Blackbaud (NASDAQ:BLKB) Shares Gap Down After Earnings Miss

Blackbaud, Inc. (NASDAQ:BLKB)’s share price gapped down prior to trading on Tuesday after the company announced weaker than expected quarterly earnings. 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 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.50). Blackbaud had a return on equity of 20.34% and a net margin of 4.61%.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Blackbaud

In other news, CEO Michael P. Gianoni sold 9,479 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $88.13, for a total value of $835,384.27. Following the completion of the sale, the chief executive officer now owns 344,079 shares of the company’s stock, valued at $30,323,682.27. This represents a 2.68 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Anthony W. Boor sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $84.85, for a total transaction of $848,500.00. Following the sale, the chief financial officer now owns 140,262 shares of the company’s stock, valued at $11,901,230.70. This represents a 6.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,279 shares of company stock worth $1,750,404 in the last quarter. Company insiders own 1.95% of the company’s stock.

Institutional Investors Weigh In On Blackbaud

A number of institutional investors and hedge funds have recently made changes to their positions in BLKB. Vestcor Inc acquired a new stake in Blackbaud in the 4th quarter valued at approximately $75,000. TD Private Client Wealth LLC boosted its position in shares of Blackbaud by 42.0% during the third quarter. TD Private Client Wealth LLC now owns 1,174 shares of the technology company’s stock worth $99,000 after buying an additional 347 shares during the period. Blue Trust Inc. grew its stake in shares of Blackbaud by 190.4% in the third quarter. Blue Trust Inc. now owns 1,597 shares of the technology company’s stock valued at $135,000 after buying an additional 1,047 shares in the last quarter. KBC Group NV raised its holdings in shares of Blackbaud by 33.9% in the 4th quarter. KBC Group NV now owns 1,676 shares of the technology company’s stock valued at $124,000 after buying an additional 424 shares during the period. Finally, Meeder Asset Management Inc. acquired a new position in Blackbaud during the 3rd quarter worth about $142,000. 94.21% of the stock is owned by hedge funds and other institutional investors.

Blackbaud Stock Down 9.9 %

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 company has a market capitalization of $3.54 billion, a PE ratio of 70.14 and a beta of 1.08. The business has a fifty day moving average of $77.07 and a 200 day moving average of $80.41.

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.