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Blackbaud, Inc. (BLKB): A Bear Case Theory

We came across a bearish thesis on Blackbaud, Inc. (BLKB) on Substack by Dominick D'Angelo. In this article, we will summarize the bears’ thesis on BLKB. Blackbaud, Inc. (BLKB)'s share was trading at $65.01 as of March 5th. BLKB’s trailing and forward P/E were 108.47 and 15.50 respectively according to Yahoo Finance.

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Blackbaud presents a compelling short thesis due to its deteriorating fundamentals, questionable capital allocation, and lack of valuation support. The company's...