Short Interest in Blackbaud, Inc. (NASDAQ:BLKB) Declines By 8.6%
Blackbaud, Inc. (NASDAQ:BLKB) experienced an 8.6% decline in short interest in January, totaling 559,200 shares as of January 31. The short-interest ratio is currently 2.8 days, with 1.4% of shares sold short. Analysts have downgraded the stock's rating, with a consensus rating of "Hold" and an average price target of $86.67. Recent insider trading saw significant share sales by the CEO and a director. The stock is currently trading at $79.88, down 1.1%.
Blackbaud, Inc. (NASDAQ:BLKB - Get Free Report) was the recipient of a large drop in short interest in January. As of January 31st, there was short interest totalling 559,200 shares, a drop of 8.6% from the January 15th total of 611,600 shares. Currently, 1.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 200,700 shares, the days-to-cover ratio is currently 2.8 days.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on BLKB. Baird R W cut shares of Blackbaud from a "strong-buy" rating to a "hold" rating in a research note on Thursday, October 31st. Robert W. Baird cut Blackbaud from an "outperform" rating to a "neutral" rating and reduced their price objective for the company from $92.00 to $80.00 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 company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $86.67.
View Our Latest Stock Report on Blackbaud
Insider Activity
In related news, Director Sarah E. Nash sold 1,600 shares of the firm's stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $83.46, for a total transaction of $133,536.00. Following the transaction, the director now directly owns 22,123 shares of the company's stock, valued at approximately $1,846,385.58. This trade represents a 6.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Michael P. Gianoni sold 12,325 shares of the business's stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $83.25, for a total value of $1,026,056.25. Following the completion of the sale, the chief executive officer now owns 389,539 shares of the company's stock, valued at $32,429,121.75. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,204 shares of company stock worth $2,909,997. 1.95% of the stock is currently owned by corporate insiders.
Institutional Trading of Blackbaud
Institutional investors have recently modified their holdings of the company. Vestcor Inc purchased a new stake in Blackbaud in the fourth quarter worth $75,000. TD Private Client Wealth LLC raised its stake in Blackbaud by 42.0% in 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 in the last quarter. KBC Group NV lifted its holdings in Blackbaud by 33.9% in the fourth quarter. KBC Group NV now owns 1,676 shares of the technology company's stock worth $124,000 after buying an additional 424 shares during the period. Blue Trust Inc. boosted its position in Blackbaud by 190.4% during the 3rd quarter. Blue Trust Inc. now owns 1,597 shares of the technology company's stock valued at $135,000 after acquiring an additional 1,047 shares in the last quarter. Finally, Huntington National Bank grew its holdings in shares of Blackbaud by 13.9% during the 4th quarter. Huntington National Bank now owns 1,864 shares of the technology company's stock worth $138,000 after acquiring an additional 227 shares during the period. 94.21% of the stock is currently owned by hedge funds and other institutional investors.
Blackbaud Trading Down 1.1 %
BLKB traded down $0.91 during trading on Monday, hitting $79.88. 128,899 shares of the stock traded hands, compared to its average volume of 158,311. The firm has a market capitalization of $3.93 billion, a P/E ratio of 78.31 and a beta of 1.08. Blackbaud has a 12-month low of $66.47 and a 12-month high of $88.95. The company has a debt-to-equity ratio of 1.79, a current ratio of 0.68 and a quick ratio of 0.68. The firm has a 50-day moving average of $77.03 and a 200 day moving average of $80.40.
Blackbaud Company Profile
(Get Free Report)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.
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