Wedge Capital Management L L P NC Acquires 10,879 Shares of Blackbaud, Inc. $BLKB

Wedge Capital Management L L P NC raised its holdings in Blackbaud, Inc. (NASDAQ:BLKB) by 37.5% in the third quarter, HoldingsChannel.com reports. The firm owned 39,922 shares of the technology company’s stock after purchasing an additional 10,879 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Blackbaud were worth $2,567,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. SG Capital Management LLC acquired a new position in Blackbaud during the second quarter valued at approximately $4,381,000. Y Intercept Hong Kong Ltd increased its stake in shares of Blackbaud by 262.9% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 16,421 shares of the technology company’s stock valued at $1,054,000 after purchasing an additional 11,896 shares during the last quarter. AGF Management Ltd. acquired a new position in shares of Blackbaud during the 2nd quarter worth $3,121,000. Jefferies Financial Group Inc. acquired a new position in shares of Blackbaud during the 2nd quarter worth $321,000. Finally, Greenhouse Funds LLLP lifted its position in shares of Blackbaud by 40.4% during the 2nd quarter. Greenhouse Funds LLLP now owns 706,447 shares of the technology company’s stock worth $45,361,000 after buying an additional 203,350 shares during the last quarter. Institutional investors and hedge funds own 94.21% of the company’s stock.

Insider Transactions at Blackbaud

In related news, CEO Michael P. Gianoni sold 5,000 shares of Blackbaud stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $57.68, for a total value of $288,400.00. Following the transaction, the chief executive officer directly owned 372,985 shares of the company’s stock, valued at $21,513,774.80. The trade was a 1.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rupal S. Hollenbeck sold 1,600 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $56.49, for a total value of $90,384.00. Following the completion of the sale, the director owned 6,366 shares in the company, valued at $359,615.34. The trade was a 20.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 11,600 shares of company stock valued at $690,834 over the last 90 days. 1.97% of the stock is owned by corporate insiders.

Blackbaud Price Performance

Shares of NASDAQ:BLKB opened at $63.47 on Tuesday. The company has a debt-to-equity ratio of 9.63, a quick ratio of 0.69 and a current ratio of 0.69. Blackbaud, Inc. has a 52 week low of $54.56 and a 52 week high of $81.39. The firm has a market cap of $3.04 billion, a PE ratio of -12.21, a price-to-earnings-growth ratio of 2.78 and a beta of 1.09. The firm’s fifty day moving average is $61.28 and its 200-day moving average is $63.53.

Blackbaud (NASDAQ:BLKB) last announced its earnings results on Monday, March 4th. The technology company reported $0.68 earnings per share (EPS) for the quarter. The business had revenue of $274.76 million during the quarter. Blackbaud had a positive return on equity of 137.13% and a negative net margin of 22.57%. Sell-side analysts predict that Blackbaud, Inc. will post 3.05 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Wall Street Zen upgraded Blackbaud from a “hold” rating to a “buy” rating in a research report on Sunday, November 9th. Zacks Research raised shares of Blackbaud from a “hold” rating to a “strong-buy” rating in a report on Monday, November 3rd. Stifel Nicolaus set a $70.00 price objective on shares of Blackbaud in a research report on Wednesday, October 29th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Blackbaud in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $73.00.

Blackbaud Profile

Blackbaud, Inc is a leading provider of cloud software, services and data intelligence solutions designed specifically for the social good community. The company’s main offerings include fundraising and relationship management platforms, financial management systems, grant and award management tools, and advanced analytics. Its flagship products—such as Raiser’s Edge NXT, Blackbaud Financial Edge NXT and Blackbaud NetCommunity—help nonprofit organizations, educational institutions, healthcare providers and foundations streamline donor engagement, optimize financial operations and measure program impact.

Founded in 1981 and headquartered in Charleston, South Carolina, Blackbaud has grown from a small technology startup into a global specialist in nonprofit software.