Blackbaud (BLKB) Trading Up 6.9% After Strong Earnings

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Blackbaud, Inc. (NASDAQ:BLKB) shares were up 6.9% during mid-day trading on Tuesday following a stronger than expected earnings report. The company traded as high as $74.28 and last traded at $72.54. Approximately 1,058,200 shares were traded 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, topping the Zacks’ consensus estimate of $0.55 by $0.04. Blackbaud had a net margin of 8.14% and a return on equity of 27.70%. The company had revenue of $209.50 million for the quarter, compared to analyst estimates of $205.50 million. During the same quarter in the prior year, the business posted $0.57 EPS. The firm’s revenue was up 7.8% compared to the same quarter last year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Wednesday, November 28th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, November 27th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.66%. Blackbaud’s dividend payout ratio is presently 30.19%.

A number of research firms recently weighed in on BLKB. BidaskClub lowered shares of Blackbaud from a “hold” rating to a “sell” rating in a report on Tuesday, October 16th. Robert W. Baird lowered their target price on shares of Blackbaud from $105.00 to $82.00 and set a “neutral” rating on the stock in a report on Friday, October 12th. TheStreet lowered shares of Blackbaud from a “b” rating to a “c+” rating in a report on Wednesday, October 10th. ValuEngine lowered shares of Blackbaud from a “buy” rating to a “hold” rating in a report on Tuesday, October 9th. Finally, DA Davidson lowered their target price on shares of Blackbaud from $105.00 to $82.00 and set a “hold” rating on the stock in a report on Tuesday, October 9th. Three equities research analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company. Blackbaud presently has a consensus rating of “Hold” and an average target price of $94.71.

In other Blackbaud news, Director Andrew M. Leitch sold 3,000 shares of the 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 completion of the sale, the director now owns 24,457 shares in the company, valued at approximately $2,341,024.04. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director George H. Ellis sold 2,652 shares of the 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 sale, the director now owns 7,730 shares of the company’s stock, valued at approximately $743,316.80. The disclosure for this sale can be found here. Company insiders own 1.55% of the company’s stock.

A number of large investors have recently bought and sold shares of the business. BlackRock Inc. grew its position in shares of Blackbaud by 5.7% during the 2nd quarter. BlackRock Inc. now owns 5,471,100 shares of the technology company’s stock valued at $560,514,000 after acquiring an additional 295,974 shares during the period. Northern Trust Corp grew its position in shares of Blackbaud by 2.2% during the 2nd quarter. Northern Trust Corp now owns 916,142 shares of the technology company’s stock valued at $93,860,000 after acquiring an additional 20,136 shares during the period. Conestoga Capital Advisors LLC grew its position in shares of Blackbaud by 16.5% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 865,898 shares of the technology company’s stock valued at $87,871,000 after acquiring an additional 122,929 shares during the period. Brown Advisory Inc. grew its position in shares of Blackbaud by 2.8% during the 2nd quarter. Brown Advisory Inc. now owns 693,121 shares of the technology company’s stock valued at $71,012,000 after acquiring an additional 19,169 shares during the period. Finally, Principal Financial Group Inc. grew its position in shares of Blackbaud by 0.7% during the 1st quarter. Principal Financial Group Inc. now owns 510,535 shares of the technology company’s stock valued at $51,978,000 after acquiring an additional 3,697 shares during the period.

The stock has a market cap of $3.42 billion, a price-to-earnings ratio of 45.62, a P/E/G ratio of 5.12 and a beta of 0.62. 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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