Blackbaud, Inc. (NASDAQ:BLKB) Sees Large Increase in Short Interest

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 significant growth in short interest during the month of August. As of August 15th, there was short interest totaling 1,140,000 shares, agrowthof29.9% from the July 31st total of 877,300 shares. Approximately3.0% of the shares of the company are short sold. Based on an average daily trading volume, of 307,000 shares, the days-to-cover ratio is presently 3.7 days. Based on an average daily trading volume, of 307,000 shares, the days-to-cover ratio is presently 3.7 days. Approximately3.0% of the shares of the company are short sold.

Insider Transactions at Blackbaud

In related news, EVP Kevin P. Gregoire sold 8,000 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $72.67, for a total transaction of $581,360.00. Following the completion of the transaction, the executive vice president owned 111,156 shares in the company, valued at $8,077,706.52. This represents a 6.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rupal S. Hollenbeck sold 2,500 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was 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 position. The disclosure for this sale can be found here. Corporate insiders own 1.97% of the company's stock.

Hedge Funds Weigh In On Blackbaud

A number of large investors have recently modified their holdings of the company. Mercer Global Advisors Inc. ADV purchased a new position in shares of Blackbaud in the fourth quarter worth $244,000. Balyasny Asset Management L.P. purchased a new stake in Blackbaud during the fourth quarter valued at $948,000. Cubist Systematic Strategies LLC bought a new stake in Blackbaud during the fourth quarter valued at about $1,444,000. EP Wealth Advisors LLC grew its holdings in Blackbaud by 10.7% during the fourth quarter. EP Wealth Advisors LLC now owns 3,843 shares of the technology company's stock valued at $284,000 after purchasing an additional 372 shares during the period. Finally, Deutsche Bank AG grew its holdings in Blackbaud by 57.7% during the fourth quarter. Deutsche Bank AG now owns 39,568 shares of the technology company's stock valued at $2,925,000 after purchasing an additional 14,474 shares during the period. 94.21% of the stock is owned by hedge funds and other institutional investors.

Blackbaud Trading Down 0.7%

Shares of NASDAQ:BLKB traded down $0.51 during midday trading on Tuesday, hitting $67.36. 11,689 shares of the stock were exchanged, compared to its average volume of 296,692. The stock has a market capitalization of $3.27 billion, a price-to-earnings ratio of -11.65, a P/E/G ratio of 4.65 and a beta of 1.15. The company has a debt-to-equity ratio of 12.92, a quick ratio of 0.84 and a current ratio of 0.84. The business's 50-day moving average price is $65.06 and its 200 day moving average price is $63.70. Blackbaud has a 12 month low of $58.05 and a 12 month high of $88.95.

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

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of Blackbaud from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, Blackbaud currently has a consensus rating of "Hold" and an average price target of $78.67.

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.

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