Blackbaud (NASDAQ:BLKB) Shares Gap Down on Disappointing Earnings

Blackbaud, Inc. (NASDAQ:BLKB - Get Free Report)'s stock price gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $79.88, but opened at $75.61. Blackbaud shares last traded at $71.62, with a volume of 49,500 shares.

The technology company reported $0.58 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.50). The company had revenue of $302.23 million for the quarter, compared to analyst estimates of $303.41 million. Blackbaud had a positive return on equity of 26.30% and a negative net margin of 24.83%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Robert W. Baird dropped their price target on shares of Blackbaud from $80.00 to $76.00 and set a "neutral" rating on the stock in a research note on Wednesday. Baird R W downgraded Blackbaud from a "strong-buy" rating to a "hold" rating in a research note on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $85.33.

Insider Activity

In other news, CEO Michael P. Gianoni sold 9,479 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $88.13, for a total transaction of $835,384.27. Following the transaction, the chief executive officer now owns 344,079 shares of the company's stock, valued at approximately $30,323,682.27. This represents a 2.68 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.95% of the stock is owned by insiders.

Institutional Investors Weigh In On Blackbaud

A number of large investors have recently added to or reduced their stakes in BLKB. Norges Bank bought a new position in shares of Blackbaud in the fourth quarter valued at approximately $34,168,000. ArrowMark Colorado Holdings LLC raised its holdings in Blackbaud by 22.5% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,283,473 shares of the technology company's stock worth $108,684,000 after acquiring an additional 235,859 shares during the period. Wellington Management Group LLP lifted its position in Blackbaud by 56.0% during the 3rd quarter. Wellington Management Group LLP now owns 429,051 shares of the technology company's stock worth $36,332,000 after acquiring an additional 154,019 shares during the last quarter. Penn Capital Management Company LLC bought a new stake in Blackbaud during the fourth quarter valued at about $10,581,000. Finally, Bank of New York Mellon Corp boosted its holdings in 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 valued at $35,671,000 after acquiring an additional 140,273 shares during the period. Institutional investors own 94.21% of the company's stock.

Blackbaud Trading Up 3.1 %

The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 7.40. The company has a 50-day moving average price of $76.14 and a 200-day moving average price of $80.15. The company has a market capitalization of $3.36 billion, a price-to-earnings ratio of -11.57 and a beta of 1.08.

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.