- Corporate Cost-Cutting: Will Early Gains Turn to Pain?
- Earnings Woke Up the Market, but Can It Continue?
- China Regulator: Bank Lending May Be Overheating
- Fortress Names Ex-Fannie Head Mudd as CEO
- The 15 Most Expensive Cities on Earth
- Box Office: 'Potter' Hauls in $160 Million in 5 Days
- Healthcare Debate: Obama Tries to Regain Upper Hand
- Berkshire Hathaway Rallies for Best Week Since March
- Cramer: Know When to Go Long—I Haven't Always
- Berkshire Hathaway Rallies 6% For Best Week Since March Lows
- Market 360: The Week's Best & Worst
- How Bad is the DVD Decline and Who Suffers?
- Teva, Propofol And Michael Jackson
- Pros Say: US Market Rally Likely to Continue
- Gold Miner Attracting Big Bull Interest
- Dick Bove: Next Week’s Bank Earnings Will Be ‘Terrible’
- Jesuthasan: 'Deleveraging Pay-The Proof is in the Bathwater'
- Art Cashin: Traders Don't Trust 'Short Term' Earnings
- RNC chairman attacks Obama on health care
- Interior to halt uranium mining at Grand Canyon
- Opposition Republicans attack Obama on health care
- Retail stocks see new calculus on investors' hopes
- J.C. Penney takes on Manhattan
- GRD board supports $86 million takeover by AMEC
- Report: Suspect killed during Brazil zoo robbery
- Chairman of business journals dies of bee sting
- Japanese stock markets closed for national holiday
Text Size 
NEW YORK - Shares of Blackbaud Inc. fell Monday after an analyst downgraded the company, saying budget constraints among its nonprofit customers are hurting sales of its fundraising software.
Jefferies & Co. analyst Ross MacMillan lowered his rating to "Hold" from "Buy" and reduced his share price target to $17 from $18. In a note to clients, he said non-profits with fiscal years ending in June are setting "conservative" 2010 budgets now. Furthermore, budget pressures at education institutions will be a strain on deals, he added.
MacMillan also said he thought the company was discounting initial licensing fees for its software to entice customers, cutting into revenue.
Blackbaud shares slid $1.89, or 11.8 percent, to $14.11 amid a broad drop in tech stocks. The stock has ranged from $9.04 to $23 over the past year.
Print
Email
Data is a real-time snapshot *Data is delayed at least 15 minutes