Parallel Advisors LLC Purchases New Shares in Blackbaud, Inc. $BLKB

Parallel Advisors LLC purchased a new position in Blackbaud, Inc. (NASDAQ:BLKB) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 691 shares of the technology company’s stock, valued at approximately $44,000.

Several other hedge funds have also added to or reduced their stakes in the stock. Avantax Advisory Services Inc. grew its position in Blackbaud by 1.8% during the 1st quarter. Avantax Advisory Services Inc. now owns 11,816 shares of the technology company’s stock valued at $733,000 after purchasing an additional 210 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Blackbaud by 11.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,300 shares of the technology company’s stock worth $143,000 after purchasing an additional 231 shares during the period. UMB Bank n.a. grew its position in shares of Blackbaud by 63.2% during the 1st quarter. UMB Bank n.a. now owns 692 shares of the technology company’s stock valued at $43,000 after acquiring an additional 268 shares during the period. Procyon Advisors LLC increased its position in Blackbaud by 8.0% in the first quarter. Procyon Advisors LLC now owns 3,722 shares of the technology company’s stock worth $231,000 after buying an additional 275 shares in the last quarter. Finally, Versant Capital Management Inc raised its stake in Blackbaud by 127.4% during the 1st quarter. Versant Capital Management Inc now owns 523 shares of the technology company’s stock worth $32,000 after acquiring an additional 293 shares during the period. 94.21% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised Blackbaud from a “hold” rating to a “buy” rating in a research note on Saturday, August 2nd. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Blackbaud has a consensus rating of “Hold” and a consensus price target of $78.67.

Insider Buying and Selling at Blackbaud

In other news, Director Rupal S. Hollenbeck sold 2,500 shares of the firm’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $63.98, for a total value of $159,950.00. Following the completion of the sale, the director owned 7,966 shares in the company, valued at approximately $509,664.68. This trade represents a 23.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kevin P. Gregoire sold 8,000 shares of the firm’s 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 completion of the sale, the executive vice president directly owned 111,156 shares of the company’s stock, valued at approximately $8,077,706.52. The trade was a 6.71% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.97% of the company’s stock.

Blackbaud Trading Up 1.0%

Shares of BLKB opened at $64.17 on Friday. The stock has a market capitalization of $3.11 billion, a PE ratio of -11.10, a P/E/G ratio of 4.44 and a beta of 1.15. The company’s fifty day moving average is $65.80 and its 200 day moving average is $63.87. The company has a debt-to-equity ratio of 12.92, a quick ratio of 0.84 and a current ratio of 0.84. Blackbaud, Inc. has a fifty-two week low of $58.05 and a fifty-two week high of $88.95.

Blackbaud (NASDAQ:BLKB) last issued its quarterly earnings data on Wednesday, July 30th. The technology company reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.16. Blackbaud had a negative net margin of 24.82% and a positive return on equity of 61.72%. The business had revenue of $281.38 million during the quarter, compared to analysts’ expectations of $276.48 million. During the same period last year, the company posted $1.08 EPS. The business’s revenue was down 2.1% on a year-over-year basis. Blackbaud has set its FY 2025 guidance at 4.300-4.500 EPS. Sell-side analysts expect 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.