Insider Selling: Blackbaud, Inc. (NASDAQ:BLKB) CEO Sells $66,520.00 in Stock

Blackbaud, Inc. (NASDAQ:BLKB) CEO Michael P. Gianoni sold 800 shares of Blackbaud stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $83.15, for a total transaction of $66,520.00. Following the transaction, the chief executive officer now directly owns 373,293 shares in the company, valued at $31,039,312.95. This trade represents a 0.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Blackbaud Price Performance

BLKB stock opened at $86.98 on Friday. The business’s fifty day moving average price is $83.59 and its 200 day moving average price is $80.11. Blackbaud, Inc. has a 12-month low of $66.47 and a 12-month high of $88.56. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.79. The company has a market capitalization of $4.41 billion, a PE ratio of 85.28 and a beta of 1.03.

Blackbaud (NASDAQ:BLKB) last issued its quarterly 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). Blackbaud had a return on equity of 20.34% and a net margin of 4.61%. The business had revenue of $286.70 million for the quarter, compared to analysts’ expectations of $293.74 million. During the same quarter last year, the company earned $0.65 earnings per share. The firm’s revenue for the quarter was up 3.3% on a year-over-year basis. On average, sell-side analysts anticipate that Blackbaud, Inc. will post 2.6 EPS for the current year.

Blackbaud declared that its Board of Directors has approved a stock buyback plan on Tuesday, July 30th that allows the company to repurchase $800.00 million in shares. This repurchase authorization allows the technology company to reacquire up to 18.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts have recently commented on BLKB shares. Stifel Nicolaus lifted their price target on shares of Blackbaud from $80.00 to $85.00 and gave the company a “hold” rating in a research report on Thursday, September 26th. Baird R W downgraded Blackbaud from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 31st. Raymond James lowered their price target on Blackbaud from $98.00 to $95.00 and set an “outperform” rating for the company in a report on Monday, October 7th. Robert W. Baird downgraded Blackbaud from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $92.00 to $80.00 in a research report on Thursday, October 31st. Finally, Evercore ISI raised shares of Blackbaud to a “hold” rating in a research report on Thursday, August 1st. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $86.67.

Hedge Funds Weigh In On Blackbaud

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. TD Private Client Wealth LLC raised its stake in shares of Blackbaud by 42.0% in the third quarter. TD Private Client Wealth LLC now owns 1,174 shares of the technology company’s stock valued at $99,000 after acquiring an additional 347 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its position in Blackbaud by 52.0% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 56,336 shares of the technology company’s stock valued at $4,770,000 after purchasing an additional 19,270 shares in the last quarter. M&T Bank Corp boosted its stake in shares of Blackbaud by 85.2% in the 3rd quarter. M&T Bank Corp now owns 25,193 shares of the technology company’s stock valued at $2,133,000 after buying an additional 11,591 shares during the period. Barclays PLC boosted its stake in shares of Blackbaud by 170.4% in the 3rd quarter. Barclays PLC now owns 80,557 shares of the technology company’s stock valued at $6,821,000 after buying an additional 50,765 shares during the period. Finally, XTX Topco Ltd purchased a new stake in shares of Blackbaud during the third quarter worth approximately $573,000. Hedge funds and other institutional investors own 94.21% of the company’s stock.

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.