Cubist Systematic Strategies LLC Has $5.36 Million Stock Position in Blackbaud, Inc. $BLKB

Key Points

• Cubist Systematic Strategies LLC significantly increased its position in Blackbaud, Inc. by 342.2% during the first quarter, owning approximately 86,388 shares worth $5.36 million.
• Blackbaud recently reported $1.21 earnings per share for the quarter, surpassing analysts' estimates, while its revenue fell by 2.1% year-over-year.
• Wall Street Zen upgraded Blackbaud's rating from "hold" to "buy", with a consensus price target of $78.67 reflecting analysts' expectations for the stock.

Cubist Systematic Strategies LLC grew its position in shares of Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 342.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,388 shares of the technology company's stock after purchasing an additional 66,851 shares during the quarter. Cubist Systematic Strategies LLC owned approximately 0.18% of Blackbaud worth $5,360,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. OMERS ADMINISTRATION Corp acquired a new stake in shares of Blackbaud in the first quarter valued at approximately $856,000. Aristides Capital LLC boosted its position in Blackbaud by 7.8% during the 1st quarter. Aristides Capital LLC now owns 4,142 shares of the technology company's stock worth $257,000 after acquiring an additional 298 shares during the period. Jane Street Group LLC raised its position in Blackbaud by 886.2% during the first quarter. Jane Street Group LLC now owns 159,729 shares of the technology company's stock valued at $9,911,000 after buying an additional 143,533 shares during the period. Comerica Bank grew its holdings in Blackbaud by 40.4% in the 1st quarter. Comerica Bank now owns 20,485 shares of the technology company's stock valued at $1,271,000 after buying an additional 5,893 shares during the last quarter. Finally, Penn Capital Management Company LLC lifted its position in shares of Blackbaud by 38.4% during the 1st quarter. Penn Capital Management Company LLC now owns 198,094 shares of the technology company's stock worth $12,328,000 after buying an additional 54,955 shares during the period. Institutional investors and hedge funds own 94.21% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded Blackbaud from a "hold" rating to a "buy" rating in a report on Saturday, August 2nd. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $78.67.

Insider Buying and Selling at Blackbaud

In other Blackbaud news, Director Rupal S. Hollenbeck sold 2,500 shares of Blackbaud stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $63.98, for a total transaction of $159,950.00. Following the completion of the transaction, the director owned 7,966 shares in the company, valued at approximately $509,664.68. The trade was a 23.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kevin P. Gregoire sold 8,000 shares of the business's stock in a transaction 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 transaction, the executive vice president directly owned 111,156 shares in the company, valued at approximately $8,077,706.52. The trade was 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 currently owned by company insiders.

Blackbaud Stock Performance

Shares of BLKB stock traded up $1.04 during mid-day trading on Monday, reaching $67.64. 118,264 shares of the company's stock traded hands, compared to its average volume of 297,251. The firm has a market capitalization of $3.28 billion, a PE ratio of -11.73, a price-to-earnings-growth ratio of 4.65 and a beta of 1.15. Blackbaud, Inc. has a 12 month low of $58.05 and a 12 month high of $88.95. The company has a debt-to-equity ratio of 12.92, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a 50 day moving average price of $64.98 and a two-hundred day moving average price of $63.70.

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