Blackbaud (NASDAQ:BLKB) Price Target Increased to $85.00 by Analysts at Stifel Nicolaus

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

Other research analysts also recently issued research reports about the company. Robert W. Baird boosted their target price on Blackbaud from $88.00 to $92.00 and gave the company an outperform rating in a research note on Thursday, August 1st. Evercore ISI raised Blackbaud to a hold rating in a research note on Thursday, August 1st.

Blackbaud Price Performance

NASDAQ BLKB opened at $84.10 on Thursday. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market capitalization of $4.34 billion, a price-to-earnings ratio of 205.12 and a beta of 1.02. The company has a 50 day simple moving average of $80.55 and a 200-day simple moving average of $77.75. Blackbaud has a 52-week low of $64.32 and a 52-week high of $88.56.

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

Blackbaud announced that its board has initiated a stock repurchase plan on Tuesday, July 30th that allows the company to repurchase $800.00 million in shares. This repurchase authorization allows the technology company to reacquire up to 18.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Activity at Blackbaud

In other Blackbaud news, EVP Kevin Mcdearis sold 18,996 shares of the stock in a transaction on Friday, August 30th. The shares were sold at an average price of $83.00, for a total transaction of $1,576,668.00. Following the transaction, the executive vice president now directly owns 67,012 shares of the company’s stock, valued at $5,561,996. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Blackbaud news, EVP Kevin Mcdearis sold 18,996 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $83.00, for a total transaction of $1,576,668.00. Following the transaction, the executive vice president now owns 67,012 shares in the company, valued at $5,561,996. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP David J. Benjamin sold 5,590 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $78.04, for a total transaction of $436,243.60. Following the completion of the sale, the executive vice president now owns 51,108 shares of the company’s stock, valued at $3,988,468.32. The disclosure for this sale can be found here. In the last 90 days, insiders sold 55,409 shares of company stock valued at $4,483,193. Insiders own 1.95% of the company’s stock.

Institutional Investors Weigh In On Blackbaud

Several hedge funds and other institutional investors have recently made changes to their positions in BLKB. Arizona State Retirement System grew its holdings in Blackbaud by 1.2% in the 2nd quarter. Arizona State Retirement System now owns 11,977 shares of the technology company’s stock valued at $912,000 after buying an additional 137 shares during the last quarter. Franklin Resources Inc. increased its holdings in Blackbaud by 1.4% during the 4th quarter. Franklin Resources Inc. now owns 12,840 shares of the technology company’s stock valued at $1,113,000 after purchasing an additional 183 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in Blackbaud by 6.2% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 3,140 shares of the technology company’s stock worth $239,000 after buying an additional 184 shares in the last quarter. Azzad Asset Management Inc. ADV raised its position in Blackbaud by 2.1% in the 2nd quarter. Azzad Asset Management Inc. ADV now owns 11,164 shares of the technology company’s stock worth $850,000 after purchasing an additional 225 shares during the last quarter. Finally, Redmond Asset Management LLC boosted its position in Blackbaud by 0.9% in the 1st quarter. Redmond Asset Management LLC now owns 43,172 shares of the technology company’s stock valued at $3,201,000 after buying an additional 399 shares during the last quarter. 94.21% of the stock is owned by institutional investors and hedge funds.

Blackbaud Company Profile

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.