Greenhouse Funds LLLP Makes New $31.22 Million Investment in Blackbaud, Inc. $BLKB

Key Points

• Greenhouse Funds LLLP has invested approximately $31.22 million in Blackbaud, Inc., acquiring 503,097 shares, which represents about 1.5% of their investment portfolio.
• Blackbaud received an upgrade from a "hold" to a "buy" rating from Wall Street Zen, with one analyst rating it as a Buy and three as Hold, indicating a generally optimistic outlook.
• In recent insider trading activity, Director Rupal S. Hollenbeck sold 2,500 shares, resulting in a 23.89% decrease in their position, while EVP Kevin P. Gregoire also sold 8,000 shares.

Greenhouse Funds LLLP bought a new position in shares of Blackbaud, Inc. (NASDAQ:BLKB - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 503,097 shares of the technology company's stock, valued at approximately $31,217,000. Blackbaud comprises approximately 1.5% of Greenhouse Funds LLLP's investment portfolio, making the stock its 29th largest position. Greenhouse Funds LLLP owned about 1.04% of Blackbaud at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Hawk Ridge Capital Management LP bought a new position in shares of Blackbaud in the 1st quarter valued at $2,323,000. Perbak Capital Partners LLP bought a new position in shares of Blackbaud in the 1st quarter valued at $203,000. EP Wealth Advisors LLC lifted its stake in shares of Blackbaud by 11.8% in the 1st quarter. EP Wealth Advisors LLC now owns 4,297 shares of the technology company's stock valued at $267,000 after acquiring an additional 454 shares during the last quarter. Cubist Systematic Strategies LLC lifted its stake in shares of Blackbaud by 342.2% in the 1st quarter. Cubist Systematic Strategies LLC now owns 86,388 shares of the technology company's stock valued at $5,360,000 after acquiring an additional 66,851 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp bought a new position in shares of Blackbaud in the 1st quarter valued at $856,000. 94.21% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Rupal S. Hollenbeck sold 2,500 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $63.98, for a total value of $159,950.00. Following the completion of the sale, the director directly owned 7,966 shares in the company, valued at $509,664.68. This trade represents a 23.89% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Kevin P. Gregoire sold 8,000 shares of the firm's stock in a transaction dated 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 of the company's stock, 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.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded Blackbaud from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. One 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 company has an average rating of "Hold" and an average price target of $78.67.

Blackbaud Stock Performance

Shares of Blackbaud stock opened at $66.56 on Thursday. 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 business has a 50-day moving average price of $64.89 and a two-hundred day moving average price of $63.87. Blackbaud, Inc. has a 1-year low of $58.05 and a 1-year high of $88.95. The company has a market cap of $3.23 billion, a P/E ratio of -11.52, a PEG ratio of 4.66 and a beta of 1.15.

Blackbaud (NASDAQ:BLKB - Get Free Report) last issued its quarterly 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. The firm had revenue of $281.38 million during the quarter, compared to the consensus estimate of $276.48 million. Blackbaud had a positive return on equity of 61.72% and a negative net margin of 24.82%.The business's revenue was down 2.1% compared to the same quarter last year. During the same period last year, the business posted $1.08 EPS. 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 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.

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