Blackbaud's stock fell 5.06% during intraday trading on Tuesday, reversing earlier gains.
The decline followed an analyst action by Stifel, which lowered its price target on the software company to $50 from $70. The firm cited a need to adjust for multiple compression in the software sector while maintaining a Hold rating on the stock.
The move contrasts with the company's earlier positive quarterly results, which included earnings and revenue that exceeded analyst expectations, along with full-year guidance that met or beat estimates.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments