Zurcher Kantonalbank Zurich Cantonalbank Trims Stock Position in Blackbaud, Inc. (NASDAQ:BLKB)

Zurcher Kantonalbank Zurich Cantonalbank lessened its holdings in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 9.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,802 shares of the technology company’s stock after selling 1,073 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Blackbaud were worth $608,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. Versant Capital Management Inc grew its position in Blackbaud by 127.4% during the first quarter. Versant Capital Management Inc now owns 523 shares of the technology company’s stock valued at $32,000 after buying an additional 293 shares during the period. UMB Bank n.a. grew its position in Blackbaud by 63.2% during 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 period. KBC Group NV grew its position in Blackbaud by 31.8% during the first quarter. KBC Group NV now owns 2,209 shares of the technology company’s stock valued at $137,000 after buying an additional 533 shares during the period. Tower Research Capital LLC TRC grew its position in Blackbaud by 156.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,875 shares of the technology company’s stock valued at $213,000 after buying an additional 1,752 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Blackbaud during the fourth quarter valued at $216,000. Hedge funds and other institutional investors own 94.21% of the company’s stock.

Blackbaud Stock Performance

BLKB opened at $65.22 on Thursday. The firm has a market capitalization of $3.16 billion, a PE ratio of -11.28, a PEG ratio of 4.41 and a beta of 1.13. Blackbaud, Inc. has a twelve month low of $58.05 and a twelve month high of $88.95. The firm’s 50-day moving average price is $63.97 and its 200 day moving average price is $65.73. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 12.92.

Blackbaud (NASDAQ:BLKB) last posted its quarterly earnings results 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. The firm had revenue of $281.38 million for the quarter, compared to analyst estimates of $276.48 million. Blackbaud had a negative net margin of 24.82% and a positive return on equity of 61.72%. Blackbaud’s quarterly revenue was down 2.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.08 earnings per share. As a group, sell-side analysts expect that Blackbaud, Inc. will post 3.05 EPS for the current fiscal year.

Insider Transactions at Blackbaud

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

Analysts Set New Price Targets

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