Federated Hermes Inc. Sells 209 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

Federated Hermes Inc. lessened its holdings in Blackbaud, Inc. (NASDAQ:BLKB) by 1.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,256 shares of the technology company’s stock after selling 209 shares during the quarter. Federated Hermes Inc.’s holdings in Blackbaud were worth $1,133,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Penn Capital Management Company LLC bought a new position in shares of Blackbaud during the fourth quarter valued at $10,581,000. JPMorgan Chase & Co. increased its holdings in Blackbaud by 44.3% in the fourth quarter. JPMorgan Chase & Co. now owns 325,637 shares of the technology company’s stock valued at $24,071,000 after purchasing an additional 100,003 shares during the period. Raymond James Financial Inc. bought a new position in Blackbaud during the 4th quarter worth $6,546,000. Goodman Advisory Group LLC acquired a new position in Blackbaud during the 1st quarter worth about $4,630,000. Finally, First Trust Advisors LP grew its position in shares of Blackbaud by 28.7% in the 4th quarter. First Trust Advisors LP now owns 356,243 shares of the technology company’s stock valued at $26,333,000 after buying an additional 79,369 shares during the last quarter. 94.21% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Blackbaud

In other Blackbaud news, CFO Chad Anderson sold 5,500 shares of the firm’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 trade represents a 13.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Kevin P. Gregoire sold 8,000 shares of Blackbaud stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $72.67, for a total transaction of $581,360.00. Following the completion of the sale, the executive vice president directly owned 111,156 shares of the company’s stock, valued at approximately $8,077,706.52. This trade represents a 6.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.97% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on BLKB. Stifel Nicolaus lowered their price objective on Blackbaud from $75.00 to $65.00 and set a “hold” rating for the company in a research report on Thursday, May 1st. Wall Street Zen upgraded shares of Blackbaud from a “hold” rating to a “buy” rating in a report on Saturday, August 2nd. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Blackbaud presently has a consensus rating of “Hold” and an average price target of $78.67.

Blackbaud Stock Performance

Shares of Blackbaud stock opened at $65.22 on Thursday. The business has a 50-day moving average price of $63.97 and a two-hundred day moving average price of $65.73. Blackbaud, Inc. has a 1-year low of $58.05 and a 1-year high of $88.95. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 12.92. The company has a market cap of $3.16 billion, a P/E ratio of -11.28, a PEG ratio of 4.41 and a beta of 1.13.

Blackbaud (NASDAQ:BLKB) last announced its earnings results on Wednesday, July 30th. The technology company reported $1.21 EPS for the quarter, beating the consensus estimate of $1.05 by $0.16. The company had revenue of $281.38 million for the quarter, compared to analyst estimates of $276.48 million. Blackbaud had a positive return on equity of 61.72% and a negative net margin of 24.82%. The firm’s revenue for the quarter was down 2.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.08 EPS. As a group, analysts anticipate that Blackbaud, Inc. will post 3.05 EPS for the current year.

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.