Allspring Global Investments Holdings LLC Acquires 54,138 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

Allspring Global Investments Holdings LLC increased its holdings in Blackbaud, Inc. (NASDAQ:BLKB) by 20.4% during the third quarter, Holdings Channel reports. The firm owned 320,058 shares of the technology company’s stock after acquiring an additional 54,138 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Blackbaud were worth $27,103,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quest Partners LLC raised its position in shares of 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 buying an additional 413 shares during the last quarter. DT Investment Partners LLC bought a new stake in Blackbaud in the 2nd quarter valued at $33,000. Blue Trust Inc. increased its holdings in Blackbaud by 190.4% in the 3rd quarter. Blue Trust Inc. now owns 1,597 shares of the technology company’s stock valued at $135,000 after acquiring an additional 1,047 shares during the last quarter. EntryPoint Capital LLC lifted its stake in 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 in the last quarter. Finally, Legacy Capital Wealth Partners LLC bought a new position in shares of Blackbaud during the 2nd quarter valued at about $201,000. 94.21% of the stock is currently owned by institutional investors.

Insider Activity

In related news, SVP Jon W. Olson sold 4,000 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $76.00, for a total transaction of $304,000.00. Following the transaction, the senior vice president now directly owns 29,628 shares in the company, valued at approximately $2,251,728. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, SVP Jon W. Olson sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $76.00, for a total transaction of $304,000.00. Following the completion of the sale, the senior vice president now directly owns 29,628 shares of the company’s stock, valued at approximately $2,251,728. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jon W. Olson sold 2,000 shares of the business’s stock in a transaction 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 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 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 55,409 shares of company stock valued at $4,483,193. 1.95% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on BLKB shares. Stifel Nicolaus lifted their target price on Blackbaud from $80.00 to $85.00 and gave the stock a “hold” rating in a report on Thursday, September 26th. Robert W. Baird upped their price objective on Blackbaud from $88.00 to $92.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Raymond James lowered their target price on Blackbaud from $98.00 to $95.00 and set an “outperform” rating for the company in a research report on Monday, October 7th. Finally, Evercore ISI upgraded shares of Blackbaud to a “hold” rating in a research report on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.67.

Blackbaud Trading Down 1.3 %

Shares of NASDAQ BLKB opened at $86.06 on Thursday. Blackbaud, Inc. has a 1-year low of $64.32 and a 1-year high of $88.56. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.80 and a quick ratio of 0.80. The business’s 50 day moving average is $82.70 and its two-hundred day moving average is $79.17. The stock has a market capitalization of $4.44 billion, a P/E ratio of 209.90 and a beta of 1.02.

Blackbaud (NASDAQ:BLKB) last released its earnings results on Tuesday, July 30th. The technology company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.04. The firm had revenue of $287.29 million for the quarter, compared to the consensus estimate of $289.26 million. Blackbaud had a return on equity of 18.54% and a net margin of 3.64%. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 EPS. As a group, research analysts expect that Blackbaud, Inc. will post 2.45 EPS for the current year.

Blackbaud announced that its Board of Directors has authorized a share repurchase plan on Tuesday, July 30th that authorizes the company to buyback $800.00 million in shares. This buyback authorization authorizes the technology company to reacquire up to 18.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

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.