Blueshift Asset Management LLC Buys Shares of 6,311 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 acquired a new stake in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 6,311 shares of the technology company's stock, valued at approximately $392,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Versant Capital Management Inc increased its holdings in shares of 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 buying an additional 293 shares in the last quarter. UMB Bank n.a. increased 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 buying an additional 268 shares during the period. KBC Group NV increased its position in shares of Blackbaud by 31.8% during the first quarter. KBC Group NV now owns 2,209 shares of the technology company's stock worth $137,000 after buying an additional 533 shares during the period. Huntington National Bank increased its position 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 worth $138,000 after buying an additional 227 shares during the period. Finally, Tower Research Capital LLC TRC boosted its stake in Blackbaud by 156.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,875 shares of the technology company's stock worth $213,000 after acquiring an additional 1,752 shares in the last quarter. Institutional investors own 94.21% of the company's stock.

Blackbaud Stock Down 0.8%

Shares of BLKB stock traded down $0.50 on Monday, hitting $64.78. The stock had a trading volume of 432,553 shares, compared to its average volume of 295,885. The business has a 50 day moving average of $63.81 and a 200 day moving average of $65.84. The stock has a market cap of $3.14 billion, a price-to-earnings ratio of -11.21, a price-to-earnings-growth ratio of 4.64 and a beta of 1.13. The company has a debt-to-equity ratio of 12.92, a current ratio of 0.84 and a quick ratio of 0.84. Blackbaud, Inc. has a 12-month low of $58.05 and a 12-month high of $88.95.

Blackbaud (NASDAQ:BLKB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The technology company reported $1.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.05 by $0.16. Blackbaud had a negative net margin of 24.82% and a positive return on equity of 61.72%. The business had revenue of $281.38 million during the quarter, compared to the consensus estimate of $276.48 million. During the same quarter last year, the company posted $1.08 earnings per share. The firm's quarterly revenue was down 2.1% compared to the same quarter last year. As a group, analysts expect that Blackbaud, Inc. will post 3.05 EPS for the current year.

Insider Activity

In other news, CFO Chad Anderson sold 5,500 shares of Blackbaud 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 completion of the transaction, the chief financial officer owned 35,976 shares in the company, valued at $2,302,104.24. This trade represents a 13.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 completion of the transaction, the executive vice president owned 111,156 shares of the company's stock, valued at $8,077,706.52. The trade was a 6.71% decrease in their position. The disclosure for this sale can be found here. 1.97% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Wall Street Zen raised shares of Blackbaud from a "hold" rating to a "buy" rating in a research note 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 note on Thursday, May 1st. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, Blackbaud currently has a consensus rating of "Hold" and an average price target of $78.67.

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.