Citigroup Inc. Purchases 19,749 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

Citigroup Inc. increased its position in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 37.8% in the third quarter, according to the company in its most recent filing 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 period. Citigroup Inc. owned approximately 0.14% of Blackbaud worth $6,100,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Arizona State Retirement System boosted its stake in shares of Blackbaud by 1.2% during the second quarter. Arizona State Retirement System now owns 11,977 shares of the technology company’s stock valued at $912,000 after purchasing an additional 137 shares in the last quarter. State of New Jersey Common Pension Fund D raised its position in shares of Blackbaud by 0.6% in the third quarter. State of New Jersey Common Pension Fund D now owns 24,152 shares of the technology company’s stock worth $2,045,000 after acquiring an additional 151 shares during the period. Envestnet Portfolio Solutions Inc. lifted its position in shares of Blackbaud by 6.2% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 3,140 shares of the technology company’s stock valued at $239,000 after buying an additional 184 shares in the last quarter. Azzad Asset Management Inc. ADV raised its holdings in shares of Blackbaud by 2.1% during the second quarter. Azzad Asset Management Inc. ADV now owns 11,164 shares of the technology company’s stock valued at $850,000 after acquiring an additional 225 shares during the last quarter. Finally, Inspire Investing LLC boosted its position in Blackbaud by 6.4% during the third quarter. Inspire Investing LLC now owns 4,879 shares of the technology company’s stock worth $413,000 after acquiring an additional 292 shares during the last quarter. 94.21% of the stock is currently owned by institutional investors.

Insider Activity at Blackbaud

In other news, COO Kevin P. Gregoire sold 6,619 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $85.68, for a total transaction of $567,115.92. Following the sale, the chief operating officer now owns 99,096 shares in the company, valued at $8,490,545.28. This trade represents a 6.26 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael P. Gianoni sold 800 shares of Blackbaud stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $83.15, for a total value of $66,520.00. Following the completion of the sale, the chief executive officer now owns 373,293 shares of the company’s stock, valued at $31,039,312.95. This trade represents a 0.21 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,394 shares of company stock valued at $4,373,270. Insiders own 1.95% of the company’s stock.

Blackbaud Price Performance

BLKB stock opened at $83.94 on Monday. Blackbaud, Inc. has a 12-month low of $66.47 and a 12-month high of $88.95. The company has a market cap of $4.26 billion, a price-to-earnings ratio of 82.29 and a beta of 1.03. The firm has a 50 day moving average of $83.65 and a 200-day moving average of $80.38. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.79.

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

Analyst Upgrades and Downgrades

A number of research firms recently commented on BLKB. Raymond James decreased their price objective on Blackbaud from $98.00 to $95.00 and set an “outperform” rating on the stock in a report on Monday, October 7th. Baird R W downgraded shares of Blackbaud from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 31st. Robert W. Baird cut Blackbaud from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $92.00 to $80.00 in a research report on Thursday, October 31st. Finally, Stifel Nicolaus lifted their price target on shares of 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 assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $86.67.

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.