Blackbaud (NASDAQ:BLKB) Price Target Raised to $85.00 at Stifel Nicolaus

Blackbaud (NASDAQ:BLKB) had its target price raised by Stifel Nicolaus from $80.00 to $85.00 in a research report report published on Thursday, Benzinga reports. Stifel Nicolaus currently has a hold rating on the technology company’s stock.

BLKB has been the topic of a number of other research reports. Robert W. Baird increased their price objective on shares of Blackbaud from $88.00 to $92.00 and gave the stock an outperform rating in a report on Thursday, August 1st. Evercore ISI upgraded shares of Blackbaud to a hold rating in a research report on Thursday, August 1st.

Blackbaud Stock Up 0.3 %

NASDAQ:BLKB opened at $83.99 on Thursday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.73. The stock has a 50 day moving average of $80.41 and a 200-day moving average of $77.66. The firm has a market capitalization of $4.34 billion, a PE ratio of 204.85 and a beta of 1.02. Blackbaud has a 52 week low of $64.32 and a 52 week high of $88.56.

Blackbaud (NASDAQ:BLKB) last issued its quarterly earnings data on Tuesday, July 30th. The technology company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. Blackbaud had a return on equity of 18.54% and a net margin of 3.64%. The firm had revenue of $287.29 million during the quarter, compared to the consensus estimate of $289.26 million. During the same period in the prior year, the business earned $0.49 EPS. The firm’s revenue was up 6.0% on a year-over-year basis. Analysts predict that Blackbaud will post 2.46 EPS for the current year.

Blackbaud declared that its Board of Directors has initiated a share buyback program on Tuesday, July 30th that allows the company to buyback $800.00 million in shares. This buyback authorization allows the technology company to buy up to 18.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.

Insider Transactions at Blackbaud

In other news, EVP Kevin Mcdearis sold 2,261 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 60,129 shares of the company’s stock, valued at $5,118,180.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Blackbaud news, EVP David J. Benjamin sold 5,590 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $78.04, for a total transaction of $436,243.60. Following the sale, the executive vice president now directly owns 51,108 shares in the company, valued at approximately $3,988,468.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kevin Mcdearis sold 2,261 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were 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 owns 60,129 shares of the company’s stock, valued at $5,118,180.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 55,409 shares of company stock valued at $4,483,193. 1.95% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Blackbaud

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Blackbaud during the 4th quarter valued at $43,589,000. Franklin Resources Inc. grew its holdings in Blackbaud by 1.4% during the fourth quarter. Franklin Resources Inc. now owns 12,840 shares of the technology company’s stock worth $1,113,000 after acquiring an additional 183 shares during the period. Parallel Advisors LLC raised its position in Blackbaud by 303.3% in the fourth quarter. Parallel Advisors LLC now owns 734 shares of the technology company’s stock worth $64,000 after acquiring an additional 552 shares in the last quarter. Redmond Asset Management LLC lifted its holdings in Blackbaud by 59.1% in the 4th quarter. Redmond Asset Management LLC now owns 42,773 shares of the technology company’s stock valued at $3,708,000 after acquiring an additional 15,893 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC lifted its holdings in Blackbaud by 217.7% in the 4th 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. 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.