Insider Selling: Blackbaud, Inc. (NASDAQ:BLKB) COO Sells 6,619 Shares of Stock

Blackbaud, Inc. (NASDAQ:BLKB) COO Kevin P. Gregoire sold 6,619 shares of the business’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $85.68, for a total transaction of $567,115.92. Following the completion of the sale, the chief operating officer now directly owns 99,096 shares of the company’s stock, valued at approximately $8,490,545.28. This trade represents a 6.26 % 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.

Blackbaud Stock Down 3.6 %

Shares of NASDAQ BLKB opened at $81.00 on Friday. The stock has a market capitalization of $4.11 billion, a PE ratio of 79.41 and a beta of 1.03. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.79. Blackbaud, Inc. has a 12-month low of $66.47 and a 12-month high of $88.56. The stock’s fifty day simple moving average is $83.40 and its two-hundred day simple moving average is $79.89.

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

Blackbaud announced that its board has approved a share buyback plan on Tuesday, July 30th that permits the company to buyback $800.00 million in shares. This buyback authorization permits the technology company to reacquire up to 18.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Blackbaud

Several institutional investors have recently bought and sold shares of the company. M&T Bank Corp lifted its holdings in shares of Blackbaud by 85.2% during the 3rd quarter. M&T Bank Corp now owns 25,193 shares of the technology company’s stock valued at $2,133,000 after purchasing an additional 11,591 shares during the last quarter. Barclays PLC grew its stake in shares of Blackbaud by 170.4% during the third quarter. Barclays PLC now owns 80,557 shares of the technology company’s stock worth $6,821,000 after acquiring an additional 50,765 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of Blackbaud during the third quarter worth about $573,000. EP Wealth Advisors LLC acquired a new position in shares of Blackbaud during the third quarter valued at about $294,000. Finally, Wellington Management Group LLP raised its position in shares of Blackbaud by 56.0% in the 3rd quarter. Wellington Management Group LLP now owns 429,051 shares of the technology company’s stock valued at $36,332,000 after purchasing an additional 154,019 shares during the last quarter. 94.21% of the stock is currently owned by institutional investors and hedge funds.

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.