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

Blackbaud, Inc. (NASDAQ:BLKB)’s stock price gapped down prior to trading 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 EPS 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%.

Analysts Set New Price Targets

BLKB has been the topic of several research analyst reports. Baird R W cut Blackbaud from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 31st. Robert W. Baird downgraded Blackbaud from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $92.00 to $80.00 in a research report on Thursday, October 31st. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $86.67.

Insider Buying and Selling

In other Blackbaud news, CFO Anthony W. Boor sold 10,000 shares of Blackbaud stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $84.85, for a total value of $848,500.00. Following the transaction, the chief financial officer now owns 140,262 shares in the company, valued at $11,901,230.70. The trade was a 6.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael P. Gianoni sold 9,479 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $88.13, for a total transaction of $835,384.27. Following the completion of the sale, the chief executive officer now owns 344,079 shares in the company, valued at $30,323,682.27. This represents a 2.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,279 shares of company stock valued at $1,750,404 over the last 90 days. Corporate insiders own 1.95% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Blue Trust Inc. boosted its position in shares of Blackbaud by 190.4% in 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 in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Blackbaud by 20.4% in the third quarter. Allspring Global Investments Holdings LLC now owns 320,058 shares of the technology company’s stock valued at $27,103,000 after buying an additional 54,138 shares during the last quarter. Angeles Wealth Management LLC acquired a new stake in Blackbaud in the third quarter worth about $297,000. First Personal Financial Services grew its stake in shares of Blackbaud by 25.9% during the third quarter. First Personal Financial Services now owns 16,640 shares of the technology company’s stock worth $1,409,000 after acquiring an additional 3,424 shares during the last quarter. Finally, Legacy Capital Wealth Partners LLC grew its stake in shares of Blackbaud by 94.9% during the third quarter. Legacy Capital Wealth Partners LLC now owns 5,153 shares of the technology company’s stock worth $436,000 after acquiring an additional 2,509 shares during the last quarter. Institutional investors own 94.21% of the company’s stock.

Blackbaud Trading Down 11.2 %

The company’s fifty day moving average price is $76.88 and its 200-day moving average price is $80.37. The stock has a market cap of $3.49 billion, a price-to-earnings ratio of 69.57 and a beta of 1.08. The company has a debt-to-equity ratio of 1.79, a current ratio of 0.68 and a quick ratio of 0.68.

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.