Investment Centers of America Inc. purchased a new stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 2,360 shares of the technology company’s stock, valued at approximately $203,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. raised its position 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 during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Blackbaud by 9.4% in 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. Cypress Wealth Advisors LLC purchased a new stake in Blackbaud in the first quarter valued at approximately $208,000. Piedmont Investment Advisors LLC purchased a new stake in Blackbaud in the first quarter valued at approximately $218,000. Finally, World Asset Management Inc purchased a new stake in Blackbaud in the first quarter valued at approximately $231,000.
Shares of Blackbaud, Inc. (NASDAQ:BLKB) opened at 83.58 on Thursday. The stock has a market cap of $3.90 billion, a price-to-earnings ratio of 80.44 and a beta of 0.82. Blackbaud, Inc. has a 52-week low of $55.88 and a 52-week high of $93.81. The stock’s 50 day moving average price is $84.91 and its 200-day moving average price is $82.88.
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 business had revenue of $192.50 million during the quarter, compared to analysts’ expectations of $193.66 million. During the same period in the prior year, the business posted $0.46 EPS. The business’s revenue was up 6.4% on a year-over-year basis. On average, analysts predict that Blackbaud, Inc. will post $2.13 earnings per share 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 paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.57%. The ex-dividend date was Thursday, August 24th. Blackbaud’s dividend payout ratio is presently 47.06%.
A number of analysts have issued reports on the company. Zacks Investment Research lowered Blackbaud from a “hold” rating to a “strong sell” rating in a research report on Monday, August 7th. 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. B. Riley reissued a “neutral” rating and issued a $78.00 target price on shares of Blackbaud in a research report on Wednesday, August 23rd. Finally, Benchmark Co. cut their target price on Blackbaud from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Tuesday, June 27th. Two 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 company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $81.71.
In other news, EVP Kevin W. Mooney sold 5,027 shares of the firm’s stock in a transaction on Monday, August 21st. The shares were 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 approximately $6,565,590.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Jon W. Olson sold 5,282 shares of the firm’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $84.24, for a total transaction of $444,955.68. Following the completion of the transaction, the senior vice president now directly owns 50,756 shares in the company, valued at approximately $4,275,685.44. The disclosure for this sale can be found here. In the last three months, insiders sold 20,752 shares of company stock worth $1,771,517. Insiders own 2.74% of the company’s stock.
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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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