Aigen Investment Management LP Takes $316,000 Position in Blackbaud, Inc. $BLKB

Key Points

• Aigen Investment Management LP acquired 5,097 shares of Blackbaud, Inc. (NASDAQ:BLKB), valued at approximately $316,000, during the first quarter of 2023.
• Several institutional investors have increased their positions in Blackbaud, with 94.21% of the stock currently owned by institutional investors.
• Blackbaud's latest earnings report showed an EPS of $1.21, exceeding analysts' expectations, despite a 2.1% decrease in revenue year-over-year.

Aigen Investment Management LP bought a new position in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 5,097 shares of the technology company's stock, valued at approximately $316,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Versant Capital Management Inc increased its stake in shares of Blackbaud by 127.4% in the first quarter. Versant Capital Management Inc now owns 523 shares of the technology company's stock worth $32,000 after purchasing an additional 293 shares during the period. UMB Bank n.a. increased its position in Blackbaud by 63.2% in the 1st quarter. UMB Bank n.a. now owns 692 shares of the technology company's stock worth $43,000 after buying an additional 268 shares during the period. KBC Group NV lifted its holdings in shares of Blackbaud by 31.8% during the first quarter. KBC Group NV now owns 2,209 shares of the technology company's stock worth $137,000 after buying an additional 533 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Blackbaud by 11.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,300 shares of the technology company's stock valued at $143,000 after acquiring an additional 231 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in shares of Blackbaud by 156.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,875 shares of the technology company's stock valued at $213,000 after acquiring an additional 1,752 shares during the period. Institutional investors and hedge funds own 94.21% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on BLKB. Stifel Nicolaus dropped their target price on shares of Blackbaud from $75.00 to $65.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Wall Street Zen upgraded shares of Blackbaud from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $78.67.

Blackbaud Stock Performance

BLKB traded up $0.15 during trading on Monday, reaching $63.43. 253,052 shares of the company's stock were exchanged, compared to its average volume of 301,916. The company has a market capitalization of $3.08 billion, a P/E ratio of -10.95, a PEG ratio of 4.42 and a beta of 1.13. 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 business has a 50 day moving average price of $63.96 and a 200 day moving average price of $64.86. Blackbaud, Inc. has a fifty-two week low of $58.05 and a fifty-two week high of $88.95.

Blackbaud (NASDAQ:BLKB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The technology company reported $1.21 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $281.38 million during the quarter, compared to analysts' expectations of $276.48 million. During the same quarter last year, the company earned $1.08 earnings per share. The company's revenue for the quarter was down 2.1% compared to the same quarter last year. As a group, analysts predict that Blackbaud, Inc. will post 3.05 earnings per share for the current fiscal year.

Insider Activity

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

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.