Blackbaud (BLKB) Trading Up 6.9% on Strong Earnings

Blackbaud, Inc. (NASDAQ:BLKB) was up 6.9% during mid-day trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $74.28 and last traded at $72.54. Approximately 1,058,200 shares traded hands during trading, an increase of 226% from the average daily volume of 324,810 shares. The stock had previously closed at $67.85.

The technology company reported $0.59 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.04. The company had revenue of $209.50 million for the quarter, compared to analyst estimates of $205.50 million. Blackbaud had a net margin of 7.84% and a return on equity of 26.38%. The company’s revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.57 earnings per share.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Wednesday, November 28th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.67%. The ex-dividend date is Tuesday, November 27th. Blackbaud’s payout ratio is presently 30.19%.

Several equities analysts have recently weighed in on BLKB shares. Raymond James lowered shares of Blackbaud from an “outperform” rating to a “market perform” rating in a research report on Tuesday, October 9th. William Blair lowered shares of Blackbaud from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 31st. BidaskClub lowered shares of Blackbaud from a “buy” rating to a “hold” rating in a research report on Tuesday, October 9th. Needham & Company LLC started coverage on shares of Blackbaud in a research report on Wednesday, July 18th. They issued a “hold” rating on the stock. Finally, Robert W. Baird dropped their price objective on shares of Blackbaud from $105.00 to $82.00 and set a “neutral” rating on the stock in a research report on Friday, October 12th. Three investment analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. Blackbaud presently has a consensus rating of “Hold” and an average target price of $94.71.

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

Several hedge funds have recently added to or reduced their stakes in BLKB. Smithfield Trust Co. grew its stake in Blackbaud by 2,492.5% during the second quarter. Smithfield Trust Co. now owns 1,037 shares of the technology company’s stock worth $106,000 after buying an additional 997 shares in the last quarter. Flagship Harbor Advisors LLC acquired a new stake in Blackbaud during the second quarter worth about $129,000. Global X Management Co LLC acquired a new stake in Blackbaud during the second quarter worth about $163,000. First Republic Investment Management Inc. acquired a new stake in Blackbaud during the second quarter worth about $261,000. Finally, ING Groep NV acquired a new stake in Blackbaud during the second quarter worth about $270,000.

The company has a market capitalization of $3.42 billion, a PE ratio of 45.11, a PEG ratio of 4.94 and a beta of 0.61. The company has a debt-to-equity ratio of 1.35, a quick ratio of 0.77 and a current ratio of 0.77.

About Blackbaud (NASDAQ:BLKB)

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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