Zacks Investment Research Downgrades Blackbaud (BLKB) to Hold

Blackbaud (NASDAQ:BLKB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.

According to Zacks, “Blackbaud Inc. combines technology and expertise to help organizations achieve their missions. Blackbaud works with more than 30,000 customers in over 60 countries that support higher education, healthcare, human services, arts and culture, faith, the environment, independent K-12 education, animal welfare and other charitable causes. The company offers a full spectrum of cloud-based and on-premise software solutions and related services for organizations of all sizes including: fundraising, eMarketing, advocacy, constituent relationship management (CRM), financial management, payment solutions, analytics and vertical-specific solutions. Using Blackbaud technology, these organizations raise more than $100 billion each year. “

Several other research analysts also recently issued reports on the stock. Stifel Nicolaus upped their target price on shares of Blackbaud from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Thursday. B. Riley increased their price objective on shares of Blackbaud from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Thursday. DA Davidson started coverage on shares of Blackbaud in a research report on Friday, February 2nd. They set a “neutral” rating and a $95.00 price objective on the stock. BidaskClub downgraded shares of Blackbaud from a “hold” rating to a “sell” rating in a research report on Friday, January 19th. Finally, Dougherty & Co started coverage on shares of Blackbaud in a research report on Tuesday, October 31st. They set a “neutral” rating on the stock. One analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $95.33.

Shares of Blackbaud (NASDAQ:BLKB) traded down $0.63 during midday trading on Friday, hitting $93.58. 594,839 shares of the stock traded hands, compared to its average volume of 306,994. The company has a market capitalization of $4,777.22, a P/E ratio of 68.31, a PEG ratio of 5.66 and a beta of 0.75. Blackbaud has a 52-week low of $67.18 and a 52-week high of $104.55. The company has a current ratio of 0.81, a quick ratio of 0.63 and a debt-to-equity ratio of 1.40.

In other Blackbaud news, EVP Kevin W. Mooney sold 4,466 shares of the stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $101.00, for a total value of $451,066.00. Following the transaction, the executive vice president now directly owns 71,655 shares in the company, valued at $7,237,155. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Brian Boruff sold 800 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $103.95, for a total transaction of $83,160.00. Following the completion of the transaction, the executive vice president now owns 50,862 shares in the company, valued at $5,287,104.90. The disclosure for this sale can be found here. 2.19% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. raised its position in Blackbaud by 1.7% in the fourth quarter. BlackRock Inc. now owns 5,056,336 shares of the technology company’s stock worth $477,772,000 after acquiring an additional 85,826 shares during the period. Polen Capital Management LLC bought a new position in Blackbaud in the fourth quarter worth approximately $367,000. Arizona State Retirement System raised its position in Blackbaud by 27.3% in the fourth quarter. Arizona State Retirement System now owns 34,614 shares of the technology company’s stock worth $3,271,000 after acquiring an additional 7,420 shares during the period. Advisory Services Network LLC raised its position in Blackbaud by 5,617.3% in the fourth quarter. Advisory Services Network LLC now owns 6,289 shares of the technology company’s stock worth $594,000 after acquiring an additional 6,179 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in Blackbaud by 8.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 114,092 shares of the technology company’s stock worth $10,781,000 after acquiring an additional 9,017 shares during the period.

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About Blackbaud

Blackbaud, Inc is a cloud software company. The Company offers a range of cloud and on-premise solutions, as well as a resource network that empowers and connects organizations of all sizes. Its segments include the General Markets Business Unit (the GMBU), the Enterprise Customer Business Unit (the ECBU) and the International Business Unit (the IBU).

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