Blackbaud (NASDAQ:BLKB) Shares Gap Up on Earnings Beat

Blackbaud, Inc. (NASDAQ:BLKB)’s share price gapped up prior to trading on Wednesday following a better than expected earnings announcement. The stock had previously closed at $64.50, but opened at $71.00. Blackbaud shares last traded at $70.97, with a volume of 109,774 shares changing hands.

The technology company reported $1.21 EPS for the quarter, topping the consensus estimate of $1.05 by $0.16. The company had revenue of $281.38 million for the quarter, compared to the consensus estimate of $276.48 million. Blackbaud had a negative net margin of 25.05% and a positive return on equity of 38.58%. The firm’s revenue was down 2.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.08 EPS.

Wall Street Analysts Forecast Growth

Separately, Stifel Nicolaus reduced their price target on shares of Blackbaud from $75.00 to $65.00 and set a “hold” rating on the stock in a research note on Thursday, May 1st. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $78.67.

Insider Activity

In other news, CFO Chad Anderson sold 5,500 shares of the business’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $63.99, for a total value of $351,945.00. Following the completion of the sale, the chief financial officer owned 35,976 shares in the company, valued at approximately $2,302,104.24. The trade was a 13.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Jon W. Olson sold 10,698 shares of the business’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $61.15, for a total transaction of $654,182.70. Following the completion of the sale, the senior vice president owned 23,799 shares of the company’s stock, valued at approximately $1,455,308.85. This represents a 31.01% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.97% of the company’s stock.

Institutional Investors Weigh In On Blackbaud

Several large investors have recently modified their holdings of the business. Credit Industriel ET Commercial raised its holdings in shares of Blackbaud by 21.1% in the 2nd quarter. Credit Industriel ET Commercial now owns 33,112 shares of the technology company’s stock valued at $2,126,000 after purchasing an additional 5,780 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of Blackbaud by 1.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 260,909 shares of the technology company’s stock worth $16,753,000 after buying an additional 4,602 shares during the last quarter. CWM LLC grew its position in shares of Blackbaud by 215.9% in the 2nd quarter. CWM LLC now owns 458 shares of the technology company’s stock worth $29,000 after buying an additional 313 shares during the last quarter. Inspire Investing LLC grew its position in shares of Blackbaud by 10.9% in the 2nd quarter. Inspire Investing LLC now owns 6,113 shares of the technology company’s stock worth $393,000 after buying an additional 603 shares during the last quarter. Finally, Triodos Investment Management BV grew its position in shares of Blackbaud by 17.6% in the 2nd quarter. Triodos Investment Management BV now owns 50,000 shares of the technology company’s stock worth $3,210,000 after buying an additional 7,500 shares during the last quarter. Institutional investors own 94.21% of the company’s stock.

Blackbaud Stock Performance

The business’s 50-day moving average price is $63.61 and its 200-day moving average price is $66.11. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 35.64. The stock has a market cap of $3.47 billion, a PE ratio of -12.14, a P/E/G ratio of 4.80 and a beta of 1.14.

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.