Blackbaud (NASDAQ:BLKB) Sets New 12-Month Low – Here’s What Happened

Blackbaud, Inc. (NASDAQ:BLKB)’s share price hit a new 52-week low on Thursday . The stock traded as low as $63.51 and last traded at $63.22, with a volume of 235210 shares. The stock had previously closed at $64.70.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird dropped their target price on shares of Blackbaud from $80.00 to $76.00 and set a “neutral” rating for the company in a report on Wednesday, February 19th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $85.33.

Blackbaud Stock Performance

The firm has a market cap of $3.12 billion, a PE ratio of -10.75 and a beta of 1.09. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 7.40. The firm’s 50 day simple moving average is $73.13 and its 200 day simple moving average is $78.87.

Blackbaud (NASDAQ:BLKB) last announced its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.58 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.50). The company had revenue of $302.23 million during the quarter, compared to analysts’ expectations of $303.41 million. Blackbaud had a positive return on equity of 26.30% and a negative net margin of 24.83%. On average, research analysts forecast that Blackbaud, Inc. will post 3.05 EPS for the current fiscal year.

Institutional Trading of Blackbaud

Hedge funds have recently made changes to their positions in the business. Xponance Inc. boosted its stake in shares of Blackbaud by 2.4% during the fourth quarter. Xponance Inc. now owns 5,638 shares of the technology company’s stock valued at $417,000 after purchasing an additional 130 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its stake in shares of Blackbaud by 0.6% during the third quarter. State of New Jersey Common Pension Fund D now owns 24,152 shares of the technology company’s stock valued at $2,045,000 after purchasing an additional 151 shares in the last quarter. Heritage Family Offices LLP boosted its stake in shares of Blackbaud by 5.9% during the fourth quarter. Heritage Family Offices LLP now owns 2,985 shares of the technology company’s stock valued at $221,000 after purchasing an additional 166 shares in the last quarter. Huntington National Bank boosted its stake in shares of Blackbaud by 13.9% during the fourth quarter. Huntington National Bank now owns 1,864 shares of the technology company’s stock valued at $138,000 after purchasing an additional 227 shares in the last quarter. Finally, Brookstone Capital Management boosted its stake in shares of Blackbaud by 3.7% during the fourth quarter. Brookstone Capital Management now owns 7,612 shares of the technology company’s stock valued at $563,000 after purchasing an additional 275 shares in the last quarter. 94.21% of the stock is currently owned by hedge funds and other institutional investors.

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.