Blackbaud (BLKB) Lowered to Market Perform at JMP Securities

JMP Securities cut shares of Blackbaud (NASDAQ:BLKB) from an outperform rating to a market perform rating in a research report sent to investors on Tuesday morning, MarketBeat Ratings reports. The firm currently has $116.00 target price on the technology company’s stock.

A number of other analysts have also weighed in on the stock. BidaskClub upgraded shares of Blackbaud from a hold rating to a buy rating in a research note on Saturday, September 15th. Evercore ISI restated a sell rating and set a $100.00 target price on shares of Blackbaud in a research note on Sunday, August 5th. Zacks Investment Research lowered shares of Blackbaud from a hold rating to a sell rating in a research note on Thursday, August 2nd. Needham & Company LLC assumed coverage on shares of Blackbaud in a research note on Wednesday, July 18th. They set a hold rating on the stock. Finally, KeyCorp assumed coverage on Blackbaud in a report on Monday, July 23rd. They issued a sector weight rating for the company. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and one has assigned a buy rating to the company’s stock. Blackbaud presently has a consensus rating of Hold and an average price target of $98.50.

BLKB stock opened at $74.08 on Tuesday. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.77 and a current ratio of 0.77. Blackbaud has a fifty-two week low of $69.62 and a fifty-two week high of $120.35. The company has a market cap of $4.93 billion, a P/E ratio of 46.19, a PEG ratio of 4.69 and a beta of 0.62.

Blackbaud (NASDAQ:BLKB) last released its earnings results on Monday, July 30th. The technology company reported $0.69 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.67 by $0.02. Blackbaud had a net margin of 8.14% and a return on equity of 27.70%. The firm had revenue of $214.60 million for the quarter, compared to analyst estimates of $214.80 million. During the same period in the prior year, the firm earned $0.54 earnings per share. The business’s quarterly revenue was up 11.8% compared to the same quarter last year. Analysts anticipate that Blackbaud will post 1.91 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, September 14th. Investors of record on Tuesday, August 28th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.65%. The ex-dividend date of this dividend was Monday, August 27th. Blackbaud’s dividend payout ratio (DPR) is 30.19%.

In related news, Director Andrew M. Leitch sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $95.72, for a total value of $287,160.00. Following the completion of the transaction, the director now directly owns 24,457 shares of the company’s stock, valued at $2,341,024.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director George H. Ellis sold 2,652 shares of the company’s stock in a transaction that occurred on Monday, August 13th. The shares were sold at an average price of $96.16, for a total value of $255,016.32. Following the completion of the transaction, the director now directly owns 7,730 shares of the company’s stock, valued at $743,316.80. The disclosure for this sale can be found here. Corporate insiders own 1.55% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Smithfield Trust Co. boosted its holdings in shares of Blackbaud by 2,492.5% in the second quarter. Smithfield Trust Co. now owns 1,037 shares of the technology company’s stock valued at $106,000 after acquiring an additional 997 shares during the period. Flagship Harbor Advisors LLC acquired a new stake in shares of Blackbaud in the second quarter valued at approximately $129,000. Global X Management Co LLC acquired a new stake in shares of Blackbaud in the second quarter valued at approximately $163,000. First Republic Investment Management Inc. acquired a new stake in shares of Blackbaud in the second quarter valued at approximately $261,000. Finally, ING Groep NV acquired a new stake in shares of Blackbaud in the second quarter valued at approximately $270,000.

About Blackbaud

Blackbaud, Inc provides cloud software solutions to nonprofits, foundations, corporations, education institutions, healthcare organizations, and other charitable giving entities primarily in the United States, Canada, the United Kingdom, and Australia. The company offers Raiser's Edge NXT and Blackbaud CRM (constituent relationship management), which are fundraising and relationship management solutions; Luminate CRM for campaign management, constituent relations, business intelligence, and analytics; eTapestry, a cloud fundraising and donor management solution; everydayhero, a cloud crowdfundraising solution; and JustGiving, a social platform for giving.

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Analyst Recommendations for Blackbaud (NASDAQ:BLKB)

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