Legacy Capital Wealth Partners LLC Makes New Investment in Blackbaud, Inc. (NASDAQ:BLKB)

Legacy Capital Wealth Partners LLC purchased a new position in shares of Blackbaud, Inc. (NASDAQ:BLKB) during the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 2,644 shares of the technology company’s stock, valued at approximately $201,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Natixis Advisors LLC increased its stake in Blackbaud by 14.4% during the 2nd quarter. Natixis Advisors LLC now owns 17,420 shares of the technology company’s stock worth $1,327,000 after buying an additional 2,188 shares during the period. Heritage Family Offices LLP acquired a new position in shares of Blackbaud in the second quarter worth $220,000. First Personal Financial Services purchased a new stake in shares of Blackbaud during the second quarter worth $1,007,000. Azzad Asset Management Inc. ADV raised its stake in shares of Blackbaud by 2.1% in the second quarter. Azzad Asset Management Inc. ADV now owns 11,164 shares of the technology company’s stock valued at $850,000 after acquiring an additional 225 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Blackbaud by 0.4% in the second quarter. Allspring Global Investments Holdings LLC now owns 265,920 shares of the technology company’s stock valued at $20,255,000 after purchasing an additional 1,104 shares during the period. Hedge funds and other institutional investors own 94.21% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on BLKB shares. Robert W. Baird upped their price target on Blackbaud from $88.00 to $92.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. StockNews.com upgraded shares of Blackbaud from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. Finally, Evercore ISI upgraded shares of Blackbaud to a “hold” rating in a research note on Thursday, August 1st.

Blackbaud Stock Performance

NASDAQ:BLKB opened at $82.16 on Thursday. Blackbaud, Inc. has a 12 month low of $64.32 and a 12 month high of $88.56. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market capitalization of $4.24 billion, a PE ratio of 200.39 and a beta of 1.01. The business’s fifty day moving average price is $78.13 and its 200 day moving average price is $76.20.

Blackbaud (NASDAQ:BLKB) last released its quarterly earnings data on Tuesday, July 30th. The technology company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.04. Blackbaud had a return on equity of 18.54% and a net margin of 3.64%. The business had revenue of $287.29 million during the quarter, compared to analysts’ expectations of $289.26 million. During the same period in the prior year, the firm posted $0.49 EPS. The business’s quarterly revenue was up 6.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Blackbaud, Inc. will post 2.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Blackbaud

In other news, SVP Jon W. Olson sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $76.00, for a total transaction of $304,000.00. Following the completion of the sale, the senior vice president now owns 29,628 shares in the company, valued at approximately $2,251,728. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Jon W. Olson sold 4,000 shares of Blackbaud stock in a transaction on Monday, August 5th. The shares were sold at an average price of $76.00, for a total transaction of $304,000.00. Following the sale, the senior vice president now directly owns 29,628 shares in the company, valued at approximately $2,251,728. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Sarah E. Nash sold 3,220 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $76.18, for a total transaction of $245,299.60. Following the completion of the sale, the director now directly owns 26,823 shares of the company’s stock, valued at $2,043,376.14. The disclosure for this sale can be found here. Insiders have sold 47,938 shares of company stock worth $3,847,373 over the last three months. 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.