CIBC Private Wealth Group LLC Lowers Position in Blackbaud, Inc. (BLKB)

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CIBC Private Wealth Group LLC trimmed its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 25.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,467 shares of the technology company’s stock after selling 4,570 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Blackbaud were worth $847,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Empire Life Investments Inc. raised its position in shares of Blackbaud by 24.2% during the 4th quarter. Empire Life Investments Inc. now owns 6,126 shares of the technology company’s stock valued at $385,000 after acquiring an additional 1,194 shares during the last quarter. Regal Investment Advisors LLC bought a new stake in shares of Blackbaud during the 4th quarter valued at $1,532,000. SG Americas Securities LLC increased its position in shares of Blackbaud by 104.9% in the 4th quarter. SG Americas Securities LLC now owns 18,964 shares of the technology company’s stock valued at $1,193,000 after buying an additional 9,710 shares in the last quarter. Rhumbline Advisers increased its position in shares of Blackbaud by 58.4% in the 4th quarter. Rhumbline Advisers now owns 150,050 shares of the technology company’s stock valued at $9,438,000 after buying an additional 55,298 shares in the last quarter. Finally, Xact Kapitalforvaltning AB increased its position in shares of Blackbaud by 32.8% in the 4th quarter. Xact Kapitalforvaltning AB now owns 10,130 shares of the technology company’s stock valued at $637,000 after buying an additional 2,500 shares in the last quarter.

A number of research firms recently commented on BLKB. Zacks Investment Research cut shares of Blackbaud from a “hold” rating to a “sell” rating in a research report on Tuesday, January 29th. BidaskClub upgraded shares of Blackbaud from a “sell” rating to a “hold” rating in a research report on Friday, November 23rd. Stephens began coverage on shares of Blackbaud in a research report on Wednesday, January 16th. They issued an “overweight” rating and a $86.00 price objective for the company. Finally, DA Davidson lowered their price objective on shares of Blackbaud to $65.00 and set a “neutral” rating for the company in a research report on Thursday, January 3rd. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $87.38.

BLKB opened at $76.50 on Wednesday. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.74 and a quick ratio of 0.66. Blackbaud, Inc. has a 12 month low of $58.23 and a 12 month high of $120.35. The firm has a market capitalization of $3.78 billion, a P/E ratio of 42.72, a PEG ratio of 7.08 and a beta of 1.21.

Blackbaud (NASDAQ:BLKB) last announced its earnings results on Wednesday, February 6th. The technology company reported $0.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.10. The firm had revenue of $221.79 million during the quarter, compared to analyst estimates of $220.40 million. Blackbaud had a net margin of 5.28% and a return on equity of 24.41%. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.61 EPS. As a group, sell-side analysts forecast that Blackbaud, Inc. will post 1.31 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, March 15th. Investors of record on Wednesday, February 27th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.63%. The ex-dividend date of this dividend is Tuesday, February 26th. Blackbaud’s payout ratio is presently 25.67%.

In related news, insider Michael P. Gianoni sold 6,763 shares of the company’s stock in a transaction on Friday, February 15th. The shares were sold at an average price of $77.43, for a total value of $523,659.09. Following the completion of the transaction, the insider now directly owns 319,671 shares of the company’s stock, valued at approximately $24,752,125.53. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Anthony W. Boor sold 13,585 shares of the company’s stock in a transaction on Friday, February 15th. The stock was sold at an average price of $77.34, for a total transaction of $1,050,663.90. Following the completion of the transaction, the chief financial officer now directly owns 120,863 shares of the company’s stock, valued at $9,347,544.42. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,826 shares of company stock valued at $2,852,746. Company insiders own 1.55% of the company’s stock.

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Blackbaud Profile

Blackbaud, Inc provides cloud software solutions to nonprofits, foundations, corporations, education institutions, healthcare organizations, and other charitable giving entities primarily in the United States, Canada, the United Kingdom, and Australia. The company offers Raiser's Edge NXT and Blackbaud CRM (constituent relationship management), which are fundraising and relationship management solutions; Luminate CRM for campaign management, constituent relations, business intelligence, and analytics; eTapestry, a cloud fundraising and donor management solution; everydayhero, a cloud crowdfundraising solution; and JustGiving, a social platform for giving.

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Institutional Ownership by Quarter for Blackbaud (NASDAQ:BLKB)

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