Blackbaud, Inc. (NASDAQ:BLKB) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. decreased its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 32.0% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 102,605 shares of the technology company’s stock after selling 48,239 shares during the quarter. Principal Financial Group Inc.’s holdings in Blackbaud were worth $8,689,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. DT Investment Partners LLC acquired a new stake in shares of Blackbaud during the 2nd quarter worth $33,000. Quest Partners LLC grew its position in Blackbaud by 2,950.0% during the second quarter. Quest Partners LLC now owns 427 shares of the technology company’s stock valued at $33,000 after acquiring an additional 413 shares during the period. Blue Trust Inc. increased its stake in Blackbaud by 190.4% during the third quarter. Blue Trust Inc. now owns 1,597 shares of the technology company’s stock worth $135,000 after acquiring an additional 1,047 shares during the last quarter. EntryPoint Capital LLC raised its holdings in shares of Blackbaud by 447.8% in the 1st quarter. EntryPoint Capital LLC now owns 2,542 shares of the technology company’s stock worth $188,000 after purchasing an additional 2,078 shares during the period. Finally, Legacy Capital Wealth Partners LLC purchased a new stake in shares of Blackbaud during the 2nd quarter worth about $201,000. Hedge funds and other institutional investors own 94.21% of the company’s stock.

Analysts Set New Price Targets

BLKB has been the subject of a number of research analyst reports. Raymond James dropped their target price on shares of Blackbaud from $98.00 to $95.00 and set an “outperform” rating for the company in a research report on Monday, October 7th. Baird R W lowered shares of Blackbaud from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 31st. Evercore ISI upgraded shares of Blackbaud to a “hold” rating in a report on Thursday, August 1st. Robert W. Baird lowered Blackbaud from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $92.00 to $80.00 in a research report on Thursday, October 31st. Finally, Stifel Nicolaus upped their target price on Blackbaud from $80.00 to $85.00 and gave the stock a “hold” rating in a research report on Thursday, September 26th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $86.67.

Blackbaud Price Performance

Shares of BLKB stock opened at $82.34 on Tuesday. The firm has a fifty day simple moving average of $83.41 and a 200-day simple moving average of $79.95. The company has a market capitalization of $4.18 billion, a PE ratio of 80.73 and a beta of 1.03. Blackbaud, Inc. has a twelve month low of $66.47 and a twelve month high of $88.56. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.79.

Blackbaud (NASDAQ:BLKB) last posted its quarterly earnings data on Wednesday, October 30th. The technology company reported $0.99 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.08). Blackbaud had a net margin of 4.61% and a return on equity of 20.34%. The firm had revenue of $286.70 million during the quarter, compared to analysts’ expectations of $293.74 million. During the same period in the previous year, the company earned $0.65 earnings per share. The business’s quarterly revenue was up 3.3% on a year-over-year basis. Equities research analysts anticipate that Blackbaud, Inc. will post 2.6 earnings per share for the current fiscal year.

Blackbaud declared that its board has approved a stock repurchase program on Tuesday, July 30th that permits the company to buyback $800.00 million in shares. This buyback authorization permits the technology company to buy up to 18.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Blackbaud

In other news, EVP Kevin Mcdearis sold 18,996 shares of Blackbaud stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $83.00, for a total value of $1,576,668.00. Following the completion of the transaction, the executive vice president now directly owns 67,012 shares of the company’s stock, valued at approximately $5,561,996. The trade was a 22.09 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Jon W. Olson sold 2,000 shares of Blackbaud stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $85.00, for a total value of $170,000.00. Following the completion of the transaction, the senior vice president now owns 24,025 shares of the company’s stock, valued at approximately $2,042,125. The trade was a 7.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 41,186 shares of company stock worth $3,459,942 in the last 90 days. 1.95% of the stock is owned by corporate insiders.

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.