Connor Clark & Lunn Investment Management Ltd. Has $818,000 Stock Holdings in Blackbaud, Inc. (NASDAQ:BLKB)

Connor Clark & Lunn Investment Management Ltd. cut its position in shares of Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 51.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,659 shares of the technology company's stock after selling 10,322 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Blackbaud were worth $818,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Quest Partners LLC boosted its holdings in shares of Blackbaud by 2,950.0% in the 2nd quarter. Quest Partners LLC now owns 427 shares of the technology company's stock valued at $33,000 after buying an additional 413 shares in the last quarter. DT Investment Partners LLC purchased a new position in shares of Blackbaud in the second quarter valued at $33,000. Blue Trust Inc. lifted its stake in 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 in the last quarter. Meeder Asset Management Inc. purchased a new position in Blackbaud in the 3rd quarter valued at about $142,000. Finally, Legacy Capital Wealth Partners LLC purchased a new stake in shares of Blackbaud in the second quarter valued at $201,000. 94.21% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Blackbaud news, CEO Michael P. Gianoni sold 9,479 shares of the company's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $88.13, for a total value of $835,384.27. Following the sale, the chief executive officer now owns 344,079 shares in the company, valued at $30,323,682.27. This represents a 2.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Anthony W. Boor sold 10,000 shares of Blackbaud stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $84.85, for a total value of $848,500.00. Following the transaction, the chief financial officer now owns 140,262 shares of the company's stock, valued at $11,901,230.70. This represents a 6.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 51,394 shares of company stock valued at $4,373,270. 1.95% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BLKB. Robert W. Baird downgraded Blackbaud from an "outperform" rating to a "neutral" rating and lowered their price target for the company from $92.00 to $80.00 in a report on Thursday, October 31st. Raymond James decreased their price objective on shares of Blackbaud from $98.00 to $95.00 and set an "outperform" rating for the company in a report on Monday, October 7th. Evercore ISI raised Blackbaud to a "hold" rating in a report on Thursday, August 1st. Baird R W cut shares of Blackbaud from a "strong-buy" rating to a "hold" rating in a research report on Thursday, October 31st. Finally, Stifel Nicolaus raised their target price on shares of Blackbaud from $80.00 to $85.00 and gave the company a "hold" rating in a research note on Thursday, September 26th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, Blackbaud currently has an average rating of "Hold" and an average price target of $86.67.

Blackbaud Price Performance

Shares of BLKB stock traded down $0.29 during mid-day trading on Friday, reaching $83.94. The company's stock had a trading volume of 95,978 shares, compared to its average volume of 231,902. Blackbaud, Inc. has a 1-year low of $66.47 and a 1-year high of $88.95. The company has a debt-to-equity ratio of 1.79, a quick ratio of 0.68 and a current ratio of 0.68. The firm's 50-day moving average is $83.67 and its two-hundred day moving average is $80.31. The company has a market cap of $4.26 billion, a P/E ratio of 82.29 and a beta of 1.03.

Blackbaud (NASDAQ:BLKB - Get Free Report) last issued its quarterly earnings results on Wednesday, October 30th. The technology company reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.08). The firm had revenue of $286.70 million for the quarter, compared to analyst estimates of $293.74 million. Blackbaud had a net margin of 4.61% and a return on equity of 20.34%. The company's revenue was up 3.3% compared to the same quarter last year. During the same period last year, the company earned $0.65 EPS. On average, research analysts predict that Blackbaud, Inc. will post 2.6 earnings per share for the current year.

About Blackbaud

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.