Blackbaud, Inc. (NASDAQ:BLKB) Shares Sold by Cornercap Investment Counsel Inc.

Cornercap Investment Counsel Inc. reduced its holdings in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 56.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,509 shares of the technology company's stock after selling 9,553 shares during the quarter. Cornercap Investment Counsel Inc.'s holdings in Blackbaud were worth $636,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. DT Investment Partners LLC purchased a new stake in shares of Blackbaud during the 2nd quarter worth approximately $33,000. Quest Partners LLC raised its holdings in 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 acquiring an additional 413 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of Blackbaud by 190.4% during the 3rd quarter. Blue Trust Inc. now owns 1,597 shares of the technology company's stock worth $135,000 after purchasing an additional 1,047 shares during the period. EntryPoint Capital LLC increased its stake in shares of Blackbaud by 447.8% during the 1st quarter. EntryPoint Capital LLC now owns 2,542 shares of the technology company's stock valued at $188,000 after acquiring an additional 2,078 shares during the last quarter. Finally, Legacy Capital Wealth Partners LLC purchased a new stake in Blackbaud in the second quarter valued at approximately $201,000. Institutional investors and hedge funds own 94.21% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Baird R W lowered Blackbaud from a "strong-buy" rating to a "hold" rating in a research 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 research report on Monday, October 7th. Stifel Nicolaus lifted their price objective on Blackbaud from $80.00 to $85.00 and gave the stock a "hold" rating in a report on Thursday, September 26th. Evercore ISI upgraded shares of Blackbaud to a "hold" rating in a research note on Thursday, August 1st. Finally, Robert W. Baird lowered Blackbaud from an "outperform" rating to a "neutral" rating and decreased their target price for the stock from $92.00 to $80.00 in a research report on Thursday, October 31st. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Blackbaud presently has an average rating of "Hold" and a consensus target price of $86.67.

Insider Activity at Blackbaud

In other news, EVP Kevin Mcdearis sold 18,996 shares of the company's stock in a transaction on Friday, August 30th. The stock was sold at an average price of $83.00, for a total value of $1,576,668.00. Following the completion of the sale, the executive vice president now owns 67,012 shares in the company, valued at $5,561,996. This represents a 22.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Kevin P. Gregoire sold 6,619 shares of the firm's stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $85.68, for a total value of $567,115.92. Following the transaction, the chief operating officer now directly owns 99,096 shares of the company's stock, valued at $8,490,545.28. This represents a 6.26 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 41,186 shares of company stock worth $3,459,942 in the last 90 days. Corporate insiders own 1.95% of the company's stock.

Blackbaud Stock Performance

NASDAQ BLKB traded down $3.00 during trading hours on Friday, hitting $81.00. The company had a trading volume of 248,718 shares, compared to its average volume of 232,056. Blackbaud, Inc. has a fifty-two week low of $66.47 and a fifty-two week high of $88.56. The firm has a market cap of $4.11 billion, a P/E ratio of 79.41 and a beta of 1.03. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 1.79. The business has a fifty day simple moving average of $83.40 and a 200-day simple moving average of $79.89.

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

Blackbaud announced that its board has approved a stock repurchase plan on Tuesday, July 30th that allows the company to buyback $800.00 million in shares. This buyback authorization allows the technology company to purchase up to 18.1% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

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.