Blackbaud, Inc. (NASDAQ:BLKB) Sees Significant Growth in Short Interest

Blackbaud, Inc. (NASDAQ:BLKB - Get Free Report) saw a large increase in short interest in the month of February. As of February 28th, there was short interest totalling 717,600 shares, an increase of 25.9% from the February 13th total of 570,100 shares. Approximately 1.9% of the shares of the stock are sold short. Based on an average trading volume of 225,600 shares, the short-interest ratio is currently 3.2 days.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird reduced their price objective on Blackbaud from $80.00 to $76.00 and set a "neutral" rating for the company in a report on Wednesday, February 19th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $85.33.

Institutional Investors Weigh In On Blackbaud

Hedge funds and other institutional investors have recently modified their holdings of the company. Teachers Retirement System of The State of Kentucky boosted its position in Blackbaud by 52.0% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 56,336 shares of the technology company's stock worth $4,770,000 after acquiring an additional 19,270 shares during the last quarter. Entropy Technologies LP acquired a new stake in shares of Blackbaud during the fourth quarter worth $377,000. JPMorgan Chase & Co. grew its position in shares of Blackbaud by 3.2% in the third quarter. JPMorgan Chase & Co. now owns 225,634 shares of the technology company's stock valued at $19,107,000 after purchasing an additional 7,097 shares during the period. Tributary Capital Management LLC increased its stake in Blackbaud by 1.3% in the fourth quarter. Tributary Capital Management LLC now owns 293,148 shares of the technology company's stock valued at $21,670,000 after purchasing an additional 3,739 shares during the last quarter. Finally, Simcoe Capital Management LLC acquired a new position in Blackbaud in the third quarter valued at $5,987,000. 94.21% of the stock is currently owned by hedge funds and other institutional investors.

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Blackbaud Price Performance

BLKB stock traded down $0.76 on Thursday, reaching $63.87. The company had a trading volume of 285,135 shares, compared to its average volume of 217,436. The company's fifty day moving average is $72.48 and its 200 day moving average is $78.45. The company has a market cap of $3.14 billion, a P/E ratio of -10.89 and a beta of 1.08. The company has a debt-to-equity ratio of 7.40, a quick ratio of 0.68 and a current ratio of 0.78. Blackbaud has a 1 year low of $62.99 and a 1 year high of $88.95.

Blackbaud (NASDAQ:BLKB - Get Free Report) last issued its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.50). The company had revenue of $302.23 million during the quarter, compared to analysts' expectations of $303.41 million. Blackbaud had a negative net margin of 24.83% and a positive return on equity of 26.30%. On average, research analysts forecast that Blackbaud will post 3.05 earnings per share for the current year.

About Blackbaud

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.