Blackbaud, Inc. (NASDAQ:BLKB) Shares Bought by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH increased its stake in Blackbaud, Inc. by 80% in the first quarter, holding 12,600 shares valued at $782,000.
• Multiple large investors have also made changes to their positions, including New York State Common Retirement Fund, which now owns 299,632 shares valued at $18,592,000, following an increase of 6.2% in their stake.
• Analysts have mixed views on Blackbaud, with a consensus rating of "Hold" and a price target of $78.67, while Stifel Nicolaus recently lowered its price target from $75.00 to $65.00.

Allianz Asset Management GmbH increased its position in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 80.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 12,600 shares of the technology company's stock after acquiring an additional 5,600 shares during the quarter. Allianz Asset Management GmbH's holdings in Blackbaud were worth $782,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in BLKB. Edgestream Partners L.P. bought a new stake in shares of Blackbaud during the 1st quarter valued at about $689,000. MQS Management LLC bought a new stake in shares of Blackbaud during the 1st quarter valued at about $292,000. New York State Common Retirement Fund boosted its position in shares of Blackbaud by 6.2% during the 1st quarter. New York State Common Retirement Fund now owns 299,632 shares of the technology company's stock valued at $18,592,000 after acquiring an additional 17,382 shares during the last quarter. Kesler Norman & Wride LLC boosted its position in shares of Blackbaud by 35.5% during the 1st quarter. Kesler Norman & Wride LLC now owns 11,494 shares of the technology company's stock valued at $713,000 after acquiring an additional 3,014 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in shares of Blackbaud by 2.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 131,033 shares of the technology company's stock valued at $8,131,000 after acquiring an additional 2,582 shares during the last quarter. Hedge funds and other institutional investors own 94.21% of the company's stock.

Analyst Ratings Changes

BLKB has been the topic of a number of recent research reports. Wall Street Zen raised Blackbaud from a "hold" rating to a "buy" rating in a report on Saturday. Stifel Nicolaus lowered their target price on Blackbaud from $75.00 to $65.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Blackbaud currently has a consensus rating of "Hold" and an average price target of $78.67.

Insider Buying and Selling

In related news, CFO Chad Anderson sold 5,500 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $63.99, for a total value of $351,945.00. Following the transaction, the chief financial officer directly owned 35,976 shares in the company, valued at approximately $2,302,104.24. This represents a 13.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kevin P. Gregoire sold 8,000 shares of the company'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 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 ownership of the stock. The disclosure for this sale can be found here. 1.97% of the stock is owned by corporate insiders.

Blackbaud Stock Down 1.8%

Shares of NASDAQ:BLKB traded down $1.16 on Tuesday, reaching $63.63. The company had a trading volume of 131,703 shares, compared to its average volume of 294,624. Blackbaud, Inc. has a 52-week low of $58.05 and a 52-week high of $88.95. The firm's 50 day simple moving average is $63.88 and its 200-day simple moving average is $65.75. The firm has a market capitalization of $3.09 billion, a PE ratio of -11.01, a PEG ratio of 4.64 and a beta of 1.13. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 12.92.

Blackbaud (NASDAQ:BLKB - Get Free Report) last issued 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. The company had revenue of $281.38 million during the quarter, compared to analysts' expectations of $276.48 million. Blackbaud had a positive return on equity of 61.72% and a negative net margin of 24.82%. The firm's revenue was down 2.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.08 EPS. As a group, analysts expect that Blackbaud, Inc. will post 3.05 earnings per share for the current fiscal 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.