Wedge Capital Management L L P NC Acquires 54,997 Shares of Blackbaud, Inc. $BLKB

Key Points

• Wedge Capital Management more than doubled its Blackbaud stake, acquiring 54,997 shares in the second quarter to own 101,975 shares valued at approximately $3.02 million.
• Institutional investors hold 94.21% of Blackbaud’s stock, with several major funds—including Northwestern Mutual, AQR Capital Management and Van Berkom & Associates—recently increasing their positions.
• Blackbaud’s latest quarterly results beat EPS estimates at $1.33, while revenue rose 3.3% year over year to $290.6 million. Analysts maintain a consensus “Hold” rating with an average price target of $48.50.

Wedge Capital Management L L P NC lifted its stake in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 117.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 101,975 shares of the technology company's stock after acquiring an additional 54,997 shares during the quarter. Wedge Capital Management L L P NC owned 0.22% of Blackbaud worth $3,020,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of BLKB. Northwestern Mutual Wealth Management Co. increased its holdings in Blackbaud by 143,409.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,207,179 shares of the technology company's stock valued at $139,759,000 after buying an additional 2,205,641 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of Blackbaud by 3.9% during the first quarter. Janus Henderson Group PLC now owns 1,555,833 shares of the technology company's stock worth $60,071,000 after purchasing an additional 58,806 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Blackbaud by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 975,085 shares of the technology company's stock valued at $61,743,000 after buying an additional 5,709 shares during the last quarter. Van Berkom & Associates Inc. increased its holdings in Blackbaud by 16.7% in the 4th quarter. Van Berkom & Associates Inc. now owns 779,935 shares of the technology company's stock valued at $49,385,000 after acquiring an additional 111,388 shares during the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of Blackbaud by 157.3% in the fourth quarter. AQR Capital Management LLC now owns 767,792 shares of the technology company's stock worth $48,617,000 after purchasing an additional 469,391 shares during the last quarter. Hedge funds and other institutional investors own 94.21% of the company's stock.

Blackbaud Trading Up 3.4%

Shares of NASDAQ:BLKB opened at $46.21 on Friday. The stock has a market cap of $2.10 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 1.53 and a beta of 0.97. The business has a 50-day moving average price of $33.20 and a 200-day moving average price of $38.25. Blackbaud, Inc. has a 52-week low of $25.58 and a 52-week high of $70.71. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 16.82.

Blackbaud (NASDAQ:BLKB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The technology company reported $1.33 EPS for the quarter, topping analysts' consensus estimates of $1.23 by $0.10. Blackbaud had a net margin of 13.12% and a return on equity of 197.49%. The business had revenue of $290.60 million for the quarter, compared to analysts' expectations of $292.23 million. During the same quarter last year, the company earned $1.21 EPS. The business's revenue was up 3.3% on a year-over-year basis. Blackbaud has set its FY 2026 guidance at 5.150-5.250 EPS. Equities analysts predict that Blackbaud, Inc. will post 3.71 EPS for the current year.

Insider Transactions at Blackbaud

In related news, 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 sale, the chief financial officer owned 62,869 shares of the company's stock, valued at approximately $1,968,428.39. This trade represents a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Kevin P. Gregoire sold 22,000 shares of Blackbaud 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 owned 113,194 shares in the company, valued at approximately $5,150,327. The trade was a 16.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.01% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

BLKB has been the topic of a number of recent research reports. Robert W. Baird set a $54.00 price target on shares of Blackbaud in a research note on Thursday, July 30th. Stifel Nicolaus decreased their price target on Blackbaud from $45.00 to $30.00 and set a "hold" rating for the company in a research note on Friday, July 10th. Raymond James Financial reissued an "outperform" rating and issued a $55.00 price objective on shares of Blackbaud in a research report on Wednesday, July 29th. Finally, Weiss Ratings upgraded Blackbaud from a "sell (d)" rating to a "sell (d+)" rating in a report on Thursday, August 6th. 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, Blackbaud presently has a consensus rating of "Hold" and an average price target of $48.50.

Blackbaud Company 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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