Blackbaud, Inc. (BLKB) Position Held by Fortaleza Asset Management Inc.
Fortaleza Asset Management Inc. continued to hold its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,010 shares of the technology company’s stock at the end of the second quarter. Fortaleza Asset Management Inc.’s holdings in Blackbaud were worth $172,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in BLKB. Northwestern Mutual Wealth Management Co. increased its stake in shares of Blackbaud by 18.1% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,498 shares of the technology company’s stock valued at $115,000 after buying an additional 230 shares during the last quarter. Cypress Wealth Advisors LLC purchased a new stake in shares of Blackbaud during the first quarter valued at about $208,000. Piedmont Investment Advisors LLC purchased a new stake in shares of Blackbaud during the first quarter valued at about $218,000. World Asset Management Inc purchased a new stake in shares of Blackbaud during the first quarter valued at about $231,000. Finally, Summit Securities Group LLC purchased a new stake in shares of Blackbaud during the second quarter valued at about $235,000.
Blackbaud, Inc. (NASDAQ:BLKB) opened at 83.44 on Monday. Blackbaud, Inc. has a 12 month low of $55.88 and a 12 month high of $93.81. The stock’s 50 day moving average is $87.90 and its 200-day moving average is $80.60. The stock has a market capitalization of $3.89 billion, a price-to-earnings ratio of 80.31 and a beta of 0.77.
Blackbaud (NASDAQ:BLKB) last posted its earnings results on Monday, July 31st. The technology company reported $0.39 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.51 by $0.12. Blackbaud had a net margin of 6.46% and a return on equity of 30.88%. The business had revenue of $192.50 million for the quarter, compared to analysts’ expectations of $193.66 million. During the same quarter last year, the business posted $0.46 earnings per share. The business’s revenue was up 6.4% compared to the same quarter last year. On average, equities research analysts expect that Blackbaud, Inc. will post $2.14 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Monday, August 28th will be issued a dividend of $0.12 per share. The ex-dividend date is Thursday, August 24th. This represents a $0.48 annualized dividend and a yield of 0.58%. Blackbaud’s dividend payout ratio (DPR) is currently 47.06%.
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Several analysts have issued reports on the stock. Stifel Nicolaus raised their price objective on shares of Blackbaud from $79.00 to $83.00 and gave the stock a “buy” rating in a research note on Monday, May 1st. Zacks Investment Research downgraded shares of Blackbaud from a “hold” rating to a “strong sell” rating in a research note on Monday, August 7th. Benchmark Co. reissued a “buy” rating and issued a $90.00 price objective (up previously from $85.00) on shares of Blackbaud in a research note on Tuesday, May 2nd. Finally, B. Riley downgraded shares of Blackbaud from a “buy” rating to a “neutral” rating and set a $78.00 price objective for the company. in a research note on Wednesday, May 3rd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $81.71.
In other Blackbaud news, EVP Kevin W. Mooney sold 2,338 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $88.00, for a total transaction of $205,744.00. Following the completion of the transaction, the executive vice president now directly owns 83,638 shares in the company, valued at approximately $7,360,144. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director George H. Ellis sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $85.40, for a total transaction of $256,200.00. Following the transaction, the director now owns 9,011 shares of the company’s stock, valued at $769,539.40. The disclosure for this sale can be found here. Insiders have sold a total of 17,047 shares of company stock valued at $1,449,178 over the last 90 days. 2.74% of the stock is currently owned by insiders.
Blackbaud, Inc is a cloud software company. The Company offers a range of cloud and on-premise solutions, as well as a resource network that empowers and connects organizations of all sizes. Its segments include the General Markets Business Unit (the GMBU), the Enterprise Customer Business Unit (the ECBU) and the International Business Unit (the IBU).
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