Intech Investment Management LLC Raises Stock Position in Blackbaud, Inc. (NASDAQ:BLKB)

Intech Investment Management LLC grew its holdings in Blackbaud, Inc. (NASDAQ:BLKB) by 48.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,579 shares of the technology company’s stock after purchasing an additional 4,103 shares during the quarter. Intech Investment Management LLC’s holdings in Blackbaud were worth $1,065,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. DT Investment Partners LLC purchased a new position in Blackbaud in the 2nd quarter valued at approximately $33,000. Quest Partners LLC boosted its holdings in Blackbaud by 2,950.0% in the second quarter. Quest Partners LLC now owns 427 shares of the technology company’s stock valued at $33,000 after purchasing an additional 413 shares during the period. Blue Trust Inc. grew its stake in Blackbaud by 190.4% during the 3rd quarter. Blue Trust Inc. now owns 1,597 shares of the technology company’s stock worth $135,000 after purchasing an additional 1,047 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in Blackbaud in the 3rd quarter valued at about $142,000. Finally, Legacy Capital Wealth Partners LLC purchased a new position in shares of Blackbaud in the 2nd quarter valued at about $201,000. Institutional investors and hedge funds own 94.21% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on BLKB. Evercore ISI upgraded shares of Blackbaud to a “hold” rating in a research note on Thursday, August 1st. Stifel Nicolaus raised their price objective on shares of Blackbaud from $80.00 to $85.00 and gave the company a “hold” rating in a report on Thursday, September 26th. Baird R W cut shares of Blackbaud from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 31st. Raymond James cut their price target on Blackbaud from $98.00 to $95.00 and set an “outperform” rating on the stock in a research note on Monday, October 7th. Finally, Robert W. Baird cut Blackbaud from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $92.00 to $80.00 in a research report on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $86.67.

Blackbaud Trading Down 2.5 %

NASDAQ BLKB opened at $84.23 on Thursday. The firm’s fifty day moving average price is $83.70 and its 200 day moving average price is $80.26. Blackbaud, Inc. has a 12 month low of $66.47 and a 12 month high of $88.95. The company has a debt-to-equity ratio of 1.79, a current ratio of 0.68 and a quick ratio of 0.68. The company has a market capitalization of $4.27 billion, a price-to-earnings ratio of 83.60 and a beta of 1.03.

Blackbaud (NASDAQ:BLKB) last issued its quarterly earnings data on Wednesday, October 30th. The technology company reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.08). Blackbaud had a return on equity of 20.34% and a net margin of 4.61%. The firm had revenue of $286.70 million for the quarter, compared to analysts’ expectations of $293.74 million. During the same period in the previous year, the business posted $0.65 EPS. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. On average, sell-side analysts expect that Blackbaud, Inc. will post 2.6 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Kevin Mcdearis sold 18,996 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $83.00, for a total transaction of $1,576,668.00. Following the transaction, the executive vice president now owns 67,012 shares of the company’s stock, valued at $5,561,996. This trade represents a 22.09 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael P. Gianoni sold 9,479 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $88.13, for a total value of $835,384.27. Following the sale, the chief executive officer now directly owns 344,079 shares of the company’s stock, valued at approximately $30,323,682.27. This represents a 2.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 75,390 shares of company stock valued at $6,369,938 over the last quarter. Company 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.