Headlands Technologies LLC Increases Stock Position in Blackbaud, Inc. (NASDAQ:BLKB)

Headlands Technologies LLC boosted its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 419.9% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 18,644 shares of the technology company’s stock after acquiring an additional 15,058 shares during the quarter. Headlands Technologies LLC’s holdings in Blackbaud were worth $1,157,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. Avantax Advisory Services Inc. boosted its stake in shares of Blackbaud by 1.8% in the first quarter. Avantax Advisory Services Inc. now owns 11,816 shares of the technology company’s stock valued at $733,000 after purchasing an additional 210 shares during the period. UMB Bank n.a. raised its holdings in Blackbaud by 63.2% in the first quarter. UMB Bank n.a. now owns 692 shares of the technology company’s stock valued at $43,000 after acquiring an additional 268 shares in the last quarter. Procyon Advisors LLC raised its holdings in Blackbaud by 8.0% in the first quarter. Procyon Advisors LLC now owns 3,722 shares of the technology company’s stock valued at $231,000 after acquiring an additional 275 shares in the last quarter. Versant Capital Management Inc raised its holdings in Blackbaud by 127.4% in the first quarter. Versant Capital Management Inc now owns 523 shares of the technology company’s stock valued at $32,000 after acquiring an additional 293 shares in the last quarter. Finally, EP Wealth Advisors LLC raised its holdings in Blackbaud by 10.7% in the fourth quarter. EP Wealth Advisors LLC now owns 3,843 shares of the technology company’s stock valued at $284,000 after acquiring an additional 372 shares in the last quarter. Hedge funds and other institutional investors own 94.21% of the company’s stock.

Blackbaud Stock Down 2.1%

Shares of NASDAQ:BLKB opened at $63.87 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 12.92. Blackbaud, Inc. has a fifty-two week low of $58.05 and a fifty-two week high of $88.95. The firm’s 50 day moving average price is $64.02 and its 200 day moving average price is $65.63. The stock has a market cap of $3.10 billion, a price-to-earnings ratio of -11.05, a price-to-earnings-growth ratio of 4.56 and a beta of 1.13.

Blackbaud (NASDAQ:BLKB) last released its quarterly earnings data on Wednesday, July 30th. The technology company reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.16. Blackbaud had a negative net margin of 24.82% and a positive return on equity of 61.72%. The company had revenue of $281.38 million for the quarter, compared to analysts’ expectations of $276.48 million. During the same quarter last year, the company earned $1.08 earnings per share. The firm’s revenue for the quarter was down 2.1% on a year-over-year basis. As a group, equities research analysts predict that Blackbaud, Inc. will post 3.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Blackbaud news, EVP Kevin P. Gregoire sold 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $72.67, for a total transaction of $581,360.00. Following the sale, the executive vice president owned 111,156 shares of the company’s stock, valued at approximately $8,077,706.52. This trade represents a 6.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Chad Anderson sold 5,500 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $63.99, for a total transaction of $351,945.00. Following the sale, the chief financial officer directly owned 35,976 shares in the company, valued at approximately $2,302,104.24. The trade was a 13.26% decrease in their position. The disclosure for this sale can be found here. 1.97% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Stifel Nicolaus reduced their target price on shares of Blackbaud from $75.00 to $65.00 and set a “hold” rating on the stock in a report on Thursday, May 1st. Wall Street Zen raised shares of Blackbaud from a “hold” rating to a “buy” rating in a report on Saturday, August 2nd. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price 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.