Palisade Capital Management LP Acquires New Stake in Blackbaud, Inc. $BLKB

Key Points

• Palisade Capital Management acquired 208,339 Blackbaud shares worth approximately $6.17 million, representing about 0.46% of the company. Institutional investors collectively own 94.21% of Blackbaud.
• Blackbaud insiders recently sold shares, including an executive vice president’s $1.0 million sale and the CFO’s approximately $194,000 sale. Company insiders own 2.01% of the stock.
• Analysts maintain a mixed outlook, with an average “Hold” rating and a $48.50 consensus price target. Blackbaud’s latest quarterly EPS of $1.33 beat estimates, while revenue rose 3.3% year over year to $290.6 million.

Palisade Capital Management LP acquired a new stake in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 208,339 shares of the technology company's stock, valued at approximately $6,171,000. Palisade Capital Management LP owned approximately 0.46% of Blackbaud as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Altshuler Shaham Ltd acquired a new stake in shares of Blackbaud in the first quarter valued at about $29,000. Parallel Advisors LLC lifted its stake in shares of Blackbaud by 528.0% in the first quarter. Parallel Advisors LLC now owns 785 shares of the technology company's stock worth $30,000 after buying an additional 660 shares in the last quarter. Blue Trust Inc. boosted its position in Blackbaud by 44.3% during the first quarter. Blue Trust Inc. now owns 867 shares of the technology company's stock worth $33,000 after acquiring an additional 266 shares during the last quarter. Rothschild Investment LLC boosted its position in Blackbaud by 589.0% during the fourth quarter. Rothschild Investment LLC now owns 565 shares of the technology company's stock worth $36,000 after acquiring an additional 483 shares during the last quarter. Finally, Versant Capital Management Inc grew its stake in Blackbaud by 243.9% during the 2nd quarter. Versant Capital Management Inc now owns 1,286 shares of the technology company's stock valued at $38,000 after acquiring an additional 912 shares in the last quarter. Institutional investors and hedge funds own 94.21% of the company's stock.

Insider Buying and Selling

In related news, EVP Kevin P. Gregoire sold 22,000 shares of the company's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $45.50, for a total value of $1,001,000.00. Following the transaction, the executive vice president directly owned 113,194 shares in the company, valued at approximately $5,150,327. This represents a 16.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Chad Anderson sold 6,205 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $31.31, for a total value of $194,278.55. Following the completion of the transaction, the chief financial officer owned 62,869 shares of the company's stock, valued at $1,968,428.39. The trade was a 8.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 2.01% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

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

Blackbaud Trading Down 1.4%

Shares of BLKB opened at $47.42 on Wednesday. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 16.82. Blackbaud, Inc. has a 12-month low of $25.58 and a 12-month high of $70.71. The firm has a 50-day moving average price of $36.11 and a 200 day moving average price of $37.87. The firm has a market capitalization of $2.15 billion, a P/E ratio of 14.82, a P/E/G ratio of 1.65 and a beta of 0.97.

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, topping the consensus estimate of $1.23 by $0.10. The firm had revenue of $290.60 million during the quarter, compared to analysts' expectations of $292.23 million. Blackbaud had a net margin of 13.12% and a return on equity of 197.49%. Blackbaud's revenue was up 3.3% compared to the same quarter last year. During the same period last year, the business earned $1.21 earnings per share. Blackbaud has set its FY 2026 guidance at 5.150-5.250 EPS. Sell-side analysts forecast that Blackbaud, Inc. will post 3.71 EPS for the current year.

Blackbaud Profile

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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