Tributary Capital Management LLC Decreases Stock Position in Blackbaud, Inc. (NASDAQ:BLKB)

Tributary Capital Management LLC trimmed its position in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 3.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 284,071 shares of the technology company's stock after selling 9,077 shares during the quarter. Blackbaud makes up 1.5% of Tributary Capital Management LLC's investment portfolio, making the stock its 29th largest position. Tributary Capital Management LLC owned approximately 0.59% of Blackbaud worth $17,627,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Edgestream Partners L.P. acquired a new stake in shares of Blackbaud in the 1st quarter valued at $689,000. MQS Management LLC acquired a new stake in shares of Blackbaud in the 1st quarter valued at $292,000. New York State Common Retirement Fund raised its holdings in shares of Blackbaud by 6.2% in 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 purchasing an additional 17,382 shares in the last quarter. Kesler Norman & Wride LLC raised its holdings in shares of Blackbaud by 35.5% in the 1st quarter. Kesler Norman & Wride LLC now owns 11,494 shares of the technology company's stock valued at $713,000 after purchasing an additional 3,014 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its stake in Blackbaud by 2.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 131,033 shares of the technology company's stock worth $8,131,000 after acquiring an additional 2,582 shares in the last quarter. 94.21% of the stock is currently owned by institutional investors and hedge funds.

Blackbaud Stock Up 0.2%

NASDAQ:BLKB traded up $0.12 during midday trading on Friday, hitting $64.08. 188,412 shares of the company were exchanged, compared to its average volume of 248,136. The company has a fifty day simple moving average of $63.27 and a 200 day simple moving average of $66.68. Blackbaud, Inc. has a fifty-two week low of $58.05 and a fifty-two week high of $88.95. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 35.64. The company has a market capitalization of $3.11 billion, a PE ratio of -10.86, a price-to-earnings-growth ratio of 4.73 and a beta of 1.14.

Blackbaud (NASDAQ:BLKB - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.90 by $0.06. The firm had revenue of $270.66 million for the quarter, compared to analyst estimates of $268.53 million. Blackbaud had a negative net margin of 25.05% and a positive return on equity of 38.58%. Blackbaud's revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period last year, the business earned $0.93 EPS. As a group, equities analysts anticipate that Blackbaud, Inc. will post 3.05 earnings per share for the current fiscal year.

Insider Transactions at Blackbaud

In other Blackbaud news, CFO Chad Anderson sold 5,500 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $63.99, for a total value of $351,945.00. Following the sale, the chief financial officer owned 35,976 shares of the company's stock, valued at $2,302,104.24. This represents a 13.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jon W. Olson sold 10,698 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $61.15, for a total transaction of $654,182.70. Following the completion of the transaction, the senior vice president directly owned 23,799 shares of the company's stock, valued at approximately $1,455,308.85. This represents a 31.01% decrease in their position. The disclosure for this sale can be found here. 1.97% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus cut their price target on shares of Blackbaud from $75.00 to $65.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price 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.