Fred Alger Management LLC lowered its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 25.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 67,434 shares of the technology company's stock after selling 23,502 shares during the quarter. Fred Alger Management LLC owned approximately 0.14% of Blackbaud worth $4,985,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. D. E. Shaw & Co. Inc. grew its position 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 buying an additional 12,189 shares during the last quarter. Deutsche Bank AG boosted its stake in Blackbaud by 57.7% in the fourth quarter. Deutsche Bank AG now owns 39,568 shares of the technology company's stock valued at $2,925,000 after acquiring an additional 14,474 shares in the last quarter. EP Wealth Advisors LLC grew its holdings in shares of Blackbaud by 10.7% during the fourth quarter. EP Wealth Advisors LLC now owns 3,843 shares of the technology company's stock worth $284,000 after purchasing an additional 372 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Blackbaud during the fourth quarter worth about $1,444,000. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of Blackbaud during the fourth quarter worth about $948,000. Institutional investors and hedge funds own 94.21% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on BLKB. Robert W. Baird decreased their target price on Blackbaud from $80.00 to $76.00 and set a "neutral" rating for the company in a research report on Wednesday, February 19th. Stifel Nicolaus reduced their price objective on 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, Blackbaud has an average rating of "Hold" and a consensus target price of $78.67.
View Our Latest Report on BLKB
Blackbaud Stock Performance
Shares of NASDAQ:BLKB traded down $0.89 on Tuesday, reaching $63.66. The company's stock had a trading volume of 205,198 shares, compared to its average volume of 241,629. Blackbaud, Inc. has a 52-week low of $58.05 and a 52-week high of $88.95. The stock has a market capitalization of $3.09 billion, a P/E ratio of -10.79 and a beta of 1.16. The stock's 50-day moving average is $62.72 and its two-hundred day moving average is $72.42. The company has a debt-to-equity ratio of 7.40, a current ratio of 0.78 and a quick ratio of 0.68.
Blackbaud (NASDAQ:BLKB - Get Free Report) last posted 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. Blackbaud had a positive return on equity of 26.30% and a negative net margin of 24.83%. The firm had revenue of $270.66 million during the quarter, compared to the consensus estimate of $268.53 million. During the same period in the prior year, the business earned $0.93 EPS. The firm's revenue was down 3.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Blackbaud, Inc. will post 3.05 EPS for the current year.
Insider Transactions at Blackbaud
In other Blackbaud news, SVP Jon W. Olson sold 10,698 shares of the firm's stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $61.15, for a total value of $654,182.70. Following the completion of the sale, the senior vice president now owns 23,799 shares of the company's stock, valued at approximately $1,455,308.85. This trade represents a 31.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.95% of the company's stock.
Blackbaud Profile
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Free Report)
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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