Tributary Capital Management LLC Trims Stake in Blackbaud, Inc. (NASDAQ:BLKB)

Tributary Capital Management LLC cut its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 0.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 289,409 shares of the technology company’s stock after selling 1,312 shares during the quarter. Blackbaud makes up approximately 1.9% of Tributary Capital Management LLC’s holdings, making the stock its 16th biggest holding. Tributary Capital Management LLC owned about 0.56% of Blackbaud worth $24,507,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of BLKB. DT Investment Partners LLC purchased a new position in shares of Blackbaud during the second quarter worth approximately $33,000. Quest Partners LLC increased its position in shares of Blackbaud by 2,950.0% during the second quarter. Quest Partners LLC now owns 427 shares of the technology company’s stock worth $33,000 after acquiring an additional 413 shares during the period. Blue Trust Inc. increased its position in shares of Blackbaud by 190.4% during the third 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 period. EntryPoint Capital LLC increased its position in shares of Blackbaud by 447.8% during the first quarter. EntryPoint Capital LLC now owns 2,542 shares of the technology company’s stock worth $188,000 after acquiring an additional 2,078 shares during the period. Finally, Legacy Capital Wealth Partners LLC purchased a new position in shares of Blackbaud during the second quarter worth approximately $201,000. 94.21% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Robert W. Baird boosted their price objective on shares of Blackbaud from $88.00 to $92.00 and gave the stock an “outperform” rating in a research note on Thursday, August 1st. Stifel Nicolaus boosted their price target on Blackbaud from $80.00 to $85.00 and gave the stock a “hold” rating in a research report on Thursday, September 26th. Evercore ISI raised shares of Blackbaud to a “hold” rating in a research report on Thursday, August 1st. Finally, Raymond James lowered their target price on shares of Blackbaud from $98.00 to $95.00 and set an “outperform” rating for the company in a research note on Monday, October 7th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Blackbaud has an average rating of “Moderate Buy” and an average price target of $90.67.

Blackbaud Price Performance

NASDAQ BLKB opened at $85.54 on Monday. The company has a market cap of $4.42 billion, a price-to-earnings ratio of 208.63 and a beta of 1.02. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.80 and a quick ratio of 0.80. The stock’s fifty day moving average price is $83.21 and its 200 day moving average price is $79.43. Blackbaud, Inc. has a 1 year low of $64.32 and a 1 year high of $88.56.

Blackbaud (NASDAQ:BLKB) last issued its earnings results on Tuesday, July 30th. The technology company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.04. The firm had revenue of $287.29 million during the quarter, compared to analysts’ expectations of $289.26 million. Blackbaud had a net margin of 3.64% and a return on equity of 18.54%. The firm’s revenue was up 6.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.49 earnings per share. As a group, equities research analysts forecast that Blackbaud, Inc. will post 2.45 earnings per share for the current year.

Blackbaud declared that its board has approved a stock repurchase program on Tuesday, July 30th that authorizes the company to buyback $800.00 million in outstanding shares. This buyback authorization authorizes the technology company to buy up to 18.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other Blackbaud news, EVP David J. Benjamin sold 5,590 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $78.04, for a total value of $436,243.60. Following the transaction, the executive vice president now owns 51,108 shares in the company, valued at approximately $3,988,468.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Kevin Mcdearis sold 2,261 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $85.12, for a total value of $192,456.32. Following the completion of the sale, the executive vice president now directly owns 60,129 shares in the company, valued at $5,118,180.48. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP David J. Benjamin sold 5,590 shares of Blackbaud stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $78.04, for a total value of $436,243.60. Following the transaction, the executive vice president now owns 51,108 shares in the company, valued at approximately $3,988,468.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 55,409 shares of company stock valued at $4,483,193. Corporate insiders own 1.95% of the company’s stock.

About Blackbaud

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.