Palisade Capital Management LLC NJ Has $17.76 Million Position in Blackbaud, Inc. (BLKB)
Palisade Capital Management LLC NJ lowered its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 14.3% during the second quarter, Holdings Channel reports. The institutional investor owned 207,108 shares of the technology company’s stock after selling 34,683 shares during the period. Palisade Capital Management LLC NJ’s holdings in Blackbaud were worth $17,760,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Retirement Systems of Alabama purchased a new stake in Blackbaud during the second quarter valued at approximately $5,361,000. Texas Permanent School Fund raised its stake in Blackbaud by 1.9% in the second quarter. Texas Permanent School Fund now owns 35,072 shares of the technology company’s stock valued at $3,007,000 after buying an additional 659 shares in the last quarter. World Asset Management Inc raised its stake in Blackbaud by 0.8% in the second quarter. World Asset Management Inc now owns 3,043 shares of the technology company’s stock valued at $261,000 after buying an additional 24 shares in the last quarter. Moody Aldrich Partners LLC raised its stake in Blackbaud by 38.1% in the second quarter. Moody Aldrich Partners LLC now owns 5,450 shares of the technology company’s stock valued at $467,000 after buying an additional 1,505 shares in the last quarter. Finally, Bessemer Group Inc. raised its stake in Blackbaud by 148.7% in the second quarter. Bessemer Group Inc. now owns 12,905 shares of the technology company’s stock valued at $1,106,000 after buying an additional 7,716 shares in the last quarter.
Blackbaud, Inc. (BLKB) opened at 87.66 on Monday. The stock has a market capitalization of $4.09 billion, a P/E ratio of 84.37 and a beta of 0.77. The stock has a 50 day moving average of $88.51 and a 200 day moving average of $79.12. Blackbaud, Inc. has a 1-year low of $55.88 and a 1-year high of $93.81.
Blackbaud (NASDAQ:BLKB) last issued its quarterly earnings data on Monday, July 31st. The technology company reported $0.39 EPS for the quarter, missing the Zacks’ consensus estimate of $0.51 by $0.12. The business had revenue of $192.50 million during the quarter, compared to analyst estimates of $193.66 million. Blackbaud had a net margin of 6.46% and a return on equity of 30.88%. Blackbaud’s revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.46 earnings per share. On average, analysts expect that Blackbaud, Inc. will post $2.14 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Monday, August 28th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Thursday, August 24th. This represents a $0.48 dividend on an annualized basis and a yield of 0.55%. Blackbaud’s payout ratio is 47.06%.
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BLKB has been the topic of several recent analyst reports. B. Riley reaffirmed a “neutral” rating and set a $78.00 price objective on shares of Blackbaud in a report on Wednesday, August 2nd. Zacks Investment Research raised shares of Blackbaud from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Stifel Nicolaus reaffirmed a “buy” rating and set a $96.00 price objective on shares of Blackbaud in a report on Friday, July 21st. Benchmark Co. decreased their price objective on shares of Blackbaud from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Tuesday, June 27th. Finally, Raymond James Financial, Inc. initiated coverage on shares of Blackbaud in a report on Wednesday, April 19th. They set an “outperform” rating and a $90.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $81.71.
In other Blackbaud news, EVP John J. Mistretta sold 4,016 shares of the company’s stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $83.00, for a total value of $333,328.00. Following the transaction, the executive vice president now directly owns 87,165 shares in the company, valued at approximately $7,234,695. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP John J. Mistretta sold 596 shares of the company’s stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $82.00, for a total transaction of $48,872.00. Following the completion of the transaction, the executive vice president now owns 86,278 shares in the company, valued at $7,074,796. The disclosure for this sale can be found here. Over the last three months, insiders sold 14,224 shares of company stock worth $1,152,915. 2.74% of the stock is owned by corporate insiders.
Blackbaud Company Profile
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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