Pitcairn Co. Sells 1,146 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

Pitcairn Co. trimmed its position in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 15.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,238 shares of the technology company’s stock after selling 1,146 shares during the quarter. Pitcairn Co.’s holdings in Blackbaud were worth $528,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of Blackbaud by 2.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 388,009 shares of the technology company’s stock worth $28,768,000 after acquiring an additional 10,555 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of Blackbaud by 7.5% during the first quarter. Public Employees Retirement System of Ohio now owns 100,422 shares of the technology company’s stock worth $7,445,000 after purchasing an additional 7,049 shares during the last quarter. Kennedy Capital Management LLC raised its holdings in shares of Blackbaud by 1,107.5% in the first quarter. Kennedy Capital Management LLC now owns 33,908 shares of the technology company’s stock valued at $2,514,000 after buying an additional 31,100 shares during the last quarter. Ancora Advisors LLC acquired a new position in Blackbaud during the 1st quarter worth about $2,081,000. Finally, Envestnet Portfolio Solutions Inc. grew its holdings in Blackbaud by 6.2% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 3,140 shares of the technology company’s stock worth $239,000 after acquiring an additional 184 shares during the last quarter. Institutional investors and hedge funds own 94.21% of the company’s stock.

Blackbaud Stock Performance

BLKB stock opened at $87.47 on Tuesday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 1.79. Blackbaud, Inc. has a twelve month low of $66.47 and a twelve month high of $88.95. The business’s fifty day moving average is $83.65 and its 200-day moving average is $80.19. The company has a market cap of $4.44 billion, a P/E ratio of 85.75 and a beta of 1.03.

Blackbaud (NASDAQ:BLKB) last issued its earnings results on Wednesday, October 30th. The technology company reported $0.99 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.08). The company had revenue of $286.70 million for the quarter, compared to the consensus estimate of $293.74 million. Blackbaud had a return on equity of 20.34% and a net margin of 4.61%. Blackbaud’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter last year, the business posted $0.65 EPS. Equities research analysts forecast that Blackbaud, Inc. will post 2.6 EPS for the current year.

Blackbaud announced that its Board of Directors has initiated a stock buyback program on Tuesday, July 30th that authorizes the company to buyback $800.00 million in shares. This buyback authorization authorizes the technology company to buy up to 18.1% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Blackbaud

In other news, CFO Anthony W. Boor sold 10,000 shares of Blackbaud stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $84.85, for a total transaction of $848,500.00. Following the transaction, the chief financial officer now owns 140,262 shares in the company, valued at $11,901,230.70. The trade was a 6.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael P. Gianoni sold 12,325 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $83.25, for a total value of $1,026,056.25. Following the sale, the chief executive officer now directly owns 389,539 shares of the company’s stock, valued at approximately $32,429,121.75. The trade was a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 75,390 shares of company stock worth $6,369,938. 1.95% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BLKB. Robert W. Baird downgraded shares of Blackbaud from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $92.00 to $80.00 in a research note on Thursday, October 31st. Baird R W downgraded Blackbaud from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 31st. Stifel Nicolaus increased their price objective on Blackbaud from $80.00 to $85.00 and gave the company a “hold” rating in a research report on Thursday, September 26th. Raymond James dropped their target price on Blackbaud from $98.00 to $95.00 and set an “outperform” rating for the company in a research report on Monday, October 7th. Finally, Evercore ISI upgraded Blackbaud to a “hold” rating in a report on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $86.67.

Blackbaud Company 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.