Allspring Global Investments Holdings LLC grew its position in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 20.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 320,058 shares of the technology company's stock after purchasing an additional 54,138 shares during the period. Allspring Global Investments Holdings LLC owned about 0.62% of Blackbaud worth $27,103,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of BLKB. DT Investment Partners LLC acquired a new stake in shares of Blackbaud during the second quarter worth $33,000. Quest Partners LLC raised its holdings in shares of Blackbaud by 2,950.0% during the second quarter. Quest Partners LLC now owns 427 shares of the technology company's stock worth $33,000 after acquiring an additional 413 shares during the period. Blue Trust Inc. raised its holdings in shares of Blackbaud by 190.4% during the third quarter. Blue Trust Inc. now owns 1,597 shares of the technology company's stock worth $135,000 after acquiring an additional 1,047 shares during the period. EntryPoint Capital LLC raised its holdings in shares of Blackbaud by 447.8% during the first quarter. EntryPoint Capital LLC now owns 2,542 shares of the technology company's stock worth $188,000 after acquiring an additional 2,078 shares during the period. Finally, Legacy Capital Wealth Partners LLC acquired a new stake in shares of Blackbaud during the second quarter worth $201,000. 94.21% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In related news, COO Kevin P. Gregoire sold 7,333 shares of Blackbaud stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $77.65, for a total transaction of $569,407.45. Following the completion of the sale, the chief operating officer now owns 110,715 shares of the company's stock, valued at approximately $8,597,019.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP Kevin Mcdearis sold 2,261 shares of Blackbaud stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $85.12, for a total transaction of $192,456.32. Following the completion of the sale, the executive vice president now owns 60,129 shares of the company's stock, valued at approximately $5,118,180.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Kevin P. Gregoire sold 7,333 shares of Blackbaud stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $77.65, for a total transaction of $569,407.45. Following the completion of the sale, the chief operating officer now owns 110,715 shares of the company's stock, valued at $8,597,019.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 55,409 shares of company stock valued at $4,483,193 in the last quarter. Company insiders own 1.95% of the company's stock.
Blackbaud Stock Performance
Shares of BLKB traded down $0.13 during midday trading on Thursday, reaching $85.93. The stock had a trading volume of 98,693 shares, compared to its average volume of 228,524. The firm has a 50 day simple moving average of $83.06 and a 200-day simple moving average of $79.31. Blackbaud, Inc. has a one year low of $64.32 and a one year high of $88.56. The firm has a market cap of $4.44 billion, a PE ratio of 209.59 and a beta of 1.02. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.73.
Blackbaud (NASDAQ:BLKB - Get Free Report) last announced its quarterly earnings data on Tuesday, July 30th. The technology company reported $1.08 EPS for the quarter, beating analysts' consensus estimates of $1.04 by $0.04. Blackbaud had a net margin of 3.64% and a return on equity of 18.54%. The company had revenue of $287.29 million during the quarter, compared to the consensus estimate of $289.26 million. During the same quarter last year, the firm posted $0.49 EPS. The company's quarterly revenue was up 6.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Blackbaud, Inc. will post 2.45 EPS for the current year.
Blackbaud announced that its Board of Directors has authorized a stock repurchase program on Tuesday, July 30th that allows the company to repurchase $800.00 million in shares. This repurchase authorization allows the technology company to buy up to 18.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its shares are undervalued.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on BLKB. Evercore ISI raised shares of Blackbaud to a "hold" rating in a research report on Thursday, August 1st. Raymond James decreased their target price 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 raised their target price on shares of Blackbaud from $80.00 to $85.00 and gave the company a "hold" rating in a research report on Thursday, September 26th. Finally, Robert W. Baird raised their target price on shares of Blackbaud from $88.00 to $92.00 and gave the company an "outperform" rating in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, Blackbaud currently has a consensus rating of "Moderate Buy" and a consensus price target of $90.67.
Get Our Latest Research Report on BLKB
About Blackbaud
(
Free Report)
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.
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