Envestnet Asset Management Inc. Trims Stake in Blackbaud, Inc. (BLKB)
Envestnet Asset Management Inc. lowered its holdings in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 3.8% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,917 shares of the technology company’s stock after selling 832 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Blackbaud were worth $1,836,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in BLKB. Russell Investments Group Ltd. purchased a new stake in shares of Blackbaud during the 2nd quarter valued at about $1,476,000. Strs Ohio increased its position in shares of Blackbaud by 11.9% during the 2nd quarter. Strs Ohio now owns 7,500 shares of the technology company’s stock valued at $643,000 after purchasing an additional 800 shares during the last quarter. Janney Montgomery Scott LLC increased its position in shares of Blackbaud by 1.3% during the 2nd quarter. Janney Montgomery Scott LLC now owns 4,234 shares of the technology company’s stock valued at $363,000 after purchasing an additional 54 shares during the last quarter. TD Asset Management Inc. increased its position in shares of Blackbaud by 10.3% during the 2nd quarter. TD Asset Management Inc. now owns 6,400 shares of the technology company’s stock valued at $549,000 after purchasing an additional 600 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its position in shares of Blackbaud by 2.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 204,735 shares of the technology company’s stock valued at $17,557,000 after purchasing an additional 4,218 shares during the last quarter.
In other Blackbaud news, EVP Brian Boruff sold 800 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The stock was sold at an average price of $103.95, for a total value of $83,160.00. Following the completion of the transaction, the executive vice president now directly owns 50,862 shares in the company, valued at approximately $5,287,104.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Anthony W. Boor sold 1,989 shares of the company’s stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $98.26, for a total value of $195,439.14. Following the completion of the transaction, the chief financial officer now owns 105,342 shares of the company’s stock, valued at $10,350,904.92. The disclosure for this sale can be found here. Insiders sold a total of 9,655 shares of company stock valued at $972,923 over the last 90 days. 2.19% of the stock is currently owned by corporate insiders.
Blackbaud (NASDAQ:BLKB) last released its earnings results on Wednesday, October 25th. The technology company reported $0.56 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.05. The company had revenue of $195.51 million during the quarter, compared to analyst estimates of $196.35 million. Blackbaud had a net margin of 6.82% and a return on equity of 31.25%. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.45 EPS. analysts predict that Blackbaud, Inc. will post 1.57 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Tuesday, November 28th were paid a $0.12 dividend. The ex-dividend date was Monday, November 27th. This represents a $0.48 annualized dividend and a yield of 0.50%. Blackbaud’s payout ratio is 44.04%.
Several equities research analysts recently issued reports on the stock. BidaskClub lowered shares of Blackbaud from a “strong-buy” rating to a “buy” rating in a report on Tuesday, December 12th. Dougherty & Co assumed coverage on shares of Blackbaud in a report on Tuesday, October 31st. They issued a “neutral” rating for the company. Zacks Investment Research raised shares of Blackbaud from a “hold” rating to a “buy” rating and set a $115.00 target price for the company in a report on Monday, October 30th. Citigroup set a $112.00 target price on shares of Blackbaud and gave the stock a “buy” rating in a report on Friday, October 27th. Finally, B. Riley set a $82.00 target price on shares of Blackbaud and gave the stock a “hold” rating in a report on Thursday, October 26th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $94.75.
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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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