70,697 Shares in Blackbaud, Inc. (NASDAQ:BLKB) Purchased by Simcoe Capital Management LLC

Simcoe Capital Management LLC bought a new stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 70,697 shares of the technology company’s stock, valued at approximately $5,987,000. Blackbaud accounts for 0.8% of Simcoe Capital Management LLC’s holdings, making the stock its 15th largest holding. Simcoe Capital Management LLC owned about 0.14% of Blackbaud at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. 272 Capital LP purchased a new position in shares of Blackbaud during the third quarter valued at approximately $872,000. Fred Alger Management LLC boosted its position in shares of Blackbaud by 3.5% during the third quarter. Fred Alger Management LLC now owns 90,936 shares of the technology company’s stock valued at $7,700,000 after buying an additional 3,045 shares during the period. Martingale Asset Management L P boosted its position in shares of Blackbaud by 4.0% during the third quarter. Martingale Asset Management L P now owns 31,999 shares of the technology company’s stock valued at $2,710,000 after buying an additional 1,220 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Blackbaud by 49.0% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 21,600 shares of the technology company’s stock valued at $1,829,000 after buying an additional 7,100 shares during the period. Finally, Glenmede Trust Co. NA raised its stake in shares of Blackbaud by 13.4% during the third quarter. Glenmede Trust Co. NA now owns 7,169 shares of the technology company’s stock valued at $607,000 after acquiring an additional 846 shares in the last quarter. Hedge funds and other institutional investors own 94.21% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on BLKB. Raymond James decreased their price target on shares of Blackbaud from $98.00 to $95.00 and set an “outperform” rating for the company in a research note on Monday, October 7th. Robert W. Baird downgraded shares of Blackbaud from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $92.00 to $80.00 in a research note on Thursday, October 31st. Baird R W downgraded shares of Blackbaud from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 31st. Finally, Stifel Nicolaus lifted their price target on shares of Blackbaud from $80.00 to $85.00 and gave the company a “hold” rating in a research note on Thursday, September 26th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $86.67.

Blackbaud Stock Performance

Shares of NASDAQ:BLKB opened at $83.94 on Monday. The company has a market capitalization of $4.26 billion, a price-to-earnings ratio of 82.29 and a beta of 1.03. Blackbaud, Inc. has a 52 week low of $66.47 and a 52 week high of $88.95. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 1.79. The firm has a 50 day moving average of $83.65 and a 200 day moving average of $80.38.

Blackbaud (NASDAQ:BLKB) last issued its quarterly earnings data on Wednesday, October 30th. The technology company reported $0.99 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.08). The business had revenue of $286.70 million during the quarter, compared to the consensus estimate of $293.74 million. Blackbaud had a return on equity of 20.34% and a net margin of 4.61%. The business’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period last year, the firm earned $0.65 EPS. On average, sell-side analysts predict that Blackbaud, Inc. will post 2.6 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, COO Kevin P. Gregoire sold 6,619 shares of the company’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $85.68, for a total transaction of $567,115.92. Following the transaction, the chief operating officer now directly owns 99,096 shares of the company’s stock, valued at approximately $8,490,545.28. This represents a 6.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Michael P. Gianoni sold 12,325 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $83.25, for a total value of $1,026,056.25. Following the transaction, the chief executive officer now directly owns 389,539 shares in the company, valued at approximately $32,429,121.75. The trade was a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 51,394 shares of company stock valued at $4,373,270 over the last 90 days. Corporate insiders own 1.95% of the company’s stock.

Blackbaud Profile

Blackbaud, Inc provides cloud software solutions to nonprofits, foundations, education institutions, and healthcare organizations in the United States and internationally. The company offers fundraising and engagement solutions, such as Blackbaud Raiser's Edge NXT, Blackbaud CRM, Blackbaud eTapestry, Blackbaud Luminate Online, Blackbaud TeamRaiser, JustGiving, Blackbaud Fundraiser Performance Management, Blackbaud Guided Fundraising, and Blackbaud Altru; and financial management solutions comprising Blackbaud Financial Edge NXT, Blackbaud Tuition Management, and Blackbaud Financial Aid and Billing Management.