Simcoe Capital Management LLC Acquires Shares of 70,697 Blackbaud, Inc. (NASDAQ:BLKB)

Simcoe Capital Management LLC acquired a new stake in shares of Blackbaud, Inc. (NASDAQ:BLKB - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 70,697 shares of the technology company's stock, valued at approximately $5,987,000. Blackbaud makes up 0.8% of Simcoe Capital Management LLC's portfolio, making the stock its 15th biggest position. Simcoe Capital Management LLC owned approximately 0.14% of Blackbaud at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of BLKB. DT Investment Partners LLC acquired a new position in Blackbaud in the 2nd quarter valued at approximately $33,000. Quest Partners LLC lifted its holdings in Blackbaud by 2,950.0% during the 2nd quarter. Quest Partners LLC now owns 427 shares of the technology company's stock worth $33,000 after buying an additional 413 shares during the period. Blue Trust Inc. grew its position in shares of Blackbaud by 190.4% in the 3rd quarter. Blue Trust Inc. now owns 1,597 shares of the technology company's stock valued at $135,000 after buying an additional 1,047 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Blackbaud in the third quarter valued at about $142,000. Finally, Legacy Capital Wealth Partners LLC bought a new position in shares of Blackbaud during the second quarter worth about $201,000. Institutional investors own 94.21% of the company's stock.

Insiders Place Their Bets

In other news, CEO Michael P. Gianoni sold 800 shares of Blackbaud stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $83.15, for a total transaction of $66,520.00. Following the completion of the transaction, the chief executive officer now directly owns 373,293 shares in the company, valued at approximately $31,039,312.95. This trade represents a 0.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sarah E. Nash sold 1,600 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $83.46, for a total value of $133,536.00. Following the completion of the sale, the director now directly owns 22,123 shares in the company, valued at approximately $1,846,385.58. This represents a 6.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 51,394 shares of company stock worth $4,373,270 over the last three months. Company insiders own 1.95% of the company's stock.

Analyst Ratings Changes

BLKB has been the subject of a number of recent analyst reports. Robert W. Baird downgraded Blackbaud from an "outperform" rating to a "neutral" rating and decreased their price target for the stock from $92.00 to $80.00 in a report on Thursday, October 31st. Baird R W downgraded Blackbaud from a "strong-buy" rating to a "hold" rating in a research note on Thursday, October 31st. Raymond James cut their price target on Blackbaud from $98.00 to $95.00 and set an "outperform" rating on the stock in a report on Monday, October 7th. Finally, Stifel Nicolaus boosted their price objective on Blackbaud from $80.00 to $85.00 and gave the company a "hold" rating in a report on Thursday, September 26th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $86.67.

Blackbaud Price Performance

Shares of NASDAQ BLKB traded down $0.24 during midday trading on Monday, hitting $83.70. 84,460 shares of the company's stock were exchanged, compared to its average volume of 231,260. The business's fifty day moving average price is $83.65 and its two-hundred day moving average price is $80.39. The company has a market cap of $4.25 billion, a price-to-earnings ratio of 82.29 and a beta of 1.03. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.79. Blackbaud, Inc. has a 12-month low of $66.47 and a 12-month high of $88.95.

Blackbaud (NASDAQ:BLKB - Get Free Report) last released its earnings results on Wednesday, October 30th. The technology company reported $0.99 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.08). The business had revenue of $286.70 million for the quarter, compared to the consensus estimate of $293.74 million. Blackbaud had a net margin of 4.61% and a return on equity of 20.34%. Blackbaud's revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.65 EPS. As a group, research analysts forecast that Blackbaud, Inc. will post 2.6 EPS for the current fiscal year.

Blackbaud Company Profile

Blackbaud, Inc provides cloud software solutions to nonprofits, foundations, education institutions, and healthcare organizations in the United States and internationally. The company offers fundraising and engagement solutions, such as Blackbaud Raiser's Edge NXT, Blackbaud CRM, Blackbaud eTapestry, Blackbaud Luminate Online, Blackbaud TeamRaiser, JustGiving, Blackbaud Fundraiser Performance Management, Blackbaud Guided Fundraising, and Blackbaud Altru; and financial management solutions comprising Blackbaud Financial Edge NXT, Blackbaud Tuition Management, and Blackbaud Financial Aid and Billing Management.