Blackbaud (NASDAQ:BLKB) Shares Gap Down After Insider Selling

Shares of Blackbaud, Inc. (NASDAQ:BLKB) gapped down before the market opened on Tuesday following insider selling activity. The stock had previously closed at $68.72, but opened at $66.26. Blackbaud shares last traded at $67.44, with a volume of 1,293 shares trading hands.

Specifically, SVP Jon W. Olson sold 5,000 shares of the business’s stock in a transaction on Wednesday, April 28th. The shares were sold at an average price of $75.00, for a total transaction of $375,000.00. Following the transaction, the senior vice president now directly owns 59,216 shares of the company’s stock, valued at approximately $4,441,200. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Michael P. Gianoni sold 23,000 shares of the business’s stock in a transaction on Tuesday, February 23rd. The shares were sold at an average price of $71.53, for a total transaction of $1,645,190.00. Following the transaction, the chief executive officer now directly owns 349,098 shares in the company, valued at $24,970,979.94. The disclosure for this sale can be found here. Over the last three months, insiders have sold 53,500 shares of company stock worth $3,852,815. Insiders own 1.33% of the company’s stock.

BLKB has been the topic of a number of recent research reports. Benchmark raised shares of Blackbaud from a “hold” rating to a “buy” rating and set a $88.00 target price on the stock in a research report on Wednesday, February 10th. DA Davidson upped their target price on shares of Blackbaud from $56.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, March 4th. Zacks Investment Research downgraded shares of Blackbaud from a “hold” rating to a “sell” rating and set a $84.00 target price on the stock. in a research report on Thursday, February 11th. Finally, BTIG Research reaffirmed a “hold” rating on shares of Blackbaud in a research report on Friday, April 30th. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $81.75.

The company has a market cap of $3.27 billion, a P/E ratio of 142.68, a PEG ratio of 7.76 and a beta of 1.20. The stock’s 50 day moving average is $71.32 and its 200-day moving average is $63.92. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 1.13.

Blackbaud (NASDAQ:BLKB) last announced its quarterly earnings results on Tuesday, April 27th. The technology company reported $0.68 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.06. The company had revenue of $219.19 million for the quarter, compared to analysts’ expectations of $215.88 million. Blackbaud had a net margin of 2.49% and a return on equity of 17.03%. Blackbaud’s revenue was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.51 EPS. As a group, sell-side analysts forecast that Blackbaud, Inc. will post 1.58 EPS for the current year.

A number of institutional investors have recently made changes to their positions in BLKB. Clearlake Capital Group L.P. bought a new position in Blackbaud in the 4th quarter worth about $271,019,000. Norges Bank bought a new position in Blackbaud in the 4th quarter worth about $39,222,000. Van Berkom & Associates Inc. boosted its stake in Blackbaud by 43.8% in the 4th quarter. Van Berkom & Associates Inc. now owns 1,280,528 shares of the technology company’s stock worth $73,707,000 after purchasing an additional 389,785 shares in the last quarter. FMR LLC lifted its stake in Blackbaud by 230.0% during the 1st quarter. FMR LLC now owns 538,047 shares of the technology company’s stock valued at $42,898,000 after acquiring an additional 374,999 shares during the period. Finally, Van ECK Associates Corp lifted its stake in Blackbaud by 13.4% during the 4th quarter. Van ECK Associates Corp now owns 1,754,418 shares of the technology company’s stock valued at $100,984,000 after acquiring an additional 207,522 shares during the period. Institutional investors own 95.89% of the company’s stock.

Blackbaud Company Profile (NASDAQ:BLKB)

Blackbaud, Inc provides cloud software solutions to nonprofits, foundations, companies, education institutions, healthcare organizations, and other social good entities in the United States and internationally. The company offers fundraising and relationship management solutions, such as Blackbaud Raiser's Edge NXT and Blackbaud CRM, Blackbaud TeamRaiser, Blackbaud Peer-to-Peer Fundraising, and Blackbaud Guided Fundraising and Blackbaud Volunteer Network Fundraising; marketing and engagement solutions, including Blackbaud Luminate Online, Blackbaud Luminate Advocacy, Blackbaud Online Express, and Blackbaud School Website System; and financial management solutions comprising Blackbaud Financial Edge NXT, Blackbaud Tuition Management, and Blackbaud Financial Aid Management.

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