Insider Selling: Blackbaud (NASDAQ:BLKB) Director Sells 18,000 Shares of Stock

Key Points

• Blackbaud Director Andrew Leitch sold 18,000 shares for $966,600, at an average price of $53.70. The sale reduced his direct ownership by 37.47%, leaving him with 30,035 shares.
• Blackbaud’s latest quarterly earnings per share of $1.36 topped analyst expectations of $1.33, while revenue rose 4.1% year over year to $292.64 million—slightly below estimates.
• Analysts’ overall rating was Hold, with an average price target of $52; shares were trading at $54.92 in the article’s cited session.

Blackbaud, Inc. (NASDAQ:BLKB - Get Free Report) Director Andrew Leitch sold 18,000 shares of the firm's stock in a transaction that occurred on Friday, November 6th. The shares were sold at an average price of $53.70, for a total value of $966,600.00. Following the completion of the sale, the director directly owned 30,035 shares of the company's stock, valued at approximately $1,612,879.50. The trade was a 37.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Blackbaud Stock Performance

Shares of NASDAQ BLKB traded up $0.34 during midday trading on Tuesday, hitting $54.92. 242,967 shares of the company's stock were exchanged, compared to its average volume of 594,305. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 8.55. Blackbaud, Inc. has a 12 month low of $25.58 and a 12 month high of $64.84. The company's 50 day moving average price is $48.03 and its 200 day moving average price is $41.42. The firm has a market capitalization of $2.47 billion, a PE ratio of 16.95, a price-to-earnings-growth ratio of 1.90 and a beta of 1.02.

Blackbaud (NASDAQ:BLKB - Get Free Report) last posted its earnings results on Wednesday, October 28th. The technology company reported $1.36 earnings per share for the quarter, topping analysts' consensus estimates of $1.33 by $0.03. Blackbaud had a return on equity of 209.40% and a net margin of 12.87%. The business had revenue of $292.64 million for the quarter, compared to analyst estimates of $293.93 million. During the same period in the previous year, the firm earned $1.10 EPS. The firm's revenue was up 4.1% compared to the same quarter last year. As a group, analysts predict that Blackbaud, Inc. will post 3.74 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Blackbaud during the second quarter worth $177,153,000. Janus Henderson Group PLC grew its stake in shares of Blackbaud by 3.9% in the first quarter. Janus Henderson Group PLC now owns 1,555,833 shares of the technology company's stock valued at $60,071,000 after acquiring an additional 58,806 shares in the last quarter. Jupiter Topco LLC acquired a new position in shares of Blackbaud in the second quarter valued at about $47,145,000. First Trust Advisors LP increased its position in Blackbaud by 2.9% during the first quarter. First Trust Advisors LP now owns 405,331 shares of the technology company's stock worth $15,650,000 after acquiring an additional 11,342 shares during the period. Finally, Bank of America Corp DE bought a new position in Blackbaud during the second quarter worth about $12,694,000. 94.21% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on BLKB shares. Raymond James Financial reaffirmed an "outperform" rating and set a $55.00 target price on shares of Blackbaud in a report on Wednesday, July 29th. Weiss Ratings raised shares of Blackbaud from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, October 19th. Finally, Robert W. Baird set a $68.00 price target on shares of Blackbaud in a report on Thursday, October 29th. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $52.00.

About Blackbaud

Blackbaud, Inc. develops cloud software and related services for organizations focused on social good. Its customers include nonprofit organizations, foundations, schools and universities, healthcare organizations, and businesses that support charitable causes. The company's products help customers manage fundraising, donor and constituent relationships, financial operations, marketing, grantmaking, and education administration. Its offerings include tools for online fundraising, payment processing, data analysis, and engagement with supporters, students, and other stakeholders.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.