Envestnet Asset Management Inc. Buys 2,582 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

Envestnet Asset Management Inc. increased its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 2.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 131,033 shares of the technology company’s stock after purchasing an additional 2,582 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Blackbaud were worth $8,131,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new stake in shares of Blackbaud during the 4th quarter worth $6,546,000. Swiss National Bank raised its stake in shares of Blackbaud by 0.6% in the fourth quarter. Swiss National Bank now owns 81,153 shares of the technology company’s stock worth $5,999,000 after purchasing an additional 500 shares during the last quarter. Cibc World Markets Corp purchased a new position in shares of Blackbaud in the fourth quarter worth about $280,000. Xponance Inc. raised its stake in shares of Blackbaud by 2.4% in the fourth quarter. Xponance Inc. now owns 5,638 shares of the technology company’s stock worth $417,000 after purchasing an additional 130 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of Blackbaud in the fourth quarter worth about $243,000. Institutional investors own 94.21% of the company’s stock.

Insider Buying and Selling at Blackbaud

In related news, CFO Chad Anderson sold 5,500 shares of the company’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $63.99, for a total value of $351,945.00. Following the completion of the sale, the chief financial officer directly owned 35,976 shares in the company, valued at approximately $2,302,104.24. This represents a 13.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Jon W. Olson sold 10,698 shares of the company’s stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $61.15, for a total transaction of $654,182.70. Following the sale, the senior vice president owned 23,799 shares of the company’s stock, valued at $1,455,308.85. This trade represents a 31.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.97% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Stifel Nicolaus reduced their price objective on Blackbaud from $75.00 to $65.00 and set a “hold” rating on the stock in a research report on Thursday, May 1st. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $78.67.

Blackbaud Stock Performance

Shares of BLKB stock opened at $64.18 on Tuesday. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 35.64. The business has a 50 day moving average of $63.28 and a two-hundred day moving average of $66.51. Blackbaud, Inc. has a 52 week low of $58.05 and a 52 week high of $88.95. The company has a market cap of $3.11 billion, a P/E ratio of -10.88, a PEG ratio of 4.77 and a beta of 1.14.

Blackbaud (NASDAQ:BLKB) last posted its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.06. The company had revenue of $270.66 million for the quarter, compared to analysts’ expectations of $268.53 million. Blackbaud had a positive return on equity of 38.58% and a negative net margin of 25.05%. The firm’s revenue was down 3.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.93 earnings per share. As a group, analysts anticipate that Blackbaud, Inc. will post 3.05 EPS for the current year.

Blackbaud Company 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.