Arrowstreet Capital Limited Partnership Raises Position in Blackbaud, Inc. $BLKB

Arrowstreet Capital Limited Partnership increased its stake in Blackbaud, Inc. (NASDAQ:BLKB) by 44.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 298,343 shares of the technology company’s stock after purchasing an additional 91,972 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.62% of Blackbaud worth $19,157,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Blackbaud by 11.2% in 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 buying an additional 231 shares during the period. Aristides Capital LLC increased its holdings in Blackbaud by 7.8% in the 1st quarter. Aristides Capital LLC now owns 4,142 shares of the technology company’s stock worth $257,000 after acquiring an additional 298 shares during the last quarter. CWM LLC raised its stake in Blackbaud by 215.9% in the 2nd quarter. CWM LLC now owns 458 shares of the technology company’s stock valued at $29,000 after acquiring an additional 313 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Blackbaud by 1.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,434 shares of the technology company’s stock valued at $1,454,000 after purchasing an additional 361 shares during the last quarter. Finally, Kesler Norman & Wride LLC lifted its holdings in Blackbaud by 3.2% during the second quarter. Kesler Norman & Wride LLC now owns 11,863 shares of the technology company’s stock valued at $762,000 after purchasing an additional 369 shares during the last quarter. 94.21% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Rupal S. Hollenbeck sold 1,600 shares of the stock in a transaction on Friday, November 21st. The shares were 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 of the company’s stock, valued at $359,615.34. This represents a 20.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael P. Gianoni sold 5,000 shares of Blackbaud stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $57.68, for a total transaction of $288,400.00. Following the sale, the chief executive officer directly owned 372,985 shares of the company’s stock, valued at $21,513,774.80. This represents a 1.32% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 11,600 shares of company stock valued at $690,834. Corporate insiders own 1.97% of the company’s stock.

Blackbaud Price Performance

Shares of NASDAQ BLKB opened at $63.69 on Monday. The firm has a market capitalization of $3.05 billion, a P/E ratio of -12.25, a P/E/G ratio of 2.78 and a beta of 1.09. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 9.63. The stock’s 50-day simple moving average is $61.43 and its two-hundred day simple moving average is $63.50. Blackbaud, Inc. has a twelve month low of $54.56 and a twelve month high of $81.97.

Blackbaud (NASDAQ:BLKB) last issued its quarterly earnings results on Monday, March 4th. The technology company reported $0.68 earnings per share (EPS) for the quarter. The firm had revenue of $274.76 million during the quarter. Blackbaud had a positive return on equity of 137.13% and a negative net margin of 22.57%. As a group, equities analysts anticipate that Blackbaud, Inc. will post 3.05 EPS for the current fiscal year.

Analysts Set New Price Targets

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

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.