Blackbaud (NASDAQ:BLKB) Reaches New 52-Week Low Following Analyst Downgrade

Blackbaud, Inc. (NASDAQ:BLKB)’s stock price reached a new 52-week low during trading on Thursday after Robert W. Baird lowered their price target on the stock from $80.00 to $76.00. Robert W. Baird currently has a neutral rating on the stock. Blackbaud traded as low as $66.35 and last traded at $66.20, with a volume of 210514 shares traded. The stock had previously closed at $68.52.

Separately, Baird R W downgraded Blackbaud from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 31st. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $85.33.

Insider Buying and Selling at Blackbaud

In other news, CEO Michael P. Gianoni sold 9,479 shares of Blackbaud stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $88.13, for a total transaction of $835,384.27. Following the sale, the chief executive officer now owns 344,079 shares of the company’s stock, valued at approximately $30,323,682.27. The trade was a 2.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.95% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Blackbaud

A number of hedge funds have recently made changes to their positions in BLKB. Norges Bank bought a new stake in shares of Blackbaud during the fourth quarter valued at approximately $34,168,000. ArrowMark Colorado Holdings LLC raised its holdings in shares of Blackbaud by 22.5% during the third quarter. ArrowMark Colorado Holdings LLC now owns 1,283,473 shares of the technology company’s stock valued at $108,684,000 after buying an additional 235,859 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Blackbaud by 56.0% during the third quarter. Wellington Management Group LLP now owns 429,051 shares of the technology company’s stock valued at $36,332,000 after buying an additional 154,019 shares during the last quarter. Penn Capital Management Company LLC bought a new stake in shares of Blackbaud during the fourth quarter valued at approximately $10,581,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of Blackbaud by 41.0% during the fourth quarter. Bank of New York Mellon Corp now owns 482,561 shares of the technology company’s stock valued at $35,671,000 after buying an additional 140,273 shares during the last quarter. Institutional investors own 94.21% of the company’s stock.

Blackbaud Stock Performance

The stock has a fifty day moving average price of $76.14 and a two-hundred day moving average price of $80.15. The company has a market cap of $3.36 billion, a P/E ratio of -11.57 and a beta of 1.08. The company has a debt-to-equity ratio of 7.40, a current ratio of 0.78 and a quick ratio of 0.68.

Blackbaud (NASDAQ:BLKB) last announced its 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). Blackbaud had a positive return on equity of 26.30% and a negative net margin of 24.83%. The firm had revenue of $302.23 million for the quarter, compared to the consensus estimate of $303.41 million. On average, equities analysts forecast that Blackbaud, Inc. will post 3.05 earnings per share for the current fiscal year.

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.