Palisade Capital Management LP Sells 4,827 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

Palisade Capital Management LP decreased its position in shares of Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 0.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 586,006 shares of the technology company's stock after selling 4,827 shares during the quarter. Blackbaud makes up approximately 1.0% of Palisade Capital Management LP's holdings, making the stock its 19th largest holding. Palisade Capital Management LP owned about 1.21% of Blackbaud worth $36,362,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Cibc World Markets Corp acquired a new position in shares of Blackbaud in the 4th quarter valued at $280,000. Bank of New York Mellon Corp lifted its stake in shares of Blackbaud by 41.0% in the 4th quarter. Bank of New York Mellon Corp now owns 482,561 shares of the technology company's stock valued at $35,671,000 after purchasing an additional 140,273 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Blackbaud in the 4th quarter valued at $6,546,000. UMB Bank n.a. lifted its stake in shares of Blackbaud by 63.2% in the 1st quarter. UMB Bank n.a. now owns 692 shares of the technology company's stock valued at $43,000 after purchasing an additional 268 shares during the period. Finally, D. E. Shaw & Co. Inc. lifted its stake in shares of Blackbaud by 163.7% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 19,637 shares of the technology company's stock valued at $1,452,000 after purchasing an additional 12,189 shares during the period. Institutional investors and hedge funds own 94.21% of the company's stock.

Insider Transactions at Blackbaud

In other news, CFO Chad Anderson sold 5,500 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $63.99, for a total value of $351,945.00. Following the completion of the transaction, the chief financial officer owned 35,976 shares in the company, valued at $2,302,104.24. This trade represents a 13.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Jon W. Olson sold 10,698 shares of the firm's stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $61.15, for a total value of $654,182.70. Following the completion of the transaction, the senior vice president owned 23,799 shares of the company's stock, valued at $1,455,308.85. The trade was a 31.01% decrease in their position. The disclosure for this sale can be found here. 1.97% of the stock is currently owned by company insiders.

Blackbaud Trading Up 1.1%

Shares of BLKB traded up $0.72 during trading hours on Friday, reaching $65.66. The stock had a trading volume of 155,784 shares, compared to its average volume of 246,710. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 35.64. Blackbaud, Inc. has a 52 week low of $58.05 and a 52 week high of $88.95. The firm has a 50-day moving average of $62.90 and a 200 day moving average of $67.25. The company has a market cap of $3.19 billion, a P/E ratio of -11.13, a P/E/G ratio of 4.90 and a beta of 1.14.

Blackbaud (NASDAQ:BLKB - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The technology company reported $0.96 EPS for the quarter, beating analysts' consensus estimates of $0.90 by $0.06. Blackbaud had a negative net margin of 25.05% and a positive return on equity of 38.58%. The business had revenue of $270.66 million during the quarter, compared to analysts' expectations of $268.53 million. During the same quarter in the prior year, the company earned $0.93 EPS. The firm's quarterly revenue was down 3.1% on a year-over-year basis. On average, sell-side analysts expect that Blackbaud, Inc. will post 3.05 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Stifel Nicolaus cut their price target on Blackbaud from $75.00 to $65.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, Blackbaud currently has an average rating of "Hold" and a consensus price target of $78.67.

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.