Aigen Investment Management LP Makes New $316,000 Investment in Blackbaud, Inc. (NASDAQ: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 shares of Blackbaud, Inc. (NASDAQ:BLKB - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The fund bought 5,097 shares of the technology company's stock, valued at approximately $316,000.

A number of other institutional investors have also modified their holdings of BLKB. Avantax Advisory Services Inc. raised its position in shares of Blackbaud by 1.8% in the 1st quarter. Avantax Advisory Services Inc. now owns 11,816 shares of the technology company's stock valued at $733,000 after purchasing an additional 210 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Blackbaud by 11.2% during the 1st 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 in the last quarter. UMB Bank n.a. lifted its stake in Blackbaud by 63.2% during the first quarter. UMB Bank n.a. now owns 692 shares of the technology company's stock worth $43,000 after purchasing an additional 268 shares during the last quarter. Procyon Advisors LLC lifted its stake in Blackbaud by 8.0% during the first quarter. Procyon Advisors LLC now owns 3,722 shares of the technology company's stock worth $231,000 after purchasing an additional 275 shares during the last quarter. Finally, Versant Capital Management Inc lifted its stake in Blackbaud by 127.4% during 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 last quarter. Hedge funds and other institutional investors own 94.21% of the company's stock.

Insiders Place Their Bets

In related news, EVP Kevin P. Gregoire sold 8,000 shares of Blackbaud stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $72.67, for a total transaction of $581,360.00. Following the transaction, the executive vice president directly owned 111,156 shares of the company's stock, valued at $8,077,706.52. The trade was a 6.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rupal S. Hollenbeck sold 2,500 shares of Blackbaud stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $63.98, for a total value of $159,950.00. Following the transaction, the director directly owned 7,966 shares in the company, valued at approximately $509,664.68. The trade was a 23.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.97% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on BLKB. Stifel Nicolaus reduced their price objective on Blackbaud from $75.00 to $65.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Wall Street Zen upgraded Blackbaud from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $78.67.

Blackbaud Stock Performance

NASDAQ BLKB traded up $0.74 during trading hours on Friday, hitting $63.28. The company had a trading volume of 330,341 shares, compared to its average volume of 376,898. Blackbaud, Inc. has a fifty-two week low of $58.05 and a fifty-two week high of $88.95. 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 fifty day simple moving average of $63.96 and a 200-day simple moving average of $64.94. The firm has a market cap of $3.07 billion, a P/E ratio of -10.95, a price-to-earnings-growth ratio of 4.42 and a beta of 1.13.

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 the consensus estimate of $1.05 by $0.16. Blackbaud had a positive return on equity of 61.72% and a negative net margin of 24.82%. The firm had revenue of $281.38 million for the quarter, compared to analyst estimates of $276.48 million. During the same period last year, the company earned $1.08 earnings per share. The firm's revenue for the quarter was down 2.1% on a year-over-year basis. Equities analysts predict that Blackbaud, Inc. will post 3.05 EPS for the current year.

About Blackbaud

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.