Envestnet Asset Management Inc. Increases Holdings in Blackbaud, Inc. (NASDAQ:BLKB)

Envestnet Asset Management Inc. increased its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 2.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 131,033 shares of the technology company’s stock after purchasing an additional 2,582 shares during the period. Envestnet Asset Management Inc. owned 0.27% of Blackbaud worth $8,131,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Versant Capital Management Inc lifted its position in shares of Blackbaud by 127.4% during the first quarter. Versant Capital Management Inc now owns 523 shares of the technology company’s stock worth $32,000 after purchasing an additional 293 shares during the last quarter. UMB Bank n.a. increased its stake in shares of 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 purchasing an additional 268 shares during the period. KBC Group NV increased its stake in shares of Blackbaud by 31.8% in the first quarter. KBC Group NV now owns 2,209 shares of the technology company’s stock valued at $137,000 after purchasing an additional 533 shares during the period. Huntington National Bank increased its stake in shares of Blackbaud by 13.9% in the fourth quarter. Huntington National Bank now owns 1,864 shares of the technology company’s stock valued at $138,000 after purchasing an additional 227 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Blackbaud by 31.8% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,069 shares of the technology company’s stock valued at $154,000 after purchasing an additional 499 shares during the period. 94.21% of the stock is currently owned by institutional investors and hedge funds.

Blackbaud Price Performance

NASDAQ BLKB opened at $64.18 on Tuesday. The company has a market cap of $3.11 billion, a PE ratio of -10.88, a price-to-earnings-growth ratio of 4.77 and a beta of 1.14. Blackbaud, Inc. has a 52 week low of $58.05 and a 52 week high of $88.95. 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 firm’s 50-day simple moving average is $63.28 and its two-hundred day simple moving average is $66.51.

Blackbaud (NASDAQ:BLKB) last announced its quarterly 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 firm had revenue of $270.66 million for the quarter, compared to the consensus estimate of $268.53 million. During the same period in the prior year, the firm posted $0.93 earnings per share. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. Research analysts predict that Blackbaud, Inc. will post 3.05 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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 report on Thursday, May 1st. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $78.67.

Insider Buying and Selling

In related news, SVP Jon W. Olson sold 10,698 shares of Blackbaud stock in a transaction on Friday, May 2nd. The shares were 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 in the company, valued at $1,455,308.85. The trade was a 31.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Chad Anderson sold 5,500 shares of Blackbaud stock in a transaction on Friday, May 16th. The shares were 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. This trade represents a 13.26% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.97% of the company’s stock.

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.