Granite Investment Partners LLC bought a new stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) in the first quarter, HoldingsChannel reports. The institutional investor bought 14,719 shares of the technology company’s stock, valued at approximately $1,174,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Northern Trust Corp lifted its position in shares of Blackbaud by 5.2% during the first quarter. Northern Trust Corp now owns 881,366 shares of the technology company’s stock worth $70,271,000 after purchasing an additional 43,812 shares during the last quarter. OppenheimerFunds Inc. purchased a new position in shares of Blackbaud during the first quarter valued at $212,000. State of Wisconsin Investment Board increased its stake in shares of Blackbaud by 26.0% during the first quarter. State of Wisconsin Investment Board now owns 60,600 shares of the technology company’s stock valued at $4,832,000 after buying an additional 12,500 shares during the period. Principal Financial Group Inc. increased its stake in shares of Blackbaud by 0.6% during the first quarter. Principal Financial Group Inc. now owns 215,431 shares of the technology company’s stock valued at $17,176,000 after buying an additional 1,186 shares during the period. Finally, AlphaCrest Capital Management LLC purchased a new position in shares of Blackbaud during the first quarter valued at $630,000.
In other Blackbaud news, Director Timothy C. K. Chou sold 400 shares of Blackbaud stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $76.98, for a total value of $30,792.00. Following the transaction, the director now owns 20,114 shares in the company, valued at $1,548,375.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kevin W. Mooney sold 8,858 shares of Blackbaud stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $80.00, for a total value of $708,640.00. Following the completion of the transaction, the executive vice president now owns 92,901 shares in the company, valued at approximately $7,432,080. The disclosure for this sale can be found here. 1.55% of the stock is owned by insiders.
Shares of Blackbaud stock traded down $0.73 during trading on Wednesday, hitting $77.18. 61,020 shares of the stock traded hands, compared to its average volume of 294,198. The firm has a market cap of $3.81 billion, a P/E ratio of 41.27, a P/E/G ratio of 7.23 and a beta of 1.20. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 1.58. Blackbaud, Inc. has a 52-week low of $58.23 and a 52-week high of $120.35.
Blackbaud (NASDAQ:BLKB) last announced its quarterly earnings results on Tuesday, April 30th. The technology company reported $0.28 EPS for the quarter, meeting the consensus estimate of $0.28. The firm had revenue of $215.83 million for the quarter, compared to analyst estimates of $212.32 million. Blackbaud had a return on equity of 21.47% and a net margin of 3.02%. During the same quarter last year, the firm posted $0.66 earnings per share. The business’s revenue for the quarter was up 5.7% on a year-over-year basis. Analysts forecast that Blackbaud, Inc. will post 1.28 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Tuesday, May 28th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Friday, May 24th. This represents a $0.48 annualized dividend and a yield of 0.62%. Blackbaud’s dividend payout ratio (DPR) is presently 25.67%.
BLKB has been the topic of several research reports. BidaskClub lowered Blackbaud from a “buy” rating to a “hold” rating in a research note on Friday, April 19th. Stephens lowered Blackbaud from an “overweight” rating to an “equal weight” rating and set a $86.00 price target on the stock. in a research note on Wednesday, April 3rd. Zacks Investment Research lowered Blackbaud from a “buy” rating to a “hold” rating in a research note on Friday, May 10th. Finally, DA Davidson raised their price target on Blackbaud to $75.00 and gave the company a “neutral” rating in a research note on Friday, March 29th. One equities research analyst has rated the stock with a sell rating and thirteen have given a hold rating to the company’s stock. Blackbaud has an average rating of “Hold” and an average price target of $88.14.
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Blackbaud, Inc provides cloud software solutions to nonprofits, foundations, companies, education institutions, healthcare organizations, individual change agents, and other charitable giving entities. The company offers fundraising and relationship management solutions and services, including Blackbaud Raiser's Edge NXT, Blackbaud CRM, Blackbaud Luminate CRM, Blackbaud eTapestry, Blackbaud TeamRaiser, everydayhero, Blackbaud Peer-to-Peer Fundraising, and Blackbaud Guided Fundraising; and marketing and engagement solutions, such as Blackbaud Luminate Online, Blackbaud Online Express, Blackbaud NetCommunity, Blackbaud Attentive.ly, and Blackbaud School Website System.
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