Russell Investments Group Ltd. Grows Stock Position in Blackbaud, Inc. $BLKB

Key Points

• Russell Investments Group Ltd. increased its ownership in Blackbaud, Inc. by 229.7% in Q1, owning 34,204 shares valued at $2.12 million, highlighting strong institutional interest.
• Blackbaud reported $1.21 EPS in its last quarterly earnings, surpassing analysts' expectations of $1.05, although revenue fell 2.1% year-over-year to $281.38 million.
• Analysts have mixed ratings on Blackbaud, with Wall Street Zen upgrading it to a "buy," while Stifel Nicolaus lowered its target price from $75 to $65, maintaining a "hold" rating.

Russell Investments Group Ltd. raised its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 229.7% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 34,204 shares of the technology company's stock after buying an additional 23,829 shares during the period. Russell Investments Group Ltd. owned about 0.07% of Blackbaud worth $2,122,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Public Sector Pension Investment Board purchased a new position in shares of Blackbaud during the 1st quarter valued at about $7,858,000. Nuveen LLC purchased a new position in shares of Blackbaud during the 1st quarter valued at about $25,302,000. Aigen Investment Management LP acquired a new stake in shares of Blackbaud during the 1st quarter valued at about $316,000. Invesco Ltd. grew its position in shares of Blackbaud by 26.4% during the 1st quarter. Invesco Ltd. now owns 90,134 shares of the technology company's stock valued at $5,593,000 after acquiring an additional 18,846 shares during the period. Finally, Koss Olinger Consulting LLC acquired a new stake in shares of Blackbaud during the 1st quarter valued at about $236,000. Hedge funds and other institutional investors own 94.21% of the company's stock.

Blackbaud Trading Down 1.9%

BLKB stock opened at $65.22 on Tuesday. 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, Inc. has a 12-month low of $58.05 and a 12-month high of $88.95. The stock has a market cap of $3.16 billion, a price-to-earnings ratio of -11.28, a PEG ratio of 4.64 and a beta of 1.13. The business's 50-day moving average is $64.32 and its 200 day moving average is $64.32.

Blackbaud (NASDAQ:BLKB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The technology company reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.16. Blackbaud had a positive return on equity of 61.72% and a negative net margin of 24.82%.The company had revenue of $281.38 million for the quarter, compared to analysts' expectations of $276.48 million. During the same period in the previous year, the firm posted $1.08 EPS. Blackbaud's 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, sell-side analysts anticipate that Blackbaud, Inc. will post 3.05 EPS for the current fiscal year.

Insider Activity

In related news, EVP Kevin P. Gregoire sold 8,000 shares of Blackbaud stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $72.67, for a total value of $581,360.00. Following the sale, the executive vice president directly owned 111,156 shares in the company, valued at approximately $8,077,706.52. The trade was a 6.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Rupal S. Hollenbeck sold 2,500 shares of Blackbaud 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 owned 7,966 shares in the company, valued at approximately $509,664.68. The trade was a 23.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.97% of the company's stock.

Analyst Upgrades and Downgrades

BLKB has been the topic of a number of analyst reports. Wall Street Zen upgraded Blackbaud from a "hold" rating to a "buy" rating in a research report on Saturday, August 2nd. Stifel Nicolaus dropped their target price on Blackbaud from $75.00 to $65.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price 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.

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