Fuller & Thaler Asset Management Inc. Sells 355,414 Shares of Blackbaud, Inc. $BLKB

Key Points

• Fuller & Thaler Asset Management Inc. reduced its position in Blackbaud, Inc. by 42.2% in the first quarter, owning 487,703 shares worth approximately $30.26 million after the sale.
• Director Rupal S. Hollenbeck and EVP Kevin P. Gregoire both sold shares in Blackbaud, with Hollenbeck's sale leading to a 23.89% decrease in their ownership.
• Wall Street analysts have varied opinions on Blackbaud, with one upgrading the stock to a "buy" rating while others maintain a "hold" rating, reflecting a consensus average price target of $78.67.

Fuller & Thaler Asset Management Inc. lessened its holdings in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 42.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 487,703 shares of the technology company's stock after selling 355,414 shares during the quarter. Fuller & Thaler Asset Management Inc. owned 1.01% of Blackbaud worth $30,262,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Versant Capital Management Inc increased its position in shares of Blackbaud by 127.4% in the first quarter. Versant Capital Management Inc now owns 523 shares of the technology company's stock valued at $32,000 after buying an additional 293 shares in the last quarter. UMB Bank n.a. boosted its stake in Blackbaud by 63.2% during the first quarter. UMB Bank n.a. now owns 692 shares of the technology company's stock worth $43,000 after buying an additional 268 shares during the last quarter. KBC Group NV lifted its stake in shares of Blackbaud by 31.8% in the 1st quarter. KBC Group NV now owns 2,209 shares of the technology company's stock valued at $137,000 after purchasing an additional 533 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Blackbaud by 11.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,300 shares of the technology company's stock valued at $143,000 after purchasing an additional 231 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Blackbaud by 156.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,875 shares of the technology company's stock valued at $213,000 after buying an additional 1,752 shares during the period. Institutional investors and hedge funds own 94.21% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BLKB. Stifel Nicolaus cut their price target on Blackbaud from $75.00 to $65.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Wall Street Zen raised Blackbaud from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $78.67.

Insider Activity at Blackbaud

In related news, Director Rupal S. Hollenbeck sold 2,500 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $63.98, for a total value of $159,950.00. Following the sale, the director owned 7,966 shares of the company's stock, valued at approximately $509,664.68. This trade represents a 23.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Kevin P. Gregoire sold 8,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $72.67, for a total value of $581,360.00. Following the completion of the sale, the executive vice president owned 111,156 shares in the company, valued at approximately $8,077,706.52. This represents a 6.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.97% of the company's stock.

Blackbaud Trading Up 2.1%

NASDAQ BLKB traded up $1.35 during trading hours on Friday, hitting $66.46. 288,766 shares of the company's stock were exchanged, compared to its average volume of 401,958. The business's 50 day moving average is $64.26 and its 200-day moving average is $64.60. 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 market capitalization of $3.22 billion, a P/E ratio of -11.50, a price-to-earnings-growth ratio of 4.55 and a beta of 1.13.

Blackbaud (NASDAQ:BLKB - Get Free Report) last posted its earnings results 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. The business had revenue of $281.38 million during the quarter, compared to analyst estimates of $276.48 million. Blackbaud had a positive return on equity of 61.72% and a negative net margin of 24.82%.The company's revenue for the quarter was down 2.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.08 earnings per share. Blackbaud has set its FY 2025 guidance at 4.300-4.500 EPS. As a group, analysts anticipate that Blackbaud, Inc. will post 3.05 EPS for the current fiscal year.

About Blackbaud

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.