GW&K Investment Management LLC reduced its holdings in Blackbaud, Inc. (NASDAQ:BLKB) by 13.0% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 684,475 shares of the technology company’s stock after selling 102,114 shares during the quarter. Blackbaud accounts for about 1.1% of GW&K Investment Management LLC’s investment portfolio, making the stock its 10th largest position. GW&K Investment Management LLC owned 1.42% of Blackbaud worth $64,676,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the company. ETF Managers Group LLC bought a new position in shares of Blackbaud during the 2nd quarter valued at about $125,000. Northwestern Mutual Wealth Management Co. increased its position in shares of Blackbaud by 2.6% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,537 shares of the technology company’s stock valued at $132,000 after purchasing an additional 39 shares during the last quarter. Contravisory Investment Management Inc. bought a new position in shares of Blackbaud during the 4th quarter valued at about $157,000. QS Investors LLC increased its position in shares of Blackbaud by 157.1% during the 2nd quarter. QS Investors LLC now owns 1,800 shares of the technology company’s stock valued at $154,000 after purchasing an additional 1,100 shares during the last quarter. Finally, Investment Centers of America Inc. bought a new position in shares of Blackbaud during the 2nd quarter valued at about $203,000.
In other Blackbaud news, CFO Anthony W. Boor sold 1,989 shares of the stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $98.26, for a total value of $195,439.14. Following the completion of the sale, the chief financial officer now owns 105,342 shares in the company, valued at approximately $10,350,904.92. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Kevin W. Mooney sold 4,466 shares of the stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $101.00, for a total value of $451,066.00. Following the completion of the sale, the executive vice president now owns 71,655 shares of the company’s stock, valued at approximately $7,237,155. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,655 shares of company stock valued at $972,923. Company insiders own 2.19% of the company’s stock.
Blackbaud (NASDAQ:BLKB) last issued its earnings results on Wednesday, October 25th. The technology company reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.05. The company had revenue of $195.51 million during the quarter, compared to analysts’ expectations of $196.35 million. Blackbaud had a return on equity of 31.25% and a net margin of 6.82%. Blackbaud’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.45 EPS. research analysts anticipate that Blackbaud, Inc. will post 1.57 EPS for the current fiscal year.
Several equities analysts have recently commented on the company. Citigroup assumed coverage on Blackbaud in a research report on Friday, September 22nd. They set a “buy” rating and a $100.00 price objective on the stock. Zacks Investment Research upgraded Blackbaud from a “hold” rating to a “buy” rating and set a $115.00 target price for the company in a report on Monday, October 30th. BidaskClub cut Blackbaud from a “buy” rating to a “hold” rating in a report on Wednesday, January 3rd. B. Riley set a $82.00 target price on Blackbaud and gave the company a “hold” rating in a report on Thursday, October 26th. Finally, Robert W. Baird set a $85.00 target price on Blackbaud and gave the company a “hold” rating in a report on Sunday, October 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. Blackbaud presently has a consensus rating of “Hold” and an average target price of $94.75.
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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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