Jefferies Maintains Hold on Blackbaud (BLKB)

Jefferies is out with its report on Blackbaud (NYSE: BLKB), maintaining Hold.

In a note to clients, Jefferies writes, "BLKB is growing organically above 10% and is showing modest margin expansion as it seeks to invest for faster growth. We think non-profit markets are recovering and that BLKB is gaining share. However given current valuation relative to growth, we maintain our HOLD rating with a $28PT."

Shares of BLKB closed Monday at $26.89.