Citigroup Inc. Has $704,000 Stake in Blackbaud, Inc. (BLKB)
Citigroup Inc. reduced its holdings in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 73.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,208 shares of the technology company’s stock after selling 22,580 shares during the quarter. Citigroup Inc.’s holdings in Blackbaud were worth $704,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in the company. World Asset Management Inc boosted its position in shares of Blackbaud by 0.8% during the 2nd quarter. World Asset Management Inc now owns 3,043 shares of the technology company’s stock worth $261,000 after acquiring an additional 24 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of Blackbaud by 2.6% in the 2nd 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 during the period. Janney Montgomery Scott LLC boosted its position in shares of Blackbaud by 1.3% in the 2nd quarter. Janney Montgomery Scott LLC now owns 4,234 shares of the technology company’s stock valued at $363,000 after purchasing an additional 54 shares during the period. Ngam Advisors L.P. boosted its position in shares of Blackbaud by 0.4% in the 1st quarter. Ngam Advisors L.P. now owns 16,767 shares of the technology company’s stock valued at $1,286,000 after purchasing an additional 66 shares during the period. Finally, Municipal Employees Retirement System of Michigan boosted its position in shares of Blackbaud by 1.0% in the 1st quarter. Municipal Employees Retirement System of Michigan now owns 10,840 shares of the technology company’s stock valued at $831,000 after purchasing an additional 110 shares during the period.
In other news, EVP Kevin W. Mooney sold 2,338 shares of the business’s stock in a transaction that occurred on Tuesday, August 8th. The stock was 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 $7,360,144. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Kevin W. Mooney sold 5,027 shares of the business’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $83.52, for a total value of $419,855.04. Following the transaction, the executive vice president now owns 78,611 shares of the company’s stock, valued at $6,565,590.72. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,752 shares of company stock valued at $1,771,517. 2.19% of the stock is currently owned by insiders.
Shares of Blackbaud, Inc. (NASDAQ:BLKB) opened at 89.53 on Wednesday. Blackbaud, Inc. has a 52-week low of $55.88 and a 52-week high of $93.81. The firm’s 50-day moving average price is $85.24 and its 200-day moving average price is $84.12. The firm has a market capitalization of $4.18 billion, a PE ratio of 86.17 and a beta of 0.84.
Blackbaud (NASDAQ:BLKB) last issued its earnings results 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). Blackbaud had a net margin of 6.46% and a return on equity of 30.88%. The company had revenue of $192.50 million during the quarter, compared to analyst estimates of $193.66 million. During the same quarter in the previous year, the firm earned $0.46 earnings per share. The business’s revenue was up 6.4% on a year-over-year basis. On average, equities analysts predict that Blackbaud, Inc. will post $2.13 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Monday, August 28th were paid a $0.12 dividend. The ex-dividend date was Thursday, August 24th. This represents a $0.48 dividend on an annualized basis and a yield of 0.54%. Blackbaud’s payout ratio is currently 47.06%.
A number of analysts recently issued reports on BLKB shares. Benchmark Co. decreased their target price on Blackbaud from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Tuesday, June 27th. Stifel Nicolaus reissued a “buy” rating and issued a $96.00 target price on shares of Blackbaud in a research report on Friday, July 21st. Citigroup Inc. started coverage on Blackbaud in a research report on Friday, September 22nd. They issued a “buy” rating and a $100.00 target price for the company. Zacks Investment Research raised Blackbaud from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Finally, Robert W. Baird set a $85.00 target price on Blackbaud and gave the company a “hold” rating in a research report on Sunday, October 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $85.25.
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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