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

Palisade Capital Management LP cut its position in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 0.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 586,006 shares of the technology company's stock after selling 4,827 shares during the quarter. Blackbaud comprises about 1.0% of Palisade Capital Management LP's holdings, making the stock its 19th largest position. Palisade Capital Management LP owned about 1.21% of Blackbaud worth $36,362,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Versant Capital Management Inc raised its stake in Blackbaud by 127.4% in the 1st 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 during the period. UMB Bank n.a. increased its stake in shares of Blackbaud by 63.2% in the first quarter. UMB Bank n.a. now owns 692 shares of the technology company's stock worth $43,000 after purchasing an additional 268 shares in the last quarter. Vestcor Inc bought a new stake in shares of Blackbaud in the fourth quarter valued at approximately $75,000. KBC Group NV lifted its stake in shares of Blackbaud by 31.8% during the 1st quarter. KBC Group NV now owns 2,209 shares of the technology company's stock valued at $137,000 after buying an additional 533 shares in the last quarter. Finally, Huntington National Bank lifted its stake in shares of Blackbaud by 13.9% during the 4th quarter. Huntington National Bank now owns 1,864 shares of the technology company's stock valued at $138,000 after buying an additional 227 shares in the last quarter. Hedge funds and other institutional investors own 94.21% of the company's stock.

Blackbaud Price Performance

BLKB stock traded up $0.72 during mid-day trading on Friday, reaching $65.66. 155,784 shares of the company traded hands, compared to its average volume of 246,233. The company has a fifty day moving average price of $62.87 and a 200-day moving average price of $67.45. Blackbaud, Inc. has a 52-week low of $58.05 and a 52-week high of $88.95. The company has a market capitalization of $3.19 billion, a P/E ratio of -11.13, a P/E/G ratio of 4.84 and a beta of 1.14. The company has a debt-to-equity ratio of 35.64, a current ratio of 0.73 and a quick ratio of 0.73.

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

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus reduced their price objective on shares of Blackbaud from $75.00 to $65.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $78.67.

Insiders Place Their Bets

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

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.