Blackbaud (NASDAQ:BLKB) Shares Gap Down - Here's Why

Blackbaud, Inc. (NASDAQ:BLKB - Get Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $87.48, but opened at $75.42. Blackbaud shares last traded at $76.62, with a volume of 6,903 shares trading hands.

Analysts Set New Price Targets

Several analysts recently commented on the company. Raymond James lowered their target price on Blackbaud from $98.00 to $95.00 and set an "outperform" rating on the stock in a research report on Monday, October 7th. Evercore ISI raised Blackbaud to a "hold" rating in a research note on Thursday, August 1st. Stifel Nicolaus lifted their price objective on shares of Blackbaud from $80.00 to $85.00 and gave the stock a "hold" rating in a research note on Thursday, September 26th. Finally, Robert W. Baird boosted their target price on Blackbaud from $88.00 to $92.00 and gave the stock an "outperform" rating in a research report on Thursday, August 1st. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Blackbaud currently has a consensus rating of "Moderate Buy" and an average price target of $90.67.

Blackbaud Trading Down 13.3 %

The business's 50-day simple moving average is $83.56 and its 200-day simple moving average is $79.61. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.73. The company has a market cap of $3.91 billion, a PE ratio of 186.88 and a beta of 1.02.

Blackbaud (NASDAQ:BLKB - Get Free Report) last issued its quarterly earnings data on Tuesday, July 30th. The technology company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.04. Blackbaud had a net margin of 3.64% and a return on equity of 18.54%. The firm had revenue of $287.29 million for the quarter, compared to analyst estimates of $289.26 million. During the same quarter last year, the firm earned $0.49 earnings per share. The company's revenue for the quarter was up 6.0% on a year-over-year basis. As a group, analysts expect that Blackbaud, Inc. will post 2.45 EPS for the current fiscal year.

Blackbaud declared that its board has approved a stock buyback program on Tuesday, July 30th that allows the company to buyback $800.00 million in outstanding shares. This buyback authorization allows the technology company to repurchase up to 18.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling at Blackbaud

In other news, EVP Kevin Mcdearis sold 3,210 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $85.16, for a total transaction of $273,363.60. Following the transaction, the executive vice president now owns 63,802 shares of the company's stock, valued at approximately $5,433,378.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, COO Kevin P. Gregoire sold 7,333 shares of the company's stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $77.65, for a total transaction of $569,407.45. Following the completion of the sale, the chief operating officer now directly owns 110,715 shares of the company's stock, valued at approximately $8,597,019.75. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kevin Mcdearis sold 3,210 shares of Blackbaud stock in a transaction on Monday, September 16th. The stock was sold at an average price of $85.16, for a total transaction of $273,363.60. Following the completion of the transaction, the executive vice president now owns 63,802 shares in the company, valued at $5,433,378.32. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 55,409 shares of company stock worth $4,483,193 over the last three months. Corporate insiders own 1.95% of the company's stock.

Institutional Investors Weigh In On Blackbaud

A number of hedge funds have recently bought and sold shares of the company. DT Investment Partners LLC bought a new stake in Blackbaud during the 2nd quarter valued at approximately $33,000. Quest Partners LLC grew its position in Blackbaud by 2,950.0% in the 2nd quarter. Quest Partners LLC now owns 427 shares of the technology company's stock worth $33,000 after purchasing an additional 413 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of Blackbaud by 190.4% during the 3rd quarter. Blue Trust Inc. now owns 1,597 shares of the technology company's stock worth $135,000 after purchasing an additional 1,047 shares during the period. EntryPoint Capital LLC lifted its stake in shares of Blackbaud by 447.8% in the first quarter. EntryPoint Capital LLC now owns 2,542 shares of the technology company's stock valued at $188,000 after buying an additional 2,078 shares during the period. Finally, Legacy Capital Wealth Partners LLC acquired a new stake in Blackbaud during the second quarter worth about $201,000. 94.21% of the stock is currently owned by institutional investors.

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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