BlackRock Inc. grew its stake in Blackbaud, Inc. (NASDAQ:BLKB) by 1.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,565,430 shares of the technology company’s stock after acquiring an additional 94,330 shares during the period. BlackRock Inc. owned 11.46% of Blackbaud worth $564,780,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in BLKB. Macquarie Group Ltd. raised its stake in shares of Blackbaud by 101.5% in the second quarter. Macquarie Group Ltd. now owns 390,895 shares of the technology company’s stock worth $40,047,000 after acquiring an additional 196,916 shares during the last quarter. Conestoga Capital Advisors LLC raised its stake in shares of Blackbaud by 16.5% in the third quarter. Conestoga Capital Advisors LLC now owns 865,898 shares of the technology company’s stock worth $87,871,000 after acquiring an additional 122,929 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Blackbaud by 12.9% in the second quarter. Bank of America Corp DE now owns 429,393 shares of the technology company’s stock worth $43,991,000 after acquiring an additional 49,012 shares during the last quarter. MetLife Investment Advisors LLC raised its stake in shares of Blackbaud by 146.2% in the second quarter. MetLife Investment Advisors LLC now owns 52,430 shares of the technology company’s stock worth $5,371,000 after acquiring an additional 31,132 shares during the last quarter. Finally, Chilton Investment Co. LLC bought a new position in shares of Blackbaud in the second quarter worth about $3,021,000.
In other news, Director Joyce Nelson sold 1,000 shares of Blackbaud stock in a transaction that occurred on Monday, November 5th. The shares were sold at an average price of $73.03, for a total transaction of $73,030.00. Following the completion of the sale, the director now owns 15,051 shares in the company, valued at approximately $1,099,174.53. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.55% of the stock is owned by insiders.
Blackbaud (NASDAQ:BLKB) last issued its quarterly earnings results on Monday, October 29th. The technology company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.55 by $0.04. Blackbaud had a net margin of 7.84% and a return on equity of 25.79%. The company had revenue of $209.50 million during the quarter, compared to analysts’ expectations of $205.50 million. During the same quarter in the previous year, the company earned $0.57 EPS. Blackbaud’s revenue was up 7.8% on a year-over-year basis. As a group, equities research analysts forecast that Blackbaud, Inc. will post 1.71 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Wednesday, November 28th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.70%. The ex-dividend date of this dividend is Tuesday, November 27th. Blackbaud’s dividend payout ratio is 30.19%.
BLKB has been the subject of a number of research analyst reports. Raymond James downgraded shares of Blackbaud from an “outperform” rating to a “market perform” rating in a research note on Tuesday, October 9th. BidaskClub downgraded shares of Blackbaud from a “buy” rating to a “hold” rating in a research note on Tuesday, October 9th. Robert W. Baird dropped their target price on shares of Blackbaud from $105.00 to $82.00 and set a “neutral” rating for the company in a research note on Friday, October 12th. JMP Securities downgraded shares of Blackbaud from an “outperform” rating to a “market perform” rating and set a $116.00 target price for the company. in a research note on Tuesday, October 9th. Finally, DA Davidson lowered their price target on shares of Blackbaud from $105.00 to $82.00 and set a “hold” rating for the company in a research report on Tuesday, October 9th. Two analysts have rated the stock with a sell rating and twelve have issued a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $94.71.
Blackbaud, Inc provides cloud software solutions to nonprofits, foundations, corporations, education institutions, healthcare organizations, and other charitable giving entities primarily in the United States, Canada, the United Kingdom, and Australia. The company offers Raiser's Edge NXT and Blackbaud CRM (constituent relationship management), which are fundraising and relationship management solutions; Luminate CRM for campaign management, constituent relations, business intelligence, and analytics; eTapestry, a cloud fundraising and donor management solution; everydayhero, a cloud crowdfundraising solution; and JustGiving, a social platform for giving.
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