Blackbaud, Inc. (NASDAQ:BLKB) Shares Bought by Corbyn Investment Management Inc. MD

Key Points

• Corbyn Investment Management Inc. increased its stock position in Blackbaud, Inc. by 21.4%, owning 44,505 shares valued at approximately $2.76 million as of the latest SEC filing.
• Blackbaud's shares recently traded at $65.22, with a market cap of $3.16 billion, and the company reported better-than-expected earnings with $1.21 EPS against an expected $1.05.
• Analysts have mixed views on Blackbaud, with three hold ratings and two buy ratings, and an average price target set at $78.67 following various recent reports.

Corbyn Investment Management Inc. MD increased its holdings in shares of Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 21.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 44,505 shares of the technology company's stock after purchasing an additional 7,841 shares during the period. Corbyn Investment Management Inc. MD owned 0.09% of Blackbaud worth $2,762,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Envestnet Asset Management Inc. raised its holdings in shares of Blackbaud by 2.0% in the first quarter. Envestnet Asset Management Inc. now owns 131,033 shares of the technology company's stock worth $8,131,000 after buying an additional 2,582 shares during the last quarter. KBC Group NV raised its stake 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 worth $137,000 after purchasing an additional 533 shares during the last quarter. UMB Bank n.a. raised its stake in shares of Blackbaud by 63.2% in 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 during the last quarter. D. E. Shaw & Co. Inc. boosted its position in Blackbaud by 163.7% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 19,637 shares of the technology company's stock valued at $1,452,000 after buying an additional 12,189 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Blackbaud by 44.3% in the fourth quarter. JPMorgan Chase & Co. now owns 325,637 shares of the technology company's stock valued at $24,071,000 after buying an additional 100,003 shares during the last quarter. 94.21% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, 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 sale, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Chad Anderson sold 5,500 shares of the company's stock in a transaction on 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 sale, the chief financial officer directly owned 35,976 shares in the company, valued at $2,302,104.24. This trade represents a 13.26% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.97% of the company's stock.

Analysts Set New Price Targets

BLKB has been the subject of several recent research reports. Wall Street Zen raised shares of Blackbaud from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. Stifel Nicolaus reduced their price objective on Blackbaud from $75.00 to $65.00 and set a "hold" rating for the company in a research note 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's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $78.67.

Blackbaud Trading Down 2.1%

BLKB stock traded down $1.35 during trading on Thursday, reaching $63.87. 411,346 shares of the stock were exchanged, compared to its average volume of 337,562. 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 market capitalization of $3.10 billion, a price-to-earnings ratio of -11.05, a P/E/G ratio of 4.56 and a beta of 1.13. The business has a 50 day moving average price of $64.02 and a 200-day moving average price of $65.63. Blackbaud, Inc. has a 1 year low of $58.05 and a 1 year high of $88.95.

Blackbaud (NASDAQ:BLKB - Get Free Report) last issued 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 positive return on equity of 61.72% and a negative net margin of 24.82%. The firm had revenue of $281.38 million during the quarter, compared to the consensus estimate of $276.48 million. During the same period last year, the company earned $1.08 EPS. The company's quarterly revenue was down 2.1% on a year-over-year basis. On average, research analysts predict that Blackbaud, Inc. will post 3.05 earnings per share for the current year.

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.