AlphaQuest LLC Buys 18,231 Shares of Blackbaud, Inc. $BLKB

AlphaQuest LLC lifted its stake in Blackbaud, Inc. (NASDAQ:BLKB) by 401.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,776 shares of the technology company’s stock after acquiring an additional 18,231 shares during the period. AlphaQuest LLC’s holdings in Blackbaud were worth $1,462,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in BLKB. CWM LLC boosted its holdings in shares of Blackbaud by 215.9% in the second quarter. CWM LLC now owns 458 shares of the technology company’s stock worth $29,000 after acquiring an additional 313 shares during the period. Parallel Advisors LLC bought a new position in shares of Blackbaud in the second quarter worth $44,000. Farther Finance Advisors LLC boosted its holdings in shares of Blackbaud by 2,168.3% in the second quarter. Farther Finance Advisors LLC now owns 1,361 shares of the technology company’s stock worth $87,000 after acquiring an additional 1,301 shares during the period. KBC Group NV boosted its stake in Blackbaud by 31.8% during the first quarter. KBC Group NV now owns 2,209 shares of the technology company’s stock valued at $137,000 after buying an additional 533 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Blackbaud by 11.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,300 shares of the technology company’s stock valued at $143,000 after buying an additional 231 shares during the period. 94.21% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Kevin P. Gregoire sold 8,000 shares of the stock in a transaction dated Wednesday, July 30th. The stock was 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 in the company, valued at $8,077,706.52. This represents a 6.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Rupal S. Hollenbeck sold 2,500 shares of the business’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $63.98, for a total value of $159,950.00. Following the transaction, the director owned 7,966 shares in the company, valued at approximately $509,664.68. This represents a 23.89% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.97% of the company’s stock.

Wall Street Analyst Weigh In

BLKB has been the subject of several research analyst reports. Wall Street Zen raised Blackbaud from a “hold” rating to a “buy” rating in a research note on Saturday, August 2nd. Stifel Nicolaus dropped their price objective on Blackbaud from $75.00 to $65.00 and set a “hold” rating for the company in a research note on Wednesday, October 8th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Blackbaud in a research note on Friday. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $70.50.

Blackbaud Trading Up 0.7%

Shares of BLKB stock opened at $65.18 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 12.92. The business has a 50-day moving average price of $65.44 and a two-hundred day moving average price of $63.99. Blackbaud, Inc. has a 12-month low of $58.05 and a 12-month high of $88.95. The firm has a market cap of $3.16 billion, a P/E ratio of -11.28, a price-to-earnings-growth ratio of 4.52 and a beta of 1.11.

Blackbaud (NASDAQ:BLKB) last issued its earnings results on Monday, March 4th. The technology company reported $0.68 earnings per share for the quarter. The company had revenue of $274.76 million during the quarter. Blackbaud had a positive return on equity of 61.72% and a negative net margin of 24.82%. Equities analysts anticipate that Blackbaud, Inc. will post 3.05 EPS for the current fiscal year.

About Blackbaud

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.