Amalgamated Bank Reduces Position in Blackbaud, Inc. (NASDAQ:BLKB)

Amalgamated Bank decreased its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 6.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 16,811 shares of the technology company’s stock after selling 1,170 shares during the quarter. Amalgamated Bank’s holdings in Blackbaud were worth $1,043,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Cibc World Markets Corp acquired a new position in shares of Blackbaud in the 4th quarter valued at $280,000. KBC Group NV grew its position in shares of Blackbaud by 31.8% during the first quarter. KBC Group NV now owns 2,209 shares of the technology company’s stock worth $137,000 after buying an additional 533 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Blackbaud in the 4th quarter valued at approximately $6,546,000. UMB Bank n.a. increased 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 buying an additional 268 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. increased its holdings in shares of Blackbaud by 163.7% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 19,637 shares of the technology company’s stock valued at $1,452,000 after acquiring an additional 12,189 shares during the last quarter. Hedge funds and other institutional investors own 94.21% of the company’s stock.

Insider Buying and Selling at Blackbaud

In other Blackbaud news, CFO Chad Anderson sold 5,500 shares of the company’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $63.99, for a total value of $351,945.00. Following the sale, the chief financial officer owned 35,976 shares of the company’s stock, valued at approximately $2,302,104.24. This represents a 13.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jon W. Olson sold 10,698 shares of Blackbaud stock in a transaction dated 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 owned 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 disclosure for this sale can be found here. 1.97% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, Stifel Nicolaus cut their price target on shares of Blackbaud from $75.00 to $65.00 and set a “hold” rating on the stock in a research note on Thursday, May 1st. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $78.67.

Blackbaud Stock Performance

Shares of BLKB stock opened at $66.00 on Wednesday. Blackbaud, Inc. has a 52-week low of $58.05 and a 52-week high of $88.95. The stock’s 50-day moving average price is $62.97 and its 200 day moving average price is $67.17. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 35.64. The stock has a market capitalization of $3.20 billion, a PE ratio of -11.19, a price-to-earnings-growth ratio of 4.86 and a beta of 1.14.

Blackbaud (NASDAQ:BLKB) last issued 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. The business had revenue of $270.66 million for the quarter, compared to the consensus estimate of $268.53 million. Blackbaud had a negative net margin of 25.05% and a positive return on equity of 38.58%. The business’s quarterly revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.93 earnings per share. As a group, equities research analysts forecast that Blackbaud, Inc. will post 3.05 EPS for the current year.

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.