Corbyn Investment Management Inc. MD Has $2.76 Million Stock Holdings in Blackbaud, Inc. (NASDAQ:BLKB)

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

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Janus Henderson Group PLC boosted its position in shares of Blackbaud by 1.2% during the fourth quarter. Janus Henderson Group PLC now owns 2,885,062 shares of the technology company's stock worth $213,263,000 after buying an additional 34,600 shares during the period. ArrowMark Colorado Holdings LLC boosted its position in Blackbaud by 3.6% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 1,329,308 shares of the technology company's stock valued at $98,262,000 after purchasing an additional 45,835 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Blackbaud by 0.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,019,923 shares of the technology company's stock valued at $75,393,000 after buying an additional 3,119 shares during the last quarter. Northern Trust Corp lifted its position in shares of Blackbaud by 9.1% in the fourth quarter. Northern Trust Corp now owns 693,577 shares of the technology company's stock valued at $51,269,000 after buying an additional 57,941 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in shares of Blackbaud by 28.7% in the fourth quarter. First Trust Advisors LP now owns 356,243 shares of the technology company's stock valued at $26,333,000 after buying an additional 79,369 shares during the last quarter. Institutional investors own 94.21% of the company's stock.

Analyst Upgrades and Downgrades

BLKB has been the subject of a number of recent analyst reports. Stifel Nicolaus cut their price objective on Blackbaud from $75.00 to $65.00 and set a "hold" rating for the company in a research report on Thursday, May 1st. Wall Street Zen upgraded Blackbaud from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $78.67.

Insiders Place Their Bets

In other Blackbaud news, CFO Chad Anderson sold 5,500 shares of the firm's stock in a transaction on 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. This trade represents a 13.26% decrease in their position. The transaction 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 the firm's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $72.67, for a total value of $581,360.00. Following the transaction, the executive vice president owned 111,156 shares in the company, valued at approximately $8,077,706.52. This trade 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 company insiders.

Blackbaud Stock Performance

Shares of NASDAQ BLKB traded up $0.22 during trading hours on Friday, reaching $64.09. 463,670 shares of the stock were exchanged, compared to its average volume of 347,985. The firm has a market capitalization of $3.11 billion, a price-to-earnings ratio of -11.09, a P/E/G ratio of 4.46 and a beta of 1.13. The company has a debt-to-equity ratio of 12.92, a quick ratio of 0.84 and a current ratio of 0.84. Blackbaud, Inc. has a 52 week low of $58.05 and a 52 week high of $88.95. The stock's fifty day simple moving average is $64.06 and its 200 day simple moving average is $65.53.

Blackbaud (NASDAQ:BLKB - Get Free Report) last announced its earnings results on Wednesday, July 30th. The technology company reported $1.21 earnings per share 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 company had revenue of $281.38 million for the quarter, compared to analyst estimates of $276.48 million. During the same quarter last year, the company earned $1.08 earnings per share. The firm's quarterly revenue was down 2.1% compared to the same quarter last year. Sell-side analysts predict that Blackbaud, Inc. will post 3.05 EPS for the current year.

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.