Blackbaud Inc. (NASDAQ:BLKB) saw a significant growth in short interest in August. As of August 31st, there was short interest totalling 2,966,409 shares, a growth of 27.9% from the August 15th total of 2,319,463 shares. Based on an average trading volume of 227,951 shares, the short-interest ratio is presently 13.0 days. Currently, 6.4% of the company’s stock are sold short.
In other news, EVP Charles T. Cumbaa sold 11,431 shares of the stock in a transaction on Friday, July 8th. The shares were sold at an average price of $68.50, for a total transaction of $783,023.50. Following the completion of the sale, the executive vice president now owns 91,955 shares of the company’s stock, valued at $6,298,917.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joyce Nelson sold 600 shares of the stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $68.11, for a total transaction of $40,866.00. Following the sale, the director now directly owns 15,254 shares of the company’s stock, valued at approximately $1,038,949.94. The disclosure for this sale can be found here. Insiders own 2.74% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of BLKB. LS Investment Advisors LLC increased its position in shares of Blackbaud by 3.6% in the second quarter. LS Investment Advisors LLC now owns 1,696 shares of the company’s stock worth $115,000 after buying an additional 59 shares during the period. Tower Research Capital LLC TRC increased its position in shares of Blackbaud by 2,651.5% in the second quarter. Tower Research Capital LLC TRC now owns 1,816 shares of the company’s stock worth $124,000 after buying an additional 1,750 shares during the period. Invictus RG increased its position in shares of Blackbaud by 264.9% in the first quarter. Invictus RG now owns 1,912 shares of the company’s stock worth $120,000 after buying an additional 1,388 shares during the period. Martingale Asset Management L P purchased a new position in shares of Blackbaud during the second quarter worth about $211,000. Finally, BlackRock Inc. increased its position in shares of Blackbaud by 49.0% in the first quarter. BlackRock Inc. now owns 3,197 shares of the company’s stock worth $201,000 after buying an additional 1,052 shares during the period.
Several brokerages have recently issued reports on BLKB. Zacks Investment Research downgraded shares of Blackbaud from a “hold” rating to a “sell” rating in a research report on Thursday, August 4th. William Blair began coverage on shares of Blackbaud in a research report on Monday, July 11th. They set an “outperform” rating for the company. Off Wall Street began coverage on shares of Blackbaud in a research report on Wednesday, July 27th. They set a “sell” rating and a $50.00 price objective for the company. Stifel Nicolaus increased their price objective on shares of Blackbaud from $70.00 to $73.00 and gave the stock a “buy” rating in a research report on Thursday, June 30th. Finally, Evercore ISI began coverage on shares of Blackbaud in a research report on Monday, June 27th. They set a “hold” rating and a $70.00 price objective for the company. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $70.90.
Shares of Blackbaud (NASDAQ:BLKB) opened at 66.12 on Friday. Blackbaud has a 52 week low of $49.89 and a 52 week high of $71.76. The firm has a market cap of $3.05 billion, a PE ratio of 114.00 and a beta of 1.20. The firm has a 50-day moving average of $67.09 and a 200-day moving average of $64.70.
Blackbaud (NASDAQ:BLKB) last issued its quarterly earnings results on Monday, August 1st. The company reported $0.46 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.50 by $0.04. The firm earned $180.20 million during the quarter, compared to analyst estimates of $182.05 million. Blackbaud had a return on equity of 27.31% and a net margin of 3.97%. The firm’s revenue for the quarter was up 15.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.41 EPS. On average, analysts expect that Blackbaud will post $1.92 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Friday, August 26th were given a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, August 24th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.73%. Blackbaud’s dividend payout ratio (DPR) is currently 81.36%.
Blackbaud Company Profile
Blackbaud, Inc is a provider of software and services for the global philanthropic community. The Company’s segments include the General Markets Business Unit (the GMBU), the Enterprise Customer Business Unit (the ECBU) and the International Business Unit (the IBU). The GMBU is focused on marketing, sales, delivery and support to all emerging and mid-sized prospects and customers in North America.
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