Algert Global LLC Sells 10,793 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

Algert Global LLC lowered its position in Blackbaud, Inc. (NASDAQ:BLKB) by 33.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,137 shares of the technology company’s stock after selling 10,793 shares during the period. Algert Global LLC’s holdings in Blackbaud were worth $1,610,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of BLKB. Franklin Resources Inc. boosted its stake in Blackbaud by 1.4% in the fourth quarter. Franklin Resources Inc. now owns 12,840 shares of the technology company’s stock worth $1,113,000 after purchasing an additional 183 shares in the last quarter. Parallel Advisors LLC lifted its position in Blackbaud by 303.3% during the 4th quarter. Parallel Advisors LLC now owns 734 shares of the technology company’s stock worth $64,000 after buying an additional 552 shares in the last quarter. First Trust Advisors LP grew its holdings in 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 acquiring an additional 15,064 shares during the last quarter. First National Bank of Omaha increased its position in Blackbaud by 6.5% in the 4th quarter. First National Bank of Omaha now owns 30,443 shares of the technology company’s stock valued at $2,639,000 after acquiring an additional 1,869 shares in the last quarter. Finally, Morningstar Investment Services LLC bought a new position in shares of Blackbaud in the fourth quarter worth about $443,000. 94.21% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Blackbaud

In other Blackbaud 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 in the company, valued at $5,561,996. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Blackbaud news, EVP Kevin Mcdearis sold 18,996 shares of the stock in a transaction on Friday, August 30th. The shares were sold at an average price of $83.00, for a total value of $1,576,668.00. Following the sale, the executive vice president now directly owns 67,012 shares in the company, valued at $5,561,996. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Jon W. Olson sold 2,000 shares of Blackbaud stock in a transaction on Monday, September 16th. The stock was sold at an average price of $85.00, for a total transaction of $170,000.00. Following the transaction, 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. Over the last quarter, insiders sold 55,409 shares of company stock worth $4,483,193. 1.95% of the stock is owned by insiders.

Blackbaud Stock Down 1.7 %

Shares of NASDAQ:BLKB opened at $81.95 on Friday. 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 stock has a market cap of $4.23 billion, a price-to-earnings ratio of 199.88 and a beta of 1.02. The company has a 50 day moving average of $80.87 and a 200-day moving average of $78.00. Blackbaud, Inc. has a one year low of $64.32 and a one year high of $88.56.

Blackbaud (NASDAQ:BLKB) last released its earnings results on Tuesday, July 30th. The technology company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $287.29 million during the quarter, compared to analyst estimates of $289.26 million. Blackbaud had a net margin of 3.64% and a return on equity of 18.54%. The business’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.49 EPS. On average, sell-side analysts forecast that Blackbaud, Inc. will post 2.46 earnings per share for the current year.

Blackbaud declared that its board has authorized a stock buyback plan on Tuesday, July 30th that allows the company to buyback $800.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire up to 18.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts have recently commented on BLKB shares. Evercore ISI raised shares of Blackbaud to a “hold” rating in a research note on Thursday, August 1st. Robert W. Baird increased their price objective on Blackbaud from $88.00 to $92.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Finally, Stifel Nicolaus boosted 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 Profile

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.