Balyasny Asset Management L.P. Acquires New Shares in Blackbaud, Inc. (NASDAQ:BLKB)

Balyasny Asset Management L.P. acquired a new stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 12,825 shares of the technology company’s stock, valued at approximately $948,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vestcor Inc acquired a new position in Blackbaud during the 4th quarter valued at approximately $75,000. KBC Group NV boosted its position in Blackbaud by 33.9% during the 4th quarter. KBC Group NV now owns 1,676 shares of the technology company’s stock valued at $124,000 after purchasing an additional 424 shares during the period. Huntington National Bank boosted its position in Blackbaud by 13.9% during the 4th quarter. Huntington National Bank now owns 1,864 shares of the technology company’s stock valued at $138,000 after purchasing an additional 227 shares during the period. Blue Trust Inc. boosted its position in Blackbaud by 20.9% during 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 position in Blackbaud by 31.8% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,069 shares of the technology company’s stock valued at $154,000 after purchasing an additional 499 shares during the period. Institutional investors and hedge funds own 94.21% of the company’s stock.

Insider Transactions at Blackbaud

In other 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 value of $654,182.70. Following the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.95% of the company’s stock.

Blackbaud Stock Down 0.8%

Shares of Blackbaud stock opened at $63.16 on Thursday. The business’s fifty day moving average price is $62.65 and its two-hundred day moving average price is $72.30. 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 company has a market capitalization of $3.06 billion, a P/E ratio of -10.71 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 earnings results on Wednesday, April 30th. The technology company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.06. Blackbaud had a positive return on equity of 26.30% and a negative net margin of 24.83%. The firm had revenue of $270.66 million for the quarter, compared to the consensus estimate of $268.53 million. During the same quarter in the previous year, the business earned $0.93 EPS. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. As a group, research analysts forecast that Blackbaud, Inc. will post 3.05 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on BLKB shares. Robert W. Baird cut their target price on Blackbaud from $80.00 to $76.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 19th. Stifel Nicolaus cut their target price on Blackbaud from $75.00 to $65.00 and set a “hold” rating on the stock in a research note on Thursday, May 1st. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $78.67.

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.