Clearline Capital LP Takes $19.05 Million Position in Blackbaud, Inc. $BLKB

Key Points

• Clearline Capital LP has made a new investment in Blackbaud, Inc., purchasing approximately $19.05 million worth of shares, making the company its 15th largest holding.
• Blackbaud reported earnings per share (EPS) of $1.21 for the last quarter, exceeding analysts' consensus estimates of $1.05, while annual revenue declined by 2.1%.
• Analysts have upgraded Blackbaud's rating from a "hold" to a "buy," with a consensus price target of $78.67.

Clearline Capital LP acquired a new stake in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 307,036 shares of the technology company's stock, valued at approximately $19,052,000. Blackbaud comprises about 1.1% of Clearline Capital LP's holdings, making the stock its 15th largest position. Clearline Capital LP owned 0.63% of Blackbaud at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Versant Capital Management Inc lifted its position in shares of Blackbaud by 127.4% in the first quarter. Versant Capital Management Inc now owns 523 shares of the technology company's stock valued at $32,000 after buying an additional 293 shares during the last quarter. UMB Bank n.a. lifted its holdings in Blackbaud by 63.2% during the 1st quarter. UMB Bank n.a. now owns 692 shares of the technology company's stock worth $43,000 after purchasing an additional 268 shares during the last quarter. KBC Group NV lifted its holdings in Blackbaud by 31.8% during the 1st quarter. KBC Group NV now owns 2,209 shares of the technology company's stock worth $137,000 after purchasing an additional 533 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Blackbaud by 11.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,300 shares of the technology company's stock worth $143,000 after purchasing an additional 231 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Blackbaud during the 4th quarter worth approximately $216,000. 94.21% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Blackbaud

In other Blackbaud news, Director Rupal S. Hollenbeck sold 2,500 shares of Blackbaud stock in a transaction on Friday, August 8th. The stock was sold at an average price of $63.98, for a total value of $159,950.00. Following the completion of the transaction, the director directly owned 7,966 shares of the company's stock, valued at $509,664.68. The trade was a 23.89% decrease in their position. The sale was disclosed in a legal filing 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 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 directly owned 111,156 shares of the company's stock, 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 insiders.

Blackbaud Price Performance

NASDAQ BLKB traded down $0.57 during midday trading on Friday, hitting $69.60. The company had a trading volume of 261,952 shares, compared to its average volume of 298,475. The company has a market capitalization of $3.38 billion, a PE ratio of -12.04, a P/E/G ratio of 4.79 and a beta of 1.15. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 12.92. The firm has a 50-day moving average price of $65.28 and a 200-day moving average price of $63.77. 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 data on Wednesday, July 30th. The technology company reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.16. The firm 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 company's quarterly revenue was down 2.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.08 EPS. Blackbaud has set its FY 2025 guidance at 4.300-4.500 EPS. As a group, analysts anticipate that Blackbaud, Inc. will post 3.05 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen raised Blackbaud from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus 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.