Headlands Technologies LLC Grows Position in Blackbaud, Inc. (NASDAQ:BLKB)

Key Points

• Headlands Technologies LLC increased its stake in Blackbaud, Inc. by 419.9%, acquiring an additional 15,058 shares, bringing its total holdings to 18,644 shares valued at approximately $1,157,000.
• Insider sales included the EVP Kevin P. Gregoire selling 8,000 shares for over $581,000, resulting in a 6.71% decrease in ownership.
• Blackbaud's Q2 revenue of $281.38 million exceeded analysts’ expectations, despite a 2.1% decline year-over-year in quarterly revenue.

Headlands Technologies LLC raised its position in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 419.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 18,644 shares of the technology company's stock after acquiring an additional 15,058 shares during the quarter. Headlands Technologies LLC's holdings in Blackbaud were worth $1,157,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Envestnet Asset Management Inc. lifted its holdings in Blackbaud by 2.0% in the first 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 period. KBC Group NV lifted its holdings in Blackbaud by 31.8% in the first quarter. KBC Group NV now owns 2,209 shares of the technology company's stock valued at $137,000 after acquiring an additional 533 shares during the period. UMB Bank n.a. lifted its holdings in Blackbaud by 63.2% in the first quarter. UMB Bank n.a. now owns 692 shares of the technology company's stock valued at $43,000 after acquiring an additional 268 shares during the period. D. E. Shaw & Co. Inc. lifted its holdings in Blackbaud by 163.7% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 19,637 shares of the technology company's stock valued at $1,452,000 after acquiring an additional 12,189 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of Blackbaud by 44.3% in the fourth quarter. JPMorgan Chase & Co. now owns 325,637 shares of the technology company's stock worth $24,071,000 after buying an additional 100,003 shares during the period. Institutional investors own 94.21% of the company's stock.

Analyst Upgrades and Downgrades

BLKB has been the topic of several recent research reports. Stifel Nicolaus decreased 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 raised 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 issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $78.67.

Insider Activity at Blackbaud

In related news, CFO Chad Anderson sold 5,500 shares of Blackbaud stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $63.99, for a total transaction of $351,945.00. Following the sale, the chief financial officer owned 35,976 shares of the company's stock, valued at approximately $2,302,104.24. This trade represents a 13.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Kevin P. Gregoire sold 8,000 shares of Blackbaud 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 sale, the executive vice president directly owned 111,156 shares in the company, valued at $8,077,706.52. This trade represents 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 company insiders.

Blackbaud Stock Performance

Shares of NASDAQ BLKB traded up $0.22 during trading on Friday, hitting $64.09. The company had a trading volume of 463,670 shares, compared to its average volume of 347,985. The stock has a 50 day simple moving average of $64.06 and a 200 day simple moving average of $65.45. The company has a debt-to-equity ratio of 12.92, a quick ratio of 0.84 and a current ratio of 0.84. Blackbaud, Inc. has a 12 month low of $58.05 and a 12 month high of $88.95. The firm has a market capitalization of $3.11 billion, a P/E ratio of -11.09, a price-to-earnings-growth ratio of 4.48 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 (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.16. The company had revenue of $281.38 million for the quarter, compared to the consensus estimate 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 quarterly revenue was down 2.1% on a year-over-year basis. During the same quarter last year, the company earned $1.08 EPS. As a group, analysts anticipate that Blackbaud, Inc. will post 3.05 earnings per share 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.