Balyasny Asset Management L.P. Invests $948,000 in Blackbaud, Inc. (NASDAQ:BLKB)

Balyasny Asset Management L.P. acquired a new position in Blackbaud, Inc. (NASDAQ:BLKB) during the fourth quarter, Holdings Channel reports. The firm acquired 12,825 shares of the technology company’s stock, valued at approximately $948,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of BLKB. Norges Bank acquired a new stake in shares of Blackbaud during the fourth quarter worth $34,168,000. Penn Capital Management Company LLC acquired a new stake in shares of Blackbaud during the fourth quarter worth $10,581,000. Bank of New York Mellon Corp raised its position in shares of Blackbaud by 41.0% during the fourth quarter. Bank of New York Mellon Corp now owns 482,561 shares of the technology company’s stock worth $35,671,000 after purchasing an additional 140,273 shares during the period. New York State Common Retirement Fund raised its position in shares of Blackbaud by 63.5% during the fourth quarter. New York State Common Retirement Fund now owns 282,250 shares of the technology company’s stock worth $20,864,000 after purchasing an additional 109,630 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of Blackbaud by 44.3% during the fourth quarter. JPMorgan Chase & Co. now owns 325,637 shares of the technology company’s stock worth $24,071,000 after purchasing an additional 100,003 shares during the period. Institutional investors own 94.21% of the company’s stock.

Blackbaud Stock Performance

Shares of BLKB stock opened at $63.16 on Thursday. Blackbaud, Inc. has a 1-year low of $58.05 and a 1-year high of $88.95. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 7.40. The company has a market capitalization of $3.06 billion, a price-to-earnings ratio of -10.71 and a beta of 1.16. The stock’s fifty day simple moving average is $62.65 and its 200-day simple moving average is $72.30.

Blackbaud (NASDAQ:BLKB) last issued its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates 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 business 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 company posted $0.93 earnings per share. Blackbaud’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, sell-side analysts predict that Blackbaud, Inc. will post 3.05 earnings per share for the current fiscal year.

Insider Buying and Selling at Blackbaud

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

Analyst Ratings Changes

BLKB has been the topic of a number of recent analyst reports. 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 report on Wednesday, February 19th. Stifel Nicolaus lowered their price target on Blackbaud from $75.00 to $65.00 and set a “hold” rating on the stock in a report on Thursday, May 1st. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $78.67.

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.