Citigroup Inc. Increases Holdings in Blackbaud, Inc. (NASDAQ:BLKB)

Citigroup Inc. increased its position in Blackbaud, Inc. (NASDAQ:BLKB) by 37.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 72,036 shares of the technology company’s stock after purchasing an additional 19,749 shares during the quarter. Citigroup Inc.’s holdings in Blackbaud were worth $6,100,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its stake in Blackbaud by 0.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 410,375 shares of the technology company’s stock worth $34,751,000 after purchasing an additional 2,934 shares in the last quarter. Intech Investment Management LLC boosted its position in shares of Blackbaud by 48.4% during the third quarter. Intech Investment Management LLC now owns 12,579 shares of the technology company’s stock worth $1,065,000 after buying an additional 4,103 shares during the period. Meeder Asset Management Inc. bought a new position in shares of Blackbaud in the third quarter worth $142,000. Quest Partners LLC lifted its holdings in Blackbaud by 1,322.2% in the third quarter. Quest Partners LLC now owns 6,073 shares of the technology company’s stock worth $514,000 after purchasing an additional 5,646 shares during the period. Finally, Natixis Advisors LLC lifted its stake in shares of Blackbaud by 8.6% in the 3rd quarter. Natixis Advisors LLC now owns 18,912 shares of the technology company’s stock worth $1,601,000 after acquiring an additional 1,492 shares during the period. Institutional investors and hedge funds own 94.21% of the company’s stock.

Insider Activity

In related news, CFO Anthony W. Boor sold 10,000 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $84.85, for a total value of $848,500.00. Following the completion of the sale, the chief financial officer now owns 140,262 shares in the company, valued at $11,901,230.70. This represents a 6.66 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael P. Gianoni sold 9,479 shares of Blackbaud stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $88.13, for a total value of $835,384.27. Following the transaction, the chief executive officer now owns 344,079 shares in the company, valued at approximately $30,323,682.27. This represents a 2.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 51,394 shares of company stock valued at $4,373,270 in the last ninety days. 1.95% of the stock is owned by insiders.

Blackbaud Trading Down 0.3 %

Shares of Blackbaud stock opened at $83.94 on Monday. 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 stock has a market capitalization of $4.26 billion, a P/E ratio of 82.29 and a beta of 1.03. The company has a 50-day simple moving average of $83.65 and a 200 day simple moving average of $80.38. Blackbaud, Inc. has a 12-month low of $66.47 and a 12-month high of $88.95.

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

Wall Street Analyst Weigh In

BLKB has been the topic of a number of research analyst reports. Baird R W lowered Blackbaud from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 31st. Robert W. Baird lowered 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 report on Thursday, October 31st. Raymond James decreased their price objective on Blackbaud from $98.00 to $95.00 and set an “outperform” rating for the company in a research report on Monday, October 7th. Finally, Stifel Nicolaus raised their price target on Blackbaud from $80.00 to $85.00 and gave the stock 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 given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $86.67.

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.