Envestnet Asset Management Inc. Acquires 2,582 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

Envestnet Asset Management Inc. lifted its position in Blackbaud, Inc. (NASDAQ:BLKB) by 2.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 131,033 shares of the technology company’s stock after buying an additional 2,582 shares during the period. Envestnet Asset Management Inc. owned approximately 0.27% of Blackbaud worth $8,131,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Calamos Advisors LLC grew its position in Blackbaud by 49.8% during the 1st quarter. Calamos Advisors LLC now owns 136,734 shares of the technology company’s stock worth $8,484,000 after purchasing an additional 45,483 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in Blackbaud by 21.8% during the 1st quarter. Teacher Retirement System of Texas now owns 5,938 shares of the technology company’s stock valued at $368,000 after acquiring an additional 1,063 shares during the period. KBC Group NV lifted its stake in Blackbaud by 31.8% during the 1st quarter. KBC Group NV now owns 2,209 shares of the technology company’s stock valued at $137,000 after acquiring an additional 533 shares during the period. Goodman Advisory Group LLC acquired a new stake in Blackbaud during the 1st quarter valued at approximately $4,630,000. Finally, Azzad Asset Management Inc. ADV lifted its stake in Blackbaud by 3.4% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 12,232 shares of the technology company’s stock valued at $759,000 after acquiring an additional 398 shares during the period. Hedge funds and other institutional investors own 94.21% of the company’s stock.

Insider Activity

In other news, CFO Chad Anderson sold 5,500 shares of the business’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $63.99, for a total transaction of $351,945.00. Following the completion of the sale, the chief financial officer 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 sale, the senior vice president owned 23,799 shares of the company’s stock, valued at $1,455,308.85. The trade was a 31.01% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.97% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus dropped their target price on shares of Blackbaud from $75.00 to $65.00 and set a “hold” rating for the company 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 data from MarketBeat.com, Blackbaud currently has a consensus rating of “Hold” and an average target price of $78.67.

Blackbaud Stock Up 0.2%

Shares of BLKB opened at $64.18 on Tuesday. The stock has a market capitalization of $3.11 billion, a PE ratio of -10.88, a P/E/G ratio of 4.77 and a beta of 1.14. Blackbaud, Inc. has a 1 year low of $58.05 and a 1 year high of $88.95. The company has a debt-to-equity ratio of 35.64, a quick ratio of 0.73 and a current ratio of 0.73. The company’s 50-day simple moving average is $63.28 and its 200-day simple moving average is $66.51.

Blackbaud (NASDAQ:BLKB) last announced its earnings results on Wednesday, April 30th. The technology company reported $0.96 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.06. Blackbaud had a negative net margin of 25.05% and a positive return on equity of 38.58%. The business had revenue of $270.66 million for the quarter, compared to analyst estimates of $268.53 million. During the same period last year, the firm posted $0.93 earnings per share. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. Analysts forecast that Blackbaud, Inc. will post 3.05 earnings per share for the current fiscal year.

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.