Clearline Capital LP Invests $19.05 Million 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 position in shares of Blackbaud, Inc. (NASDAQ:BLKB - Free Report) in the first quarter, according to the company in its most recent 13F filing 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 approximately 1.1% of Clearline Capital LP's holdings, making the stock its 15th largest holding. Clearline Capital LP owned about 0.63% of Blackbaud as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of BLKB. Greenhouse Funds LLLP purchased a new position in shares of Blackbaud in the first quarter worth about $31,217,000. Nuveen LLC purchased a new position in shares of Blackbaud in the first quarter worth about $25,302,000. Jane Street Group LLC increased its stake in shares of Blackbaud by 886.2% in the first quarter. Jane Street Group LLC now owns 159,729 shares of the technology company's stock worth $9,911,000 after purchasing an additional 143,533 shares in the last quarter. Public Sector Pension Investment Board purchased a new position in shares of Blackbaud in the first quarter worth about $7,858,000. Finally, Jacobs Levy Equity Management Inc. purchased a new position in shares of Blackbaud in the first quarter worth about $6,154,000. Hedge funds and other institutional investors own 94.21% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of Blackbaud from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. One 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, the stock has a consensus rating of "Hold" and a consensus price target of $78.67.

Blackbaud Price Performance

Shares of BLKB stock traded down $0.57 during trading hours on Friday, reaching $69.60. The stock had a trading volume of 261,981 shares, compared to its average volume of 261,243. The stock's fifty day simple moving average is $65.35 and its 200 day simple moving average is $63.79. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 12.92. 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 $3.38 billion, a PE ratio of -12.04, a PEG ratio of 4.90 and a beta of 1.15.

Blackbaud (NASDAQ:BLKB - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The technology company reported $1.21 EPS for the quarter, beating 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 company had revenue of $281.38 million during the quarter, compared to analyst estimates of $276.48 million. During the same period last year, the business earned $1.08 earnings per share. Blackbaud's revenue was down 2.1% compared to the same quarter last year. Blackbaud has set its FY 2025 guidance at 4.300-4.500 EPS. On average, equities research analysts predict that Blackbaud, Inc. will post 3.05 EPS for the current year.

Insider Buying and Selling

In other Blackbaud news, Director Rupal S. Hollenbeck sold 2,500 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $63.98, for a total value of $159,950.00. Following the completion of the transaction, the director 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kevin P. Gregoire sold 8,000 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 111,156 shares of the company's stock, valued at approximately $8,077,706.52. This represents a 6.71% decrease in their position. The disclosure for this sale can be found here. 1.97% of the stock is owned by insiders.

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.