37,438 Shares in Blackbaud, Inc. $BLKB Purchased by Hawk Ridge Capital Management LP

Key Points

• Hawk Ridge Capital Management LP has acquired 37,438 shares of Blackbaud, Inc. valued at approximately $2.32 million, which represents a 0.08% ownership stake in the company.
• Blackbaud reported earnings per share of $1.21 for the most recent quarter, surpassing expectations and marking a 2.1% decline in revenue compared to the same period last year.
• Wall Street analysts have upgraded Blackbaud from a "hold" to a "buy" rating, with an average target price of $78.67 per share.

Hawk Ridge Capital Management LP bought a new stake in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 37,438 shares of the technology company's stock, valued at approximately $2,323,000. Hawk Ridge Capital Management LP owned about 0.08% of Blackbaud at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of BLKB. Versant Capital Management Inc boosted its stake in 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 acquiring an additional 293 shares in the last quarter. UMB Bank n.a. boosted its stake in Blackbaud by 63.2% in the first quarter. UMB Bank n.a. now owns 692 shares of the technology company's stock valued at $43,000 after acquiring an additional 268 shares in the last quarter. KBC Group NV boosted its stake in Blackbaud by 31.8% in the first quarter. KBC Group NV now owns 2,209 shares of the technology company's stock valued at $137,000 after acquiring an additional 533 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Blackbaud by 11.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,300 shares of the technology company's stock valued at $143,000 after acquiring an additional 231 shares in the last quarter. Finally, Perbak Capital Partners LLP acquired a new position in Blackbaud in the first quarter valued at $203,000. Hedge funds and other institutional investors own 94.21% of the company's stock.

Analyst Ratings Changes

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

Insider Activity

In related news, EVP Kevin P. Gregoire sold 8,000 shares of the stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $72.67, for a total transaction of $581,360.00. Following the completion of the transaction, the executive vice president directly owned 111,156 shares of the company's stock, valued at $8,077,706.52. This represents a 6.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Rupal S. Hollenbeck sold 2,500 shares of the stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $63.98, for a total transaction of $159,950.00. Following the transaction, the director directly owned 7,966 shares of the company's stock, valued at $509,664.68. This represents a 23.89% 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 corporate insiders.

Blackbaud Stock Performance

Shares of BLKB traded up $1.27 during mid-day trading on Monday, hitting $67.87. 299,821 shares of the company's stock were exchanged, compared to its average volume of 298,394. Blackbaud, Inc. has a fifty-two week low of $58.05 and a fifty-two week high of $88.95. The firm has a market capitalization of $3.29 billion, a P/E ratio of -11.74, a P/E/G ratio of 4.65 and a beta of 1.15. The business's 50 day moving average is $64.98 and its two-hundred day moving average is $63.70. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 12.92.

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 the consensus estimate 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 business had revenue of $281.38 million during the quarter, compared to the consensus estimate of $276.48 million. During the same quarter in the prior year, the firm earned $1.08 earnings per share. The business's quarterly revenue was down 2.1% compared to the same quarter last year. Blackbaud has set its FY 2025 guidance at 4.300-4.500 EPS. On average, equities analysts expect that Blackbaud, Inc. will post 3.05 earnings per share 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.