Blackbaud (NASDAQ:BLKB) Shares Gap Down Following Weak Earnings

Shares of Blackbaud, Inc. (NASDAQ:BLKB) 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 changing hands.

The technology company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.50). Blackbaud had a net margin of 4.61% and a return on equity of 20.34%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on BLKB shares. Robert W. Baird downgraded shares of Blackbaud from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $92.00 to $80.00 in a research note on Thursday, October 31st. Baird R W downgraded shares of Blackbaud from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 31st. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Blackbaud has a consensus rating of “Hold” and an average price target of $86.67.

Insider Activity

In other news, CEO Michael P. Gianoni sold 800 shares of Blackbaud stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $83.15, for a total transaction of $66,520.00. Following the completion of the sale, the chief executive officer now owns 373,293 shares of the company’s stock, valued at approximately $31,039,312.95. The trade was a 0.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Anthony W. Boor sold 10,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $84.85, for a total value of $848,500.00. Following the completion of the transaction, the chief financial officer now directly owns 140,262 shares in the company, valued at approximately $11,901,230.70. This trade represents a 6.66 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,279 shares of company stock valued at $1,750,404. 1.95% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Blackbaud

Hedge funds have recently modified their holdings of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Blackbaud by 20.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 97,573 shares of the technology company’s stock worth $7,213,000 after buying an additional 16,890 shares during the period. Voloridge Investment Management LLC raised its holdings in Blackbaud by 350.9% in the fourth quarter. Voloridge Investment Management LLC now owns 95,632 shares of the technology company’s stock worth $7,069,000 after purchasing an additional 74,422 shares in the last quarter. Waverly Advisors LLC raised its holdings in Blackbaud by 22.7% in the fourth quarter. Waverly Advisors LLC now owns 20,503 shares of the technology company’s stock worth $1,516,000 after purchasing an additional 3,790 shares in the last quarter. Two Sigma Investments LP lifted its position in shares of Blackbaud by 20.3% during the fourth quarter. Two Sigma Investments LP now owns 3,076 shares of the technology company’s stock valued at $227,000 after buying an additional 518 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Blackbaud in the 4th quarter valued at about $216,000. Hedge funds and other institutional investors own 94.21% of the company’s stock.

Blackbaud Stock Performance

The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.79. The stock has a market cap of $3.54 billion, a PE ratio of 70.14 and a beta of 1.08. The business’s 50-day moving average price is $77.07 and its 200-day moving average price is $80.41.

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.