Sycomore Asset Management Reduces Position in Blackbaud, Inc. (NASDAQ:BLKB)

Sycomore Asset Management reduced its stake in Blackbaud, Inc. (NASDAQ:BLKB) by 26.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 68,553 shares of the technology company’s stock after selling 25,279 shares during the quarter. Blackbaud accounts for 1.3% of Sycomore Asset Management’s investment portfolio, making the stock its 24th biggest holding. Sycomore Asset Management owned about 0.13% of Blackbaud worth $6,016,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. Operose Advisors LLC acquired a new position in Blackbaud during the third quarter worth $25,000. FSC Wealth Advisors LLC acquired a new position in Blackbaud during the third quarter worth $40,000. GAMMA Investing LLC acquired a new position in Blackbaud during the fourth quarter worth $64,000. Gotham Asset Management LLC raised its holdings in Blackbaud by 8.0% during the third quarter. Gotham Asset Management LLC now owns 4,248 shares of the technology company’s stock worth $299,000 after purchasing an additional 316 shares during the last quarter. Finally, Glenmede Trust Co. NA acquired a new position in Blackbaud during the third quarter worth $311,000. 94.21% of the stock is currently owned by hedge funds and other institutional investors.

Blackbaud Stock Down 1.0 %

Shares of NASDAQ BLKB traded down $0.80 on Wednesday, hitting $78.38. The company had a trading volume of 163,716 shares, compared to its average volume of 280,388. Blackbaud, Inc. has a 12-month low of $64.32 and a 12-month high of $88.56. The business has a 50 day moving average of $72.71 and a two-hundred day moving average of $76.31. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $4.19 billion, a P/E ratio of 2,612.67 and a beta of 1.04.

Blackbaud (NASDAQ:BLKB) last issued its earnings results on Tuesday, February 13th. The technology company reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.09. Blackbaud had a return on equity of 14.59% and a net margin of 0.16%. The company had revenue of $295.01 million during the quarter, compared to the consensus estimate of $299.04 million. During the same quarter in the prior year, the business earned $0.28 earnings per share. The company’s revenue was up 7.4% compared to the same quarter last year. As a group, equities research analysts forecast that Blackbaud, Inc. will post 2.35 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. StockNews.com lowered Blackbaud from a “buy” rating to a “hold” rating in a research note on Friday, April 19th. Robert W. Baird lowered their price target on Blackbaud from $95.00 to $88.00 and set an “outperform” rating for the company in a research report on Wednesday, February 14th.

Insider Buying and Selling

In related news, CFO Anthony W. Boor sold 6,900 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $79.01, for a total value of $545,169.00. Following the completion of the transaction, the chief financial officer now directly owns 151,368 shares of the company’s stock, valued at approximately $11,959,585.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Michael P. Gianoni sold 25,354 shares of the stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $68.77, for a total transaction of $1,743,594.58. Following the completion of the sale, the chief executive officer now directly owns 357,104 shares in the company, valued at $24,558,042.08. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Anthony W. Boor sold 6,900 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $79.01, for a total transaction of $545,169.00. Following the transaction, the chief financial officer now directly owns 151,368 shares in the company, valued at $11,959,585.68. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,897 shares of company stock worth $4,377,015. 1.89% of the stock is currently owned by corporate insiders.

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.