Allen Investment Management LLC Has $1.59 Million Position in Blackbaud, Inc. (BLKB)
Allen Investment Management LLC boosted its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 69.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,541 shares of the technology company’s stock after buying an additional 7,579 shares during the period. Allen Investment Management LLC’s holdings in Blackbaud were worth $1,590,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. BlackRock Inc. increased its stake in Blackbaud by 145,653.8% in the first quarter. BlackRock Inc. now owns 5,741,241 shares of the technology company’s stock worth $440,182,000 after buying an additional 5,737,302 shares during the period. Vanguard Group Inc. increased its stake in Blackbaud by 5.1% in the first quarter. Vanguard Group Inc. now owns 4,239,186 shares of the technology company’s stock worth $325,020,000 after buying an additional 205,672 shares during the period. Wellington Management Group LLP increased its stake in Blackbaud by 7.7% in the first quarter. Wellington Management Group LLP now owns 2,591,699 shares of the technology company’s stock worth $198,705,000 after buying an additional 184,366 shares during the period. Champlain Investment Partners LLC increased its stake in Blackbaud by 9.6% in the first quarter. Champlain Investment Partners LLC now owns 2,258,955 shares of the technology company’s stock worth $173,194,000 after buying an additional 197,065 shares during the period. Finally, State Street Corp increased its stake in Blackbaud by 7.5% in the first quarter. State Street Corp now owns 1,158,864 shares of the technology company’s stock worth $88,849,000 after buying an additional 80,891 shares during the period.
Shares of Blackbaud, Inc. (NASDAQ BLKB) opened at 82.85 on Wednesday. The stock has a market cap of $3.87 billion, a PE ratio of 79.74 and a beta of 0.77. The firm has a 50-day moving average of $87.61 and a 200 day moving average of $81.28. Blackbaud, Inc. has a 52 week low of $55.88 and a 52 week high of $93.81.
Blackbaud (NASDAQ:BLKB) last issued its quarterly earnings data on Monday, July 31st. The technology company reported $0.39 EPS for the quarter, missing the Zacks’ consensus estimate of $0.51 by $0.12. The business had revenue of $192.50 million during the quarter, compared to analyst estimates of $193.66 million. Blackbaud had a net margin of 6.46% and a return on equity of 30.88%. Blackbaud’s revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 earnings per share. On average, equities analysts forecast that Blackbaud, Inc. will post $2.13 EPS for the current fiscal year.
The company 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 $0.12 dividend. The ex-dividend date is Thursday, August 24th. This represents a $0.48 dividend on an annualized basis and a yield of 0.58%. Blackbaud’s dividend payout ratio (DPR) is 47.06%.
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BLKB has been the subject of a number of recent research reports. B. Riley reissued a “neutral” rating and set a $78.00 price objective on shares of Blackbaud in a research report on Wednesday, August 2nd. Benchmark Co. cut their price objective on shares of Blackbaud from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Tuesday, June 27th. Zacks Investment Research downgraded shares of Blackbaud from a “hold” rating to a “sell” rating in a research report on Thursday, May 4th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $96.00 price objective on shares of Blackbaud in a research report on Friday, July 21st. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. Blackbaud currently has a consensus 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 company’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $88.00, for a total value of $205,744.00. Following 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 SEC, which is available through the SEC website. Also, Director Sarah E. Nash sold 1,105 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $84.78, for a total transaction of $93,681.90. Following the completion of the transaction, the director now owns 22,272 shares in the company, valued at $1,888,220.16. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,470 shares of company stock worth $1,326,561. 2.74% of the stock is 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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