Blackbaud, Inc. (NASDAQ:BLKB) CEO Sells $1,026,056.25 in Stock

Blackbaud, Inc. (NASDAQ:BLKB) CEO Michael P. Gianoni sold 12,325 shares of Blackbaud stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 389,539 shares of the company’s stock, valued at approximately $32,429,121.75. The trade was a 3.07 % 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 hyperlink.

Blackbaud Price Performance

Shares of BLKB stock opened at $86.98 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 1.79. Blackbaud, Inc. has a 12-month low of $66.47 and a 12-month high of $88.56. The firm has a fifty day moving average of $83.59 and a 200-day moving average of $80.11. The firm has a market capitalization of $4.41 billion, a price-to-earnings ratio of 85.28 and a beta of 1.03.

Blackbaud (NASDAQ:BLKB) last posted its earnings results on Wednesday, October 30th. The technology company reported $0.99 earnings per share (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 analyst estimates of $293.74 million. Blackbaud had a net margin of 4.61% and a return on equity of 20.34%. The firm’s revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.65 earnings per share. On average, equities research analysts forecast that Blackbaud, Inc. will post 2.6 earnings per share for the current year.

Blackbaud announced that its Board of Directors has approved a stock repurchase program on Tuesday, July 30th that authorizes the company to buyback $800.00 million in outstanding shares. This buyback authorization authorizes the technology company to repurchase up to 18.1% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BLKB. Evercore ISI upgraded shares of Blackbaud to a “hold” rating in a research report on Thursday, August 1st. Robert W. Baird cut shares of Blackbaud from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $92.00 to $80.00 in a research report on Thursday, October 31st. Stifel Nicolaus raised their price target on Blackbaud from $80.00 to $85.00 and gave the stock a “hold” rating in a research report on Thursday, September 26th. Baird R W downgraded Blackbaud from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 31st. Finally, Raymond James reduced their target price on Blackbaud from $98.00 to $95.00 and set an “outperform” rating on the stock in a report on Monday, October 7th. 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 MarketBeat, Blackbaud presently has a consensus rating of “Hold” and an average price target of $86.67.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. TD Private Client Wealth LLC increased its position in shares of Blackbaud by 42.0% during the third quarter. TD Private Client Wealth LLC now owns 1,174 shares of the technology company’s stock worth $99,000 after acquiring an additional 347 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its stake in Blackbaud by 52.0% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 56,336 shares of the technology company’s stock worth $4,770,000 after purchasing an additional 19,270 shares during the period. M&T Bank Corp increased its holdings in Blackbaud by 85.2% during the 3rd quarter. M&T Bank Corp now owns 25,193 shares of the technology company’s stock worth $2,133,000 after purchasing an additional 11,591 shares in the last quarter. Barclays PLC raised its stake in shares of Blackbaud by 170.4% in the 3rd quarter. Barclays PLC now owns 80,557 shares of the technology company’s stock valued at $6,821,000 after purchasing an additional 50,765 shares during the period. Finally, XTX Topco Ltd bought a new stake in shares of Blackbaud in the third quarter valued at about $573,000. Institutional investors own 94.21% of the company’s stock.

About Blackbaud

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.