Blackbaud, Inc. $BLKB Stock: Corbyn Investment Management Inc. MD Cuts Holdings

Corbyn Investment Management Inc. MD trimmed its holdings in Blackbaud, Inc. (NASDAQ:BLKB) by 45.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 50,679 shares of the technology company’s stock after selling 42,787 shares during the period. Corbyn Investment Management Inc. MD’s holdings in Blackbaud were worth $2,109,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in BLKB. BlackRock Inc. acquired a new position in shares of Blackbaud during the 2nd quarter worth approximately $177,153,000. Jupiter Topco LLC bought a new stake in Blackbaud in the 2nd quarter valued at $47,145,000. Bank of America Corp DE acquired a new stake in Blackbaud during the 2nd quarter valued at $12,694,000. Bank of New York Mellon Corp bought a new position in Blackbaud during the second quarter worth $7,067,000. Finally, Palisade Capital Management LP bought a new position in Blackbaud during the second quarter worth $6,171,000. 94.21% of the stock is currently owned by institutional investors.

Blackbaud Stock Up 3.4%

BLKB stock opened at $56.06 on Thursday. Blackbaud, Inc. has a fifty-two week low of $25.58 and a fifty-two week high of $64.84. The company has a debt-to-equity ratio of 8.55, a current ratio of 0.68 and a quick ratio of 0.68. The stock has a market capitalization of $2.52 billion, a price-to-earnings ratio of 17.30, a PEG ratio of 1.84 and a beta of 1.02. The business’s fifty day moving average price is $47.63 and its two-hundred day moving average price is $41.42.

Blackbaud (NASDAQ:BLKB) last issued its quarterly earnings data on Wednesday, October 28th. The technology company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.33 by $0.03. Blackbaud had a net margin of 12.87% and a return on equity of 209.40%. The business had revenue of $292.64 million during the quarter, compared to analysts’ expectations of $293.93 million. During the same quarter in the previous year, the company earned $1.10 EPS. The business’s revenue was up 4.1% on a year-over-year basis. On average, equities analysts anticipate that Blackbaud, Inc. will post 3.74 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Stifel Nicolaus decreased their price objective on shares of Blackbaud from $45.00 to $30.00 and set a “hold” rating on the stock in a report on Friday, July 10th. Raymond James Financial restated an “outperform” rating and set a $55.00 target price on shares of Blackbaud in a research note on Wednesday, July 29th. Robert W. Baird set a $68.00 target price on shares of Blackbaud in a report on Thursday, October 29th. Finally, Weiss Ratings upgraded shares of Blackbaud from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, October 19th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Blackbaud currently has a consensus rating of “Hold” and a consensus target price of $52.00.

Insider Transactions at Blackbaud

In other Blackbaud news, CFO Chad Anderson sold 2,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $47.56, for a total transaction of $95,120.00. Following the completion of the transaction, the chief financial officer directly owned 59,883 shares in the company, valued at $2,848,035.48. The trade was a 3.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Michael P. Gianoni sold 17,000 shares of the company’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $47.35, for a total value of $804,950.00. Following the sale, the chief executive officer owned 423,264 shares of the company’s stock, valued at approximately $20,041,550.40. This represents a 3.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 21,086 shares of company stock valued at $1,000,761. Company insiders own 2.01% of the company’s stock.

About Blackbaud

Blackbaud, Inc (NASDAQ: BLKB) develops cloud-based software and services for nonprofit organizations, educational institutions, healthcare and other social-impact organizations. Its technology helps customers manage fundraising, donor relationships, financial operations, grantmaking, marketing, ticketing, payments and community engagement.

The company’s product portfolio includes solutions such as Raiser’s Edge NXT for nonprofit fundraising and constituent relationship management, Financial Edge NXT for nonprofit accounting, Luminate for online fundraising and advocacy, Grantmaking, Blackbaud Tuition Management, and Altru for cultural organizations.