Blackbaud, Inc. (NASDAQ:BLKB) Short Interest Up 15.7% in September

Blackbaud, Inc. (NASDAQ:BLKB) saw a significant growth in short interest in September. As of September 15th, there was short interest totalling 659,400 shares, a growth of 15.7% from the August 31st total of 570,000 shares. Currently, 1.6% of the shares of the stock are sold short. Based on an average daily volume of 196,600 shares, the days-to-cover ratio is currently 3.4 days.

Blackbaud Trading Up 0.3 %

Shares of BLKB stock traded up $0.29 during trading hours on Monday, hitting $84.39. 63,919 shares of the company were exchanged, compared to its average volume of 238,294. The firm has a market cap of $4.36 billion, a P/E ratio of 205.12 and a beta of 1.02. The company has a 50 day simple moving average of $80.55 and a two-hundred day simple moving average of $77.75. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.80 and a current ratio of 0.80. Blackbaud has a fifty-two week low of $64.32 and a fifty-two week high of $88.56.

Blackbaud (NASDAQ:BLKB) last released its quarterly earnings results on Tuesday, July 30th. The technology company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.04. The business had revenue of $287.29 million for the quarter, compared to analysts’ expectations of $289.26 million. Blackbaud had a net margin of 3.64% and a return on equity of 18.54%. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.49 earnings per share. Equities analysts anticipate that Blackbaud will post 2.46 EPS for the current year.

Blackbaud announced that its board has initiated a stock buyback program on Tuesday, July 30th that permits the company to repurchase $800.00 million in outstanding shares. This repurchase authorization permits the technology company to repurchase up to 18.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Evercore ISI raised shares of Blackbaud to a “hold” rating in a research report on Thursday, August 1st. Robert W. Baird boosted their price target on Blackbaud from $88.00 to $92.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Finally, Stifel Nicolaus raised their target price on Blackbaud from $80.00 to $85.00 and gave the company a “hold” rating in a report on Thursday.

Insider Buying and Selling at Blackbaud

In other news, EVP Kevin Mcdearis sold 18,996 shares of Blackbaud stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $83.00, for a total value of $1,576,668.00. Following the completion of the transaction, the executive vice president now owns 67,012 shares in the company, valued at $5,561,996. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP Jon W. Olson sold 4,000 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $76.00, for a total value of $304,000.00. Following the sale, the senior vice president now directly owns 29,628 shares of the company’s stock, valued at approximately $2,251,728. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kevin Mcdearis sold 18,996 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $83.00, for a total transaction of $1,576,668.00. Following the completion of the sale, the executive vice president now directly owns 67,012 shares in the company, valued at approximately $5,561,996. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 55,409 shares of company stock valued at $4,483,193. 1.95% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Blackbaud

Institutional investors have recently added to or reduced their stakes in the business. Arizona State Retirement System boosted its position in Blackbaud by 1.2% during the 2nd quarter. Arizona State Retirement System now owns 11,977 shares of the technology company’s stock valued at $912,000 after buying an additional 137 shares during the period. Franklin Resources Inc. raised its position in Blackbaud by 1.4% in the 4th quarter. Franklin Resources Inc. now owns 12,840 shares of the technology company’s stock worth $1,113,000 after buying an additional 183 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Blackbaud by 6.2% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 3,140 shares of the technology company’s stock worth $239,000 after acquiring an additional 184 shares during the period. Azzad Asset Management Inc. ADV lifted its stake in shares of Blackbaud by 2.1% in the 2nd quarter. Azzad Asset Management Inc. ADV now owns 11,164 shares of the technology company’s stock worth $850,000 after purchasing an additional 225 shares during the period. Finally, Redmond Asset Management LLC increased its stake in shares of Blackbaud by 0.9% in the 1st quarter. Redmond Asset Management LLC now owns 43,172 shares of the technology company’s stock worth $3,201,000 after purchasing an additional 399 shares in the last quarter. 94.21% of the stock is currently owned by institutional investors.

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.