Blueshift Asset Management LLC Makes New Investment in Blackbaud, Inc. (NASDAQ:BLKB)

Key Points

• Blueshift Asset Management LLC has invested approximately $392,000 to acquire a new stake in Blackbaud, Inc., purchasing 6,311 shares in the first quarter.
• Despite recent investments, Blackbaud's stock has decreased by 3.2%, opening at $65.28, while the company has a market capitalization of $3.17 billion.
• Blackbaud reported quarterly earnings of $1.21 EPS, surpassing analysts' expectations, but noted a 2.1% decline in revenue year-over-year.

Blueshift Asset Management LLC purchased a new stake in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 6,311 shares of the technology company's stock, valued at approximately $392,000.

Several other hedge funds have also recently bought and sold shares of the stock. Versant Capital Management Inc grew its holdings in Blackbaud by 127.4% during the 1st quarter. Versant Capital Management Inc now owns 523 shares of the technology company's stock worth $32,000 after acquiring an additional 293 shares during the last quarter. UMB Bank n.a. lifted its position in shares of 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 in the last quarter. Huntington National Bank grew its stake in shares of Blackbaud by 13.9% during the fourth quarter. Huntington National Bank now owns 1,864 shares of the technology company's stock valued at $138,000 after purchasing an additional 227 shares during the last quarter. KBC Group NV increased its holdings in shares of 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 purchasing an additional 533 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its position in Blackbaud by 156.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,875 shares of the technology company's stock worth $213,000 after purchasing an additional 1,752 shares during the last quarter. 94.21% of the stock is currently owned by institutional investors and hedge funds.

Blackbaud Trading Up 3.3%

Shares of Blackbaud stock traded up $2.07 during trading on Wednesday, reaching $65.19. 259,528 shares of the company were exchanged, compared to its average volume of 296,975. The business has a 50-day moving average price of $63.90 and a 200-day moving average price of $65.73. The firm has a market capitalization of $3.16 billion, a price-to-earnings ratio of -11.28, a P/E/G ratio of 4.61 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. Blackbaud, Inc. has a twelve month low of $58.05 and a twelve month 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 earnings per share for the quarter, beating analysts' consensus estimates of $1.05 by $0.16. The business had revenue of $281.38 million for the quarter, compared to the consensus estimate of $276.48 million. Blackbaud had a negative net margin of 24.82% and a positive return on equity of 61.72%. Blackbaud's revenue for the quarter was down 2.1% on a year-over-year basis. During the same period last year, the company posted $1.08 EPS. Sell-side analysts anticipate that Blackbaud, Inc. will post 3.05 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have commented on BLKB shares. Wall Street Zen upgraded Blackbaud from a "hold" rating to a "buy" rating in a research report on Saturday. Stifel Nicolaus cut 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. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $78.67.

Insider Activity

In other news, CFO Chad Anderson sold 5,500 shares of Blackbaud stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $63.99, for a total transaction of $351,945.00. Following the transaction, the chief financial officer owned 35,976 shares in the company, valued at $2,302,104.24. The trade was a 13.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at 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 transaction of $581,360.00. Following the sale, the executive vice president directly owned 111,156 shares of the company's stock, valued at $8,077,706.52. This represents a 6.71% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.97% of the company's stock.

Blackbaud 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.