Wall Street Zen Upgrades Blackbaud (NASDAQ:BLKB) to "Buy"

Key Points

• Blackbaud has been upgraded from a "hold" rating to a "buy" rating by Wall Street Zen, which is seen as a positive indicator for the stock's potential.
• Despite the upgrade, Stifel Nicolaus has cut its price target for Blackbaud from $75.00 to $65.00, reflecting mixed sentiment among analysts.
• Recent insider trading shows that top executives have sold shares, with EVP Kevin P. Gregoire selling 8,000 shares at an average price of $72.67, indicating potential concerns about the company's future performance.

Blackbaud (NASDAQ:BLKB - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Saturday.

Separately, Stifel Nicolaus dropped their target price on shares of Blackbaud from $75.00 to $65.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, Blackbaud presently has a consensus rating of "Hold" and a consensus price target of $78.67.

Blackbaud Stock Up 3.3%

Blackbaud stock traded up $2.07 during trading hours on Friday, hitting $65.19. The stock had a trading volume of 280,415 shares, compared to its average volume of 297,329. The stock's 50-day moving average price is $63.90 and its 200-day moving average price is $65.73. Blackbaud has a 12-month low of $58.05 and a 12-month high of $88.95. The stock has a market capitalization of $3.16 billion, a P/E ratio of -11.28, a price-to-earnings-growth ratio of 4.61 and a beta of 1.13. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 12.92.

Blackbaud (NASDAQ:BLKB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The technology company reported $1.21 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.16. Blackbaud had a negative net margin of 24.82% and a positive return on equity of 61.72%. The business had revenue of $281.38 million during the quarter, compared to analyst estimates of $276.48 million. During the same period in the prior year, the business posted $1.08 earnings per share. The company's revenue was down 2.1% on a year-over-year basis. Equities research analysts anticipate that Blackbaud will post 3.05 EPS for the current fiscal year.

Insider Buying and Selling at Blackbaud

In other news, EVP Kevin P. Gregoire sold 8,000 shares of Blackbaud stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $72.67, for a total transaction of $581,360.00. Following the transaction, the executive vice president owned 111,156 shares in the company, valued at $8,077,706.52. The trade was a 6.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction 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. This trade represents a 13.26% decrease in their ownership of the stock. 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 stock. Avantax Advisory Services Inc. raised its holdings in shares of Blackbaud by 1.8% during the 1st quarter. Avantax Advisory Services Inc. now owns 11,816 shares of the technology company's stock valued at $733,000 after buying an additional 210 shares during the period. Huntington National Bank raised its stake in shares of Blackbaud by 13.9% in the 4th quarter. Huntington National Bank now owns 1,864 shares of the technology company's stock worth $138,000 after buying an additional 227 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Blackbaud by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,300 shares of the technology company's stock worth $143,000 after purchasing an additional 231 shares during the period. UMB Bank n.a. grew its holdings in shares of Blackbaud by 63.2% during the first quarter. UMB Bank n.a. now owns 692 shares of the technology company's stock valued at $43,000 after buying an additional 268 shares in the last quarter. Finally, Procyon Advisors LLC lifted its position in shares of Blackbaud by 8.0% in the first quarter. Procyon Advisors LLC now owns 3,722 shares of the technology company's stock worth $231,000 after buying an additional 275 shares during the last quarter. Hedge funds and other institutional investors own 94.21% of the company's stock.

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.