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

Pitcairn Co. lessened its holdings in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 15.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in BLKB. DT Investment Partners LLC bought a new position in shares of Blackbaud during the 2nd quarter valued at $33,000. Quest Partners LLC lifted its position in shares of Blackbaud by 2,950.0% in the second quarter. Quest Partners LLC now owns 427 shares of the technology company’s stock worth $33,000 after buying an additional 413 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of Blackbaud by 190.4% during the 3rd quarter. Blue Trust Inc. now owns 1,597 shares of the technology company’s stock worth $135,000 after acquiring an additional 1,047 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Blackbaud during the 3rd quarter valued at about $142,000. Finally, Legacy Capital Wealth Partners LLC acquired a new stake in Blackbaud in the 2nd quarter worth approximately $201,000. 94.21% of the stock is currently owned by institutional investors and hedge funds.

Blackbaud Price Performance

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

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

Blackbaud announced that its Board of Directors has authorized a share repurchase plan on Tuesday, July 30th that authorizes the company to repurchase $800.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 18.1% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Blackbaud news, CFO Anthony W. Boor sold 10,000 shares of Blackbaud stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $84.85, for a total transaction of $848,500.00. Following the sale, the chief financial officer now directly owns 140,262 shares of the company’s stock, valued at approximately $11,901,230.70. The trade was a 6.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael P. Gianoni sold 800 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $83.15, for a total value of $66,520.00. Following the completion of the transaction, the chief executive officer now directly owns 373,293 shares of the company’s stock, valued at approximately $31,039,312.95. The trade was a 0.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, 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

BLKB has been the topic of a number of recent analyst reports. Raymond James dropped their price target on shares of Blackbaud from $98.00 to $95.00 and set an “outperform” rating on the stock in a research report on Monday, October 7th. 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 report on Thursday, October 31st. Evercore ISI upgraded shares of Blackbaud to a “hold” rating in a report on Thursday, August 1st. Stifel Nicolaus lifted their price objective on Blackbaud from $80.00 to $85.00 and gave the stock a “hold” rating in a research note on Thursday, September 26th. Finally, Baird R W cut Blackbaud from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $86.67.

Blackbaud 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.