Why Blackbaud Stock Rocketed 5% Higher Today
It seems (NASDAQ: BLKB) might be in play.
A media report stated that the cloud-based software provider might be the target of a renewed buyout effort by a former suitor. On that potentially share-price-lifting news, investors piled into the stock on Thursday to the point where it closed more than 5% higher. That was more than good enough to beat the 0.7% increase of the S 500 index on the day.
That morning, Bloomberg reported that California-based Clearlake Capital Group was mulling a buyout of Blackbaud. Clearlake's name could be familiar to at least some of the cloud software company's investors, as the firm attempted a purchase last year but was refused. Additionally, Clearlake holds an equity stake of just under 19% in Blackbaud.
Source Fool.com
Blackbaud Inc. Stock
Our community is currently high on Blackbaud Inc. with 3 Buy predictions and 0 Sell predictions.
With a target price of 82 € there is a slightly positive potential of 13.1% for Blackbaud Inc. compared to the current price of 72.5 €.
