Blackbaud, Inc. (NASDAQ:BLKB) Shares Sold by Fred Alger Management LLC

Fred Alger Management LLC cut its holdings in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 25.8% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 67,434 shares of the technology company’s stock after selling 23,502 shares during the quarter. Fred Alger Management LLC’s holdings in Blackbaud were worth $4,985,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the business. Vestcor Inc purchased a new position in shares of Blackbaud during the 4th quarter valued at about $75,000. KBC Group NV lifted its holdings in Blackbaud by 33.9% in the fourth quarter. KBC Group NV now owns 1,676 shares of the technology company’s stock valued at $124,000 after acquiring an additional 424 shares during the period. Huntington National Bank grew its stake in shares of Blackbaud by 13.9% during the 4th quarter. Huntington National Bank now owns 1,864 shares of the technology company’s stock worth $138,000 after purchasing an additional 227 shares during the period. Blue Trust Inc. lifted its stake in shares of Blackbaud by 20.9% in the 4th quarter. Blue Trust Inc. now owns 1,930 shares of the technology company’s stock valued at $143,000 after purchasing an additional 333 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Blackbaud by 31.8% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,069 shares of the technology company’s stock worth $154,000 after buying an additional 499 shares in the last quarter. 94.21% of the stock is owned by hedge funds and other institutional investors.

Blackbaud Stock Performance

NASDAQ BLKB opened at $63.38 on Friday. The company has a debt-to-equity ratio of 7.40, a current ratio of 0.78 and a quick ratio of 0.68. The stock’s 50 day simple moving average is $62.73 and its 200-day simple moving average is $72.75. The company has a market cap of $3.08 billion, a PE ratio of -10.74 and a beta of 1.16. Blackbaud, Inc. has a 1-year low of $58.05 and a 1-year high of $88.95.

Blackbaud (NASDAQ:BLKB) last announced its quarterly earnings data on Wednesday, April 30th. The technology company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.06. The company had revenue of $270.66 million during the quarter, compared to analysts’ expectations of $268.53 million. Blackbaud had a negative net margin of 24.83% and a positive return on equity of 26.30%. Blackbaud’s revenue was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.93 EPS. As a group, equities research analysts anticipate that Blackbaud, Inc. will post 3.05 EPS for the current fiscal year.

Wall Street Analyst Weigh In

BLKB has been the topic of a number of analyst reports. Stifel Nicolaus dropped their target price on Blackbaud from $75.00 to $65.00 and set a “hold” rating on the stock in a research report on Thursday, May 1st. Robert W. Baird dropped their price objective on Blackbaud from $80.00 to $76.00 and set a “neutral” rating on the stock in a report on Wednesday, February 19th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Blackbaud presently has a consensus rating of “Hold” and an average target price of $78.67.

Insider Activity

In other Blackbaud news, SVP Jon W. Olson sold 10,698 shares of the business’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $61.15, for a total transaction of $654,182.70. Following the transaction, the senior vice president now owns 23,799 shares of the company’s stock, valued at approximately $1,455,308.85. The trade was a 31.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.95% of the company’s stock.

Blackbaud Company 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.