Blackbaud, Inc. (NASDAQ:BLKB) Sees Significant Growth in Short Interest

Blackbaud, Inc. (NASDAQ:BLKB) was the recipient of a significant increase in short interest in March. As of March 15th, there was short interest totalling 940,500 shares, an increase of 31.1% from the February 28th total of 717,600 shares. Approximately 2.4% of the company’s stock are sold short. Based on an average daily volume of 277,800 shares, the short-interest ratio is presently 3.4 days.

Analysts Set New Price Targets

Separately, Robert W. Baird cut their price objective on shares of Blackbaud from $80.00 to $76.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 19th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $85.33.

Blackbaud Stock Performance

NASDAQ BLKB opened at $62.05 on Tuesday. The company has a market cap of $3.06 billion, a P/E ratio of -10.52 and a beta of 1.08. The company has a fifty day simple moving average of $70.28 and a 200 day simple moving average of $77.33. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 7.40. Blackbaud has a 12-month low of $61.20 and a 12-month high of $88.95.

Blackbaud (NASDAQ:BLKB) last issued its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.50). The business had revenue of $302.23 million for the quarter, compared to analyst estimates of $303.41 million. Blackbaud had a negative net margin of 24.83% and a positive return on equity of 26.30%. Sell-side analysts predict that Blackbaud will post 3.05 earnings per share for the current fiscal year.

Institutional Trading of Blackbaud

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Xponance Inc. boosted its position in shares of Blackbaud by 2.4% during the fourth quarter. Xponance Inc. now owns 5,638 shares of the technology company’s stock valued at $417,000 after buying an additional 130 shares during the last quarter. Heritage Family Offices LLP lifted its stake in Blackbaud by 5.9% during the 4th quarter. Heritage Family Offices LLP now owns 2,985 shares of the technology company’s stock valued at $221,000 after acquiring an additional 166 shares in the last quarter. Huntington National Bank lifted its stake in Blackbaud by 13.9% during the 4th quarter. Huntington National Bank now owns 1,864 shares of the technology company’s stock valued at $138,000 after acquiring an additional 227 shares in the last quarter. Brookstone Capital Management boosted its holdings in Blackbaud by 3.7% during the 4th quarter. Brookstone Capital Management now owns 7,612 shares of the technology company’s stock worth $563,000 after acquiring an additional 275 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in shares of Blackbaud by 20.9% in the 4th quarter. Blue Trust Inc. now owns 1,930 shares of the technology company’s stock worth $143,000 after acquiring an additional 333 shares in the last quarter. 94.21% of the stock is owned by institutional investors.

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.