Handelsbanken Fonder AB Reduces Holdings in Blackbaud, Inc. $BLKB

Handelsbanken Fonder AB lowered its holdings in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 7.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,830 shares of the technology company’s stock after selling 900 shares during the period. Handelsbanken Fonder AB’s holdings in Blackbaud were worth $695,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. CWM LLC raised its position in shares of Blackbaud by 215.9% during the 2nd quarter. CWM LLC now owns 458 shares of the technology company’s stock worth $29,000 after purchasing an additional 313 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in Blackbaud during the second quarter worth $33,000. Parallel Advisors LLC acquired a new position in shares of Blackbaud in the second quarter worth $44,000. Farther Finance Advisors LLC lifted its position in shares of Blackbaud by 2,168.3% in the second quarter. Farther Finance Advisors LLC now owns 1,361 shares of the technology company’s stock valued at $87,000 after acquiring an additional 1,301 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Blackbaud by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,300 shares of the technology company’s stock valued at $143,000 after acquiring an additional 231 shares during the last quarter. 94.21% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently weighed in on BLKB. Wall Street Zen raised shares of Blackbaud from a “hold” rating to a “buy” rating in a research note on Sunday, November 9th. Zacks Research raised shares of Blackbaud from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 3rd. Stifel Nicolaus set a $70.00 target price on shares of Blackbaud in a research report on Wednesday, October 29th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Blackbaud in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Blackbaud currently has an average rating of “Hold” and an average target price of $73.00.

Insider Buying and Selling at Blackbaud

In related news, Director Rupal S. Hollenbeck sold 1,600 shares of Blackbaud stock in a transaction on Friday, November 21st. The stock was sold at an average price of $56.49, for a total value of $90,384.00. Following the transaction, the director owned 6,366 shares in the company, valued at approximately $359,615.34. This trade represents a 20.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael P. Gianoni sold 5,000 shares of the business’s stock in a transaction dated Thursday, November 6th. The shares were sold at an average price of $57.68, for a total value of $288,400.00. Following the sale, the chief executive officer directly owned 372,985 shares of the company’s stock, valued at approximately $21,513,774.80. This trade represents a 1.32% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 11,600 shares of company stock worth $690,834 over the last ninety days. Corporate insiders own 1.97% of the company’s stock.

Blackbaud Price Performance

BLKB opened at $56.38 on Friday. Blackbaud, Inc. has a 1 year low of $54.56 and a 1 year high of $84.83. The company’s 50 day simple moving average is $61.82 and its 200 day simple moving average is $63.58. The stock has a market capitalization of $2.70 billion, a PE ratio of -10.84, a P/E/G ratio of 4.75 and a beta of 1.08. The company has a debt-to-equity ratio of 9.63, a quick ratio of 0.84 and a current ratio of 0.69.

Blackbaud (NASDAQ:BLKB) last issued its quarterly earnings results on Monday, March 4th. The technology company reported $0.68 EPS for the quarter. The firm had revenue of $274.76 million during the quarter. Blackbaud had a negative net margin of 22.57% and a positive return on equity of 137.13%. As a group, sell-side analysts expect 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.