Blackbaud (NASDAQ:BLKB) Downgraded by Robert W. Baird to Neutral

Robert W. Baird lowered shares of Blackbaud (NASDAQ:BLKB) from an outperform rating to a neutral rating in a report released on Thursday morning, Marketbeat Ratings reports. The firm currently has $80.00 target price on the technology company’s stock, down from their prior target price of $92.00.

Other analysts have also issued research reports about the stock. Stifel Nicolaus raised their price objective on shares of Blackbaud from $80.00 to $85.00 and gave the stock a “hold” rating in a report on Thursday, September 26th. Evercore ISI upgraded Blackbaud to a “hold” rating in a research report on Thursday, August 1st. Finally, Raymond James decreased their target price on Blackbaud from $98.00 to $95.00 and set an “outperform” rating on the stock in a report on Monday, October 7th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Blackbaud has a consensus rating of “Hold” and an average price target of $86.67.

Blackbaud Stock Up 2.9 %

Shares of NASDAQ:BLKB opened at $77.72 on Thursday. The company has a market capitalization of $4.01 billion, a PE ratio of 76.20 and a beta of 1.02. The company has a debt-to-equity ratio of 1.79, a quick ratio of 0.80 and a current ratio of 0.68. The company’s fifty day moving average is $83.30 and its 200-day moving average is $79.55. Blackbaud has a 52 week low of $66.47 and a 52 week high of $88.56.

Blackbaud declared that its Board of Directors has approved a share buyback plan on Tuesday, July 30th that permits the company to repurchase $800.00 million in outstanding shares. This repurchase authorization permits the technology company to purchase up to 18.1% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, EVP Kevin Mcdearis sold 2,261 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $85.12, for a total value of $192,456.32. Following the transaction, the executive vice president now owns 60,129 shares in the company, valued at $5,118,180.48. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Blackbaud news, EVP Kevin Mcdearis sold 2,261 shares of the company’s stock in a transaction dated Wednesday, September 18th. The shares were 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 in the company, valued at approximately $5,118,180.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Jon W. Olson sold 4,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $76.00, for a total transaction of $304,000.00. Following the completion of the transaction, the senior vice president now directly owns 29,628 shares in the company, valued at $2,251,728. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,409 shares of company stock valued at $4,483,193. Company insiders own 1.95% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. SG Americas Securities LLC bought a new stake in Blackbaud in the first quarter valued at about $720,000. Price T Rowe Associates Inc. MD grew its position in shares of Blackbaud by 2.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 388,009 shares of the technology company’s stock worth $28,768,000 after buying an additional 10,555 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Blackbaud by 5.1% in the 1st 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. Clearbridge Investments LLC raised its position in shares of Blackbaud by 20.0% in the 1st quarter. Clearbridge Investments LLC now owns 318,506 shares of the technology company’s stock valued at $23,614,000 after acquiring an additional 53,110 shares during the period. Finally, Geneva Capital Management LLC raised its position in shares of Blackbaud by 12.7% in the 1st quarter. Geneva Capital Management LLC now owns 1,195,891 shares of the technology company’s stock valued at $88,663,000 after acquiring an additional 135,103 shares during the period. 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.