other news, SVP Jon W. Olson sold 3,000 shares of the firm’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $78.63, for a total value of $235,890.00. Following the completion of the sale, the senior vice president now directly owns 33,628 shares in the company, valued at $2,644,169.64. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, SVP Jon W. Olson sold 3,000 shares of the firm’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $78.63, for a total value of $235,890.00. Following the completion of the sale, the senior vice president now directly owns 33,628 shares in the company, valued at $2,644,169.64. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP David J. Benjamin sold 16,700 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $77.81, for a total value of $1,299,427.00. Following the completion of the sale, the executive vice president now owns 74,458 shares of the company’s stock, valued at $5,793,576.98. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,476 shares of company stock worth $2,547,161. 1.95% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Blackbaud

Hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new position in Blackbaud in the first quarter valued at about $720,000. Campbell & CO Investment Adviser LLC boosted its holdings in Blackbaud by 217.7% in the fourth quarter. Campbell & CO Investment Adviser LLC now owns 24,935 shares of the technology company’s stock valued at $2,162,000 after acquiring an additional 17,086 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Blackbaud by 5.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 264,816 shares of the technology company’s stock valued at $19,633,000 after acquiring an additional 12,881 shares during the last quarter. Norges Bank bought a new position in Blackbaud in the fourth quarter valued at about $43,589,000. Finally, Envestnet Portfolio Solutions Inc. bought a new position in Blackbaud in the fourth quarter valued at about $207,000. Institutional investors 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.