Freestone Grove Partners LP Buys New Shares in Blackbaud, Inc. $BLKB

Key Points

• Freestone Grove Partners LP bought 24,878 Blackbaud shares worth approximately $737,000, taking a roughly 0.05% stake. Institutional investors collectively own 94.21% of the company.
• Blackbaud exceeded quarterly EPS expectations, reporting $1.33 versus the $1.23 consensus, while revenue rose 3.3% year over year to $290.6 million. Analysts maintain a consensus “Hold” rating with a $48.50 price target.
• Blackbaud shares opened at $48.62, well above their 50-day and 200-day moving averages. Meanwhile, company insiders sold 45,205 shares worth about $2.0 million during the latest quarter.

Freestone Grove Partners LP purchased a new stake in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 24,878 shares of the technology company's stock, valued at approximately $737,000. Freestone Grove Partners LP owned about 0.05% of Blackbaud at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Blackbaud by 1.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,434 shares of the technology company's stock valued at $1,454,000 after acquiring an additional 361 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in Blackbaud by 293.1% during the first quarter. Jones Financial Companies Lllp now owns 7,701 shares of the technology company's stock worth $478,000 after acquiring an additional 5,742 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Blackbaud by 26.2% during the first quarter. Goldman Sachs Group Inc. now owns 229,244 shares of the technology company's stock worth $14,225,000 after acquiring an additional 47,549 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Blackbaud by 4.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 101,751 shares of the technology company's stock worth $6,314,000 after acquiring an additional 4,178 shares in the last quarter. Finally, Jane Street Group LLC boosted 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 purchasing an additional 143,533 shares during the last quarter. 94.21% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

BLKB has been the subject of a number of analyst reports. Robert W. Baird set a $54.00 price target on Blackbaud in a research note on Thursday, July 30th. Weiss Ratings upgraded Blackbaud from a "sell (d)" rating to a "sell (d+)" rating in a research note on Thursday, August 6th. Stifel Nicolaus cut their price objective on Blackbaud from $45.00 to $30.00 and set a "hold" rating for the company in a report on Friday, July 10th. Finally, Raymond James Financial reissued an "outperform" rating and issued a $55.00 target price on shares of Blackbaud in a research note on Wednesday, July 29th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Blackbaud currently has a consensus rating of "Hold" and a consensus price target of $48.50.

Blackbaud Trading Up 0.1%

Blackbaud stock opened at $48.62 on Friday. The stock has a 50-day simple moving average of $37.38 and a 200 day simple moving average of $37.96. The stock has a market capitalization of $2.21 billion, a P/E ratio of 15.19, a PEG ratio of 1.67 and a beta of 0.97. The company has a debt-to-equity ratio of 16.82, a quick ratio of 0.83 and a current ratio of 0.83. Blackbaud, Inc. has a 52 week low of $25.58 and a 52 week high of $70.71.

Blackbaud (NASDAQ:BLKB - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The technology company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.23 by $0.10. Blackbaud had a return on equity of 197.49% and a net margin of 13.12%.The firm had revenue of $290.60 million for the quarter, compared to analyst estimates of $292.23 million. During the same quarter in the prior year, the company earned $1.21 earnings per share. The business's revenue for the quarter was up 3.3% compared to the same quarter last year. Blackbaud has set its FY 2026 guidance at 5.150-5.250 EPS. Analysts expect that Blackbaud, Inc. will post 3.71 earnings per share for the current year.

Insider Activity at Blackbaud

In other Blackbaud news, CEO Michael P. Gianoni sold 17,000 shares of the firm's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $47.35, for a total transaction of $804,950.00. Following the completion of the sale, the chief executive officer owned 423,264 shares of the company's stock, valued at $20,041,550.40. This trade represents a 3.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Chad Anderson sold 6,205 shares of Blackbaud stock in a transaction on Monday, June 1st. The stock was sold at an average price of $31.31, for a total transaction of $194,278.55. Following the transaction, the chief financial officer directly owned 62,869 shares of the company's stock, valued at approximately $1,968,428.39. This trade represents a 8.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 45,205 shares of company stock worth $2,000,229. Company insiders own 2.01% of the company's stock.

About Blackbaud

Blackbaud, Inc is a leading provider of cloud software, services and data intelligence solutions designed specifically for the social good community. The company's main offerings include fundraising and relationship management platforms, financial management systems, grant and award management tools, and advanced analytics. Its flagship products—such as Raiser's Edge NXT, Blackbaud Financial Edge NXT and Blackbaud NetCommunity—help nonprofit organizations, educational institutions, healthcare providers and foundations streamline donor engagement, optimize financial operations and measure program impact.

Founded in 1981 and headquartered in Charleston, South Carolina, Blackbaud has grown from a small technology startup into a global specialist in nonprofit software.

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