Hsbc Holdings PLC Cuts Stock Position in Blackbaud, Inc. (NASDAQ:BLKB)

Hsbc Holdings PLC decreased its position in Blackbaud, Inc. (NASDAQ:BLKB) by 17.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,930 shares of the technology company’s stock after selling 803 shares during the period. Hsbc Holdings PLC’s holdings in Blackbaud were worth $301,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new stake in Blackbaud during the first quarter worth $720,000. Price T Rowe Associates Inc. MD raised its position in shares of Blackbaud by 2.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 388,009 shares of the technology company’s stock valued at $28,768,000 after buying an additional 10,555 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Blackbaud by 5.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 264,816 shares of the technology company’s stock valued at $19,633,000 after buying an additional 12,881 shares during the period. Clearbridge Investments LLC raised its holdings in Blackbaud by 20.0% in the 1st quarter. Clearbridge Investments LLC now owns 318,506 shares of the technology company’s stock valued at $23,614,000 after acquiring an additional 53,110 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake in shares of Blackbaud by 5.3% during the 4th quarter. First Trust Advisors LP now owns 298,898 shares of the technology company’s stock worth $25,914,000 after purchasing an additional 15,064 shares during the period. Hedge funds and other institutional investors own 94.21% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on BLKB shares. Evercore ISI upgraded Blackbaud to a “hold” rating in a research report on Thursday, August 1st. Robert W. Baird boosted their price objective on shares of Blackbaud from $88.00 to $92.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Finally, Stifel Nicolaus upped their target price on Blackbaud from $80.00 to $85.00 and gave the stock a “hold” rating in a research report on Thursday, September 26th.

Blackbaud Stock Performance

Shares of BLKB stock opened at $81.95 on Friday. The company’s fifty day moving average price is $80.87 and its two-hundred day moving average price is $78.00. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market capitalization of $4.23 billion, a P/E ratio of 199.88 and a beta of 1.02. Blackbaud, Inc. has a 12 month low of $64.32 and a 12 month high of $88.56.

Blackbaud (NASDAQ:BLKB) last announced its earnings results on Tuesday, July 30th. The technology company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. Blackbaud had a return on equity of 18.54% and a net margin of 3.64%. The company had revenue of $287.29 million for the quarter, compared to analyst estimates of $289.26 million. During the same period in the prior year, the company posted $0.49 EPS. Blackbaud’s quarterly revenue was up 6.0% on a year-over-year basis. On average, research analysts anticipate that Blackbaud, Inc. will post 2.46 earnings per share for the current fiscal year.

Blackbaud announced that its Board of Directors has authorized a stock buyback plan on Tuesday, July 30th that permits the company to repurchase $800.00 million in shares. This repurchase authorization permits the technology company to reacquire up to 18.1% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Blackbaud

In other news, EVP Kevin Mcdearis sold 2,261 shares of the stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $85.12, for a total transaction of $192,456.32. Following the transaction, the executive vice president now owns 60,129 shares of the company’s stock, valued at $5,118,180.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Blackbaud news, EVP Kevin Mcdearis sold 2,261 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $85.12, for a total value of $192,456.32. Following the transaction, the executive vice president now owns 60,129 shares of the company’s stock, valued at $5,118,180.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Jon W. Olson sold 2,000 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $85.00, for a total value of $170,000.00. Following the completion of the sale, the senior vice president now directly owns 24,025 shares in the company, valued at $2,042,125. The disclosure for this sale can be found here. In the last 90 days, insiders sold 55,409 shares of company stock valued at $4,483,193. Insiders own 1.95% of the company’s stock.

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.