Blackbaud (NASDAQ:BLKB) Trading 4.6% Higher - Here's Why

Blackbaud, Inc. (NASDAQ:BLKB - Get Free Report) shot up 4.6% on Monday . The company traded as high as $63.92 and last traded at $64.31. 79,835 shares were traded during trading, a decline of 67% from the average session volume of 242,331 shares. The stock had previously closed at $61.50.

Analysts Set New Price Targets

Separately, Stifel Nicolaus cut their price objective on Blackbaud from $75.00 to $65.00 and set a "hold" rating for the company in a research report on Thursday, May 1st. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Blackbaud presently has a consensus rating of "Hold" and an average target price of $78.67.

Blackbaud Stock Performance

The stock has a fifty day moving average of $62.42 and a 200-day moving average of $68.11. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 35.64. The stock has a market capitalization of $3.12 billion, a PE ratio of -10.91, a price-to-earnings-growth ratio of 4.58 and a beta of 1.14.

Blackbaud (NASDAQ:BLKB - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The technology company reported $0.96 EPS for the quarter, topping analysts' consensus estimates of $0.90 by $0.06. Blackbaud had a positive return on equity of 38.58% and a negative net margin of 25.05%. The business had revenue of $270.66 million during the quarter, compared to the consensus estimate of $268.53 million. During the same period in the previous year, the company posted $0.93 earnings per share. The business's revenue for the quarter was down 3.1% on a year-over-year basis. Equities analysts anticipate that Blackbaud, Inc. will post 3.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Jon W. Olson sold 10,698 shares of the company's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $61.15, for a total value of $654,182.70. Following the completion of the transaction, the senior vice president now directly owns 23,799 shares of the company's stock, valued at $1,455,308.85. This represents a 31.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Chad Anderson sold 5,500 shares of the firm's stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 35,976 shares in the company, valued at approximately $2,302,104.24. The trade was a 13.26% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.97% of the company's stock.

Hedge Funds Weigh In On Blackbaud

Several hedge funds have recently made changes to their positions in the company. Cibc World Markets Corp acquired a new position in Blackbaud during the fourth quarter worth approximately $280,000. Bank of New York Mellon Corp grew its position in shares of Blackbaud by 41.0% during the fourth quarter. Bank of New York Mellon Corp now owns 482,561 shares of the technology company's stock worth $35,671,000 after acquiring an additional 140,273 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Blackbaud in the 4th quarter valued at $6,546,000. UMB Bank n.a. raised its position in Blackbaud by 63.2% in the 1st quarter. UMB Bank n.a. now owns 692 shares of the technology company's stock valued at $43,000 after purchasing an additional 268 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its stake in Blackbaud by 163.7% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 19,637 shares of the technology company's stock worth $1,452,000 after purchasing an additional 12,189 shares during the period. 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.