Fred Alger Management Inc. Boosts Holdings in Blackbaud, Inc. (BLKB)
Fred Alger Management Inc. boosted its stake in Blackbaud, Inc. (NASDAQ:BLKB) by 32.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 442,879 shares of the technology company’s stock after purchasing an additional 108,786 shares during the quarter. Fred Alger Management Inc. owned about 0.95% of Blackbaud worth $37,977,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. increased its stake in Blackbaud by 2.6% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,537 shares of the technology company’s stock valued at $132,000 after purchasing an additional 39 shares in the last quarter. QS Investors LLC raised its holdings in shares of Blackbaud by 157.1% during the second quarter. QS Investors LLC now owns 1,800 shares of the technology company’s stock valued at $154,000 after purchasing an additional 1,100 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Blackbaud by 9.4% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,896 shares of the technology company’s stock valued at $163,000 after purchasing an additional 163 shares during the period. Investment Centers of America Inc. acquired a new position in shares of Blackbaud during the second quarter valued at about $203,000. Finally, Cypress Wealth Advisors LLC bought a new position in shares of Blackbaud during the 1st quarter worth about $208,000.
Shares of Blackbaud, Inc. (NASDAQ BLKB) traded down 0.77% on Wednesday, hitting $87.76. 25,640 shares of the stock were exchanged. The company has a 50-day moving average price of $84.58 and a 200 day moving average price of $83.66. The company has a market cap of $4.07 billion, a PE ratio of 99.73 and a beta of 0.84. Blackbaud, Inc. has a 12 month low of $55.88 and a 12 month high of $93.81.
Blackbaud (NASDAQ:BLKB) last posted its quarterly earnings data on Monday, July 31st. The technology company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.12). The firm had revenue of $192.50 million during the quarter, compared to the consensus estimate of $193.66 million. Blackbaud had a return on equity of 30.88% and a net margin of 6.46%. Blackbaud’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.46 EPS. Equities analysts forecast that Blackbaud, Inc. will post $2.13 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Monday, August 28th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date was Thursday, August 24th. Blackbaud’s dividend payout ratio (DPR) is presently 47.06%.
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A number of equities analysts have recently issued reports on the stock. 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. Robert W. Baird set a $85.00 target price on Blackbaud and gave the company a “hold” rating in a research report on Sunday. Zacks Investment Research raised Blackbaud from a “sell” rating to a “hold” rating in a research note on Tuesday. Citigroup Inc. assumed coverage on Blackbaud in a research note on Friday, September 22nd. They set a “buy” rating and a $100.00 price target on the stock. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $96.00 price target on shares of Blackbaud in a research note on Friday, July 21st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $85.25.
In other news, insider Michael P. Gianoni sold 4,000 shares of Blackbaud stock in a transaction that occurred on Tuesday, August 8th. The shares were sold at an average price of $87.77, for a total transaction of $351,080.00. Following the completion of the transaction, the insider now directly owns 258,921 shares in the company, valued at $22,725,496.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jon W. Olson sold 5,282 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $84.24, for a total value of $444,955.68. Following the completion of the sale, the senior vice president now directly owns 50,756 shares in the company, valued at $4,275,685.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,752 shares of company stock worth $1,771,517. Company insiders own 2.19% of the company’s stock.
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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