Russell Investments Group Ltd. bought a new stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 17,211 shares of the technology company’s stock, valued at approximately $1,476,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Conestoga Capital Advisors LLC raised its position in shares of Blackbaud by 4.0% in the second quarter. Conestoga Capital Advisors LLC now owns 764,172 shares of the technology company’s stock worth $65,528,000 after acquiring an additional 29,285 shares during the period. State Treasurer State of Michigan acquired a new position in shares of Blackbaud in the second quarter worth about $1,698,000. Sit Investment Associates Inc. acquired a new position in shares of Blackbaud in the second quarter worth about $611,000. Aperio Group LLC raised its position in shares of Blackbaud by 11.1% in the second quarter. Aperio Group LLC now owns 21,977 shares of the technology company’s stock worth $1,885,000 after acquiring an additional 2,204 shares during the period. Finally, Nisa Investment Advisors LLC increased its stake in shares of Blackbaud by 27.1% during the second quarter. Nisa Investment Advisors LLC now owns 27,220 shares of the technology company’s stock worth $2,332,000 after purchasing an additional 5,800 shares in the last quarter.
A number of analysts have recently commented on BLKB shares. Benchmark Co. cut their target price on shares of Blackbaud from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, June 27th. Stifel Nicolaus reiterated a “buy” rating and issued a $96.00 target price on shares of Blackbaud in a report on Friday, July 21st. Zacks Investment Research upgraded shares of Blackbaud from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, B. Riley reiterated a “neutral” rating and set a $78.00 target price on shares of Blackbaud in a report on Monday, August 28th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. Blackbaud currently has an average rating of “Hold” and an average price target of $81.71.
In related news, insider Michael P. Gianoni sold 4,000 shares of Blackbaud stock in a transaction dated Tuesday, August 8th. The stock was sold at an average price of $87.77, for a total value of $351,080.00. Following the completion of the sale, the insider now directly owns 258,921 shares in the company, valued at $22,725,496.17. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Jon W. Olson sold 5,282 shares of Blackbaud stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $84.24, for a total value of $444,955.68. Following the completion of the sale, the senior vice president now owns 50,756 shares of the company’s stock, valued at $4,275,685.44. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,752 shares of company stock valued at $1,771,517. 2.74% of the stock is currently owned by corporate insiders.
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Shares of Blackbaud, Inc. (NASDAQ BLKB) traded down 1.15% on Friday, reaching $83.62. 508,380 shares of the company’s stock traded hands. Blackbaud, Inc. has a 52 week low of $55.88 and a 52 week high of $93.81. The stock has a market capitalization of $3.90 billion, a PE ratio of 80.48 and a beta of 0.82. The company has a 50 day moving average of $85.38 and a 200-day moving average of $82.59.
Blackbaud (NASDAQ:BLKB) last released its quarterly earnings data on Monday, July 31st. The technology company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.12). Blackbaud had a return on equity of 30.88% and a net margin of 6.46%. The company had revenue of $192.50 million for the quarter, compared to analyst estimates of $193.66 million. During the same quarter in the prior year, the company earned $0.46 earnings per share. The business’s revenue was up 6.4% compared to the same quarter last year. Equities research analysts forecast that Blackbaud, Inc. will post $2.13 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Monday, August 28th were paid a $0.12 dividend. The ex-dividend date of this dividend was Thursday, August 24th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.57%. Blackbaud’s dividend payout ratio (DPR) is presently 47.06%.
Blackbaud, Inc is a cloud software company. The Company offers a range of cloud and on-premise solutions, as well as a resource network that empowers and connects organizations of all sizes. Its segments include the General Markets Business Unit (the GMBU), the Enterprise Customer Business Unit (the ECBU) and the International Business Unit (the IBU).
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