Angeles Wealth Management LLC Buys Shares of 3,508 Blackbaud, Inc. (NASDAQ:BLKB)

Angeles Wealth Management LLC purchased a new position in Blackbaud, Inc. (NASDAQ:BLKB) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,508 shares of the technology company’s stock, valued at approximately $297,000.

A number of other large investors also recently modified their holdings of BLKB. Allspring Global Investments Holdings LLC boosted its stake in Blackbaud by 20.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 320,058 shares of the technology company’s stock valued at $27,103,000 after buying an additional 54,138 shares during the period. Blue Trust Inc. increased its stake in Blackbaud by 190.4% in the 3rd quarter. Blue Trust Inc. now owns 1,597 shares of the technology company’s stock worth $135,000 after acquiring an additional 1,047 shares during the last quarter. Inspire Investing LLC raised its holdings in shares of Blackbaud by 6.4% in the 3rd quarter. Inspire Investing LLC now owns 4,879 shares of the technology company’s stock valued at $413,000 after acquiring an additional 292 shares in the last quarter. Handelsbanken Fonder AB boosted its position in shares of Blackbaud by 40.1% during the 3rd quarter. Handelsbanken Fonder AB now owns 10,830 shares of the technology company’s stock valued at $917,000 after acquiring an additional 3,100 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of Blackbaud by 702.2% during the third quarter. SG Americas Securities LLC now owns 17,769 shares of the technology company’s stock worth $1,505,000 after purchasing an additional 15,554 shares in the last quarter. 94.21% of the stock is currently owned by institutional investors.

Blackbaud Price Performance

Shares of Blackbaud stock opened at $77.72 on Monday. The company has a debt-to-equity ratio of 1.79, a quick ratio of 0.80 and a current ratio of 0.68. Blackbaud, Inc. has a 52-week low of $66.47 and a 52-week high of $88.56. The company has a fifty day moving average of $83.30 and a 200-day moving average of $79.55. The stock has a market capitalization of $3.94 billion, a price-to-earnings ratio of 76.20 and a beta of 1.03.

Blackbaud (NASDAQ:BLKB) last posted its quarterly 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 for the quarter, compared to analysts’ expectations of $293.74 million. During the same quarter in the previous year, the company earned $0.65 earnings per share. The business’s quarterly revenue was up 3.3% on a year-over-year basis. Equities research analysts expect that Blackbaud, Inc. will post 2.45 EPS for the current year.

Blackbaud declared that its Board of Directors has approved a stock repurchase plan on Tuesday, July 30th that permits the company to buyback $800.00 million in shares. This buyback authorization permits the technology company to purchase up to 18.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

A number of brokerages recently weighed in on BLKB. Baird R W downgraded shares of Blackbaud from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Evercore ISI upgraded shares of Blackbaud to a “hold” rating in a research report on Thursday, August 1st. Robert W. Baird lowered shares of Blackbaud from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $92.00 to $80.00 in a research report on Thursday. Raymond James lowered their price target on Blackbaud from $98.00 to $95.00 and set an “outperform” rating on the stock in a research report on Monday, October 7th. Finally, Stifel Nicolaus upped their price objective on Blackbaud from $80.00 to $85.00 and gave the stock a “hold” rating in a report on Thursday, September 26th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $86.67.

Insider Activity at Blackbaud

In other Blackbaud news, Director Sarah E. Nash sold 3,220 shares of Blackbaud stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $76.18, for a total value of $245,299.60. Following the transaction, the director now directly owns 26,823 shares of the company’s stock, valued at $2,043,376.14. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Kevin P. Gregoire sold 7,333 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $77.65, for a total transaction of $569,407.45. Following the completion of the sale, the chief operating officer now directly owns 110,715 shares in the company, valued at $8,597,019.75. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Sarah E. Nash sold 3,220 shares of the 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 sale, the director now directly owns 26,823 shares of the company’s stock, valued at $2,043,376.14. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,409 shares of company stock worth $4,179,193 in the last ninety days. 1.95% of the stock is owned by company insiders.

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.