Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Blackbaud, Inc. (NASDAQ:BLKB) by 47.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,793 shares of the technology company’s stock after acquiring an additional 897 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Blackbaud were worth $264,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BLKB. QS Investors LLC raised its holdings in shares of Blackbaud by 157.1% in the second quarter. QS Investors LLC now owns 1,800 shares of the technology company’s stock worth $154,000 after acquiring an additional 1,100 shares during the last quarter. HighTower Advisors LLC acquired a new position in shares of Blackbaud in the second quarter worth $241,000. The Manufacturers Life Insurance Company raised its holdings in shares of Blackbaud by 184.0% in the second quarter. The Manufacturers Life Insurance Company now owns 103,209 shares of the technology company’s stock worth $8,850,000 after acquiring an additional 66,869 shares during the last quarter. Verition Fund Management LLC acquired a new position in shares of Blackbaud in the second quarter worth $228,000. Finally, Lord Abbett & CO. LLC acquired a new position in shares of Blackbaud in the second quarter worth $12,284,000.
In other Blackbaud news, SVP Jon W. Olson sold 1,500 shares of the business’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $103.22, for a total transaction of $154,830.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael P. Gianoni sold 4,225 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $94.79, for a total value of $400,487.75. Following the sale, the insider now directly owns 256,966 shares of the company’s stock, valued at approximately $24,357,807.14. The disclosure for this sale can be found here. In the last three months, insiders have sold 94,612 shares of company stock valued at $9,344,203. 2.19% of the stock is owned by company insiders.
Blackbaud (NASDAQ:BLKB) last announced its quarterly earnings data on Tuesday, February 6th. The technology company reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.04. Blackbaud had a return on equity of 29.21% and a net margin of 8.36%. The business had revenue of $216.98 million during the quarter, compared to the consensus estimate of $217.29 million. research analysts forecast that Blackbaud, Inc. will post 2.06 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Wednesday, February 28th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date is Tuesday, February 27th. Blackbaud’s dividend payout ratio (DPR) is presently 50.00%.
A number of research firms have recently weighed in on BLKB. Evercore ISI cut Blackbaud from an “in” rating to an “underperform” rating in a report on Monday. Zacks Investment Research raised Blackbaud from a “hold” rating to a “buy” rating and set a $103.00 price objective for the company in a research report on Thursday, February 8th. B. Riley lifted their price objective on Blackbaud from $82.00 to $90.00 and gave the company a “neutral” rating in a research report on Thursday, February 8th. Stifel Nicolaus lifted their price objective on Blackbaud from $100.00 to $105.00 and gave the company a “buy” rating in a research report on Thursday, February 8th. Finally, DA Davidson began coverage on Blackbaud in a research report on Friday, February 2nd. They issued a “neutral” rating and a $95.00 price objective for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $97.50.
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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