Blackbaud (NASDAQ:BLKB) Rating Increased to Buy at Wall Street Zen

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 equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a note issued to investors on Saturday.

Separately, Stifel Nicolaus cut their target price 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. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $78.67.

Blackbaud Price Performance

Shares of NASDAQ:BLKB opened at $65.28 on Friday. The company's fifty day moving average is $63.81 and its two-hundred day moving average is $66.00. The company has a quick ratio of 0.73, a current ratio of 0.84 and a debt-to-equity ratio of 12.92. Blackbaud has a 12-month low of $58.05 and a 12-month high of $88.95. The company has a market cap of $3.17 billion, a P/E ratio of -11.29, a price-to-earnings-growth ratio of 4.80 and a beta of 1.14.

Blackbaud (NASDAQ:BLKB - Get Free Report) last announced its earnings results on Wednesday, July 30th. The technology company reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $281.38 million for the quarter, compared to the consensus estimate of $276.48 million. During the same period in the previous year, the business earned $1.08 EPS. The company's revenue was down 2.1% on a year-over-year basis. Equities analysts expect that Blackbaud will post 3.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Kevin P. Gregoire sold 8,000 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $72.67, for a total value of $581,360.00. Following the transaction, the executive vice president directly owned 111,156 shares of the company's stock, valued at approximately $8,077,706.52. This represents a 6.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Chad Anderson sold 5,500 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $63.99, for a total transaction of $351,945.00. Following the completion of the transaction, the chief financial officer directly owned 35,976 shares in the company, valued at $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. Corporate insiders own 1.97% of the company's stock.

Hedge Funds Weigh In On Blackbaud

Hedge funds have recently modified their holdings of the stock. CWM LLC boosted its holdings in Blackbaud by 215.9% in the second quarter. CWM LLC now owns 458 shares of the technology company's stock worth $29,000 after purchasing an additional 313 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Blackbaud by 127.4% in the first quarter. Versant Capital Management Inc now owns 523 shares of the technology company's stock worth $32,000 after purchasing an additional 293 shares in the last quarter. UMB Bank n.a. boosted its holdings in Blackbaud by 63.2% in the first quarter. UMB Bank n.a. now owns 692 shares of the technology company's stock worth $43,000 after purchasing an additional 268 shares in the last quarter. Parallel Advisors LLC bought a new stake in Blackbaud in the second quarter worth $44,000. Finally, Farther Finance Advisors LLC boosted its holdings in Blackbaud by 2,168.3% in the second quarter. Farther Finance Advisors LLC now owns 1,361 shares of the technology company's stock worth $87,000 after purchasing an additional 1,301 shares in the last quarter. 94.21% of the stock is owned by institutional investors and hedge funds.

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.

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