Blackbaud, Inc. (NASDAQ:BLKB) Short Interest Update

Key Points

• Blackbaud, Inc. experienced a significant increase in short interest, rising 29.9% to 1,140,000 shares by August 15, which represents approximately 3.0% of the company's total shares.
• Insider trading activity included EVP Kevin P. Gregoire selling 8,000 shares, indicating a 6.71% reduction in his holdings, while Director Rupal S. Hollenbeck sold 2,500 shares, representing a 23.89% decrease in his position.
• Blackbaud's earnings report showed a positive earnings per share of $1.21, exceeding projections, but the company's revenue decreased by 2.1% year-over-year, raising concerns despite a consensus "Hold" rating for the stock.

Blackbaud, Inc. (NASDAQ:BLKB - Get Free Report) was the recipient of a large increase in short interest during the month of August. As of August 15th, there was short interest totaling 1,140,000 shares, an increase of 29.9% from the July 31st total of 877,300 shares. Currently, 3.0% of the company's shares are sold short. Based on an average trading volume of 307,000 shares, the days-to-cover ratio is currently 3.7 days. Based on an average trading volume of 307,000 shares, the days-to-cover ratio is currently 3.7 days. Currently, 3.0% of the company's shares are sold short.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of Blackbaud from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $78.67.

Blackbaud Stock Performance

BLKB traded down $0.57 during midday trading on Friday, hitting $69.60. 261,981 shares of the company traded hands, compared to its average volume of 261,243. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 12.92. The firm has a market capitalization of $3.38 billion, a PE ratio of -12.04, a price-to-earnings-growth ratio of 4.90 and a beta of 1.15. The company's 50-day moving average is $65.35 and its 200 day moving average is $63.78. Blackbaud has a 52 week low of $58.05 and a 52 week high of $88.95.

Blackbaud (NASDAQ:BLKB - Get Free Report) last posted its earnings results on Wednesday, July 30th. The technology company reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.16. Blackbaud had a negative net margin of 24.82% and a positive return on equity of 61.72%. The business had revenue of $281.38 million for the quarter, compared to analysts' expectations of $276.48 million. During the same quarter in the prior year, the business earned $1.08 EPS. The business's revenue for the quarter was down 2.1% compared to the same quarter last year. Blackbaud has set its FY 2025 guidance at 4.300-4.500 EPS. On average, research analysts expect that Blackbaud will post 3.05 EPS for the current year.

Insider Buying and Selling

In other news, EVP Kevin P. Gregoire sold 8,000 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $72.67, for a total value of $581,360.00. Following the completion of the sale, the executive vice president directly owned 111,156 shares in the company, valued at approximately $8,077,706.52. The trade was a 6.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Rupal S. Hollenbeck sold 2,500 shares of the company's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $63.98, for a total transaction of $159,950.00. Following the sale, the director owned 7,966 shares of the company's stock, valued at $509,664.68. This represents a 23.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.97% of the company's stock.

Hedge Funds Weigh In On Blackbaud

Several institutional investors have recently made changes to their positions in BLKB. Mercer Global Advisors Inc. ADV bought a new position in shares of Blackbaud in the 4th quarter worth approximately $244,000. Balyasny Asset Management L.P. bought a new position in shares of Blackbaud in the 4th quarter worth approximately $948,000. Cubist Systematic Strategies LLC bought a new position in shares of Blackbaud in the 4th quarter worth approximately $1,444,000. EP Wealth Advisors LLC lifted its stake in shares of Blackbaud by 10.7% in the 4th quarter. EP Wealth Advisors LLC now owns 3,843 shares of the technology company's stock worth $284,000 after purchasing an additional 372 shares during the period. Finally, Deutsche Bank AG lifted its stake in shares of Blackbaud by 57.7% in the 4th quarter. Deutsche Bank AG now owns 39,568 shares of the technology company's stock worth $2,925,000 after purchasing an additional 14,474 shares during the period. Institutional investors own 94.21% of the company's stock.

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.