Trillium Asset Management LLC Raises Position in Blackbaud, Inc. (BLKB)
Trillium Asset Management LLC increased its position in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 130.5% during the second quarter, Holdings Channel reports. The institutional investor owned 107,234 shares of the technology company’s stock after buying an additional 60,713 shares during the period. Trillium Asset Management LLC’s holdings in Blackbaud were worth $9,195,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in BLKB. Northwestern Mutual Wealth Management Co. increased its stake in Blackbaud by 18.1% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,498 shares of the technology company’s stock worth $115,000 after buying an additional 230 shares during the period. Cypress Wealth Advisors LLC acquired a new stake in Blackbaud during the first quarter worth $208,000. Piedmont Investment Advisors LLC acquired a new stake in Blackbaud during the first quarter worth $218,000. Raymond James Trust N.A. acquired a new stake in Blackbaud during the first quarter worth $220,000. Finally, World Asset Management Inc acquired a new stake in Blackbaud during the first quarter worth $231,000.
Shares of Blackbaud, Inc. (BLKB) opened at 85.52 on Tuesday. The firm has a 50-day moving average of $88.40 and a 200 day moving average of $80.30. The stock has a market capitalization of $3.99 billion, a PE ratio of 82.31 and a beta of 0.77. Blackbaud, Inc. has a 52-week low of $55.88 and a 52-week high of $93.81.
Blackbaud (NASDAQ:BLKB) last posted its quarterly earnings data on Monday, July 31st. The technology company reported $0.39 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.51 by $0.12. Blackbaud had a net margin of 6.46% and a return on equity of 30.88%. The business had revenue of $192.50 million during the quarter, compared to analysts’ expectations of $193.66 million. During the same period in the previous year, the business posted $0.46 EPS. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. Equities research analysts forecast that Blackbaud, Inc. will post $2.14 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Monday, August 28th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 0.56%. The ex-dividend date of this dividend is Thursday, August 24th. Blackbaud’s payout ratio is 47.06%.
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A number of equities analysts recently commented on BLKB shares. Benchmark Co. dropped their price target 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. Zacks Investment Research cut shares of Blackbaud from a “hold” rating to a “sell” rating in a research note on Thursday, May 4th. Stifel Nicolaus reaffirmed a “buy” rating and set a $96.00 price target on shares of Blackbaud in a research note on Friday, July 21st. Raymond James Financial, Inc. started coverage on shares of Blackbaud in a research note on Wednesday, April 19th. They set an “outperform” rating and a $90.00 price target for the company. Finally, B. Riley cut shares of Blackbaud to a “neutral” rating and set a $78.00 price target for the company. in a research note on Monday, May 8th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $81.71.
In related news, EVP John J. Mistretta sold 3,693 shares of Blackbaud stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $82.00, for a total value of $302,826.00. Following the completion of the transaction, the executive vice president now owns 86,278 shares in the company, valued at $7,074,796. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael P. Gianoni sold 4,000 shares of Blackbaud stock in a transaction that occurred on Tuesday, August 8th. The stock was sold at an average price of $87.77, for a total transaction of $351,080.00. Following the completion of the transaction, the insider now owns 258,921 shares of the company’s stock, valued at approximately $22,725,496.17. The disclosure for this sale can be found here. In the last three months, insiders sold 15,468 shares of company stock valued at $1,306,753. Insiders own 2.74% of the company’s stock.
Blackbaud Company Profile
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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