The Vanguard Group, Inc. recently announced the acquisition of new stake in Blackbaud Inc. (NASDAQ:BLKB). The institutional investor has increased its shareholding in the Technology company by 1.56% to 4.99 million shares with purchase of 76649.0 shares. This fresh investment now brings its stake to 9.39% valued currently at $293.47 million. In addition, SSgA Funds Management, Inc. raised its holdings by 18061.0 to 1.52 million shares.
With over 0.13 million Blackbaud Inc. (BLKB) shares trading Friday and a closing price of $61.43 on the day, the dollar volume was approximately $8.22 million. The shares have shown a positive half year performance of 9.83% and its price on 01/13/23 lost nearly -0.60%. Currently, there are 51.69M common shares owned by the public and among those 42.35M shares have been available to trade.
Insiders at the company have transacted a total of 128 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 50 of these insider trades were purchases, accounting for 587,282 shares. Insider sales of the common stock occurred on 78 occasions, with total insider shares sold totaling 222,475 shares.
The top 3 mutual fund holders in Blackbaud Inc. are Eaton Vance Atlanta Capital SMID, Janus Henderson Triton Fund, and Vanguard Total Stock Market Index. Eaton Vance Atlanta Capital SMID owns 2.27 million shares of the company’s stock, all valued at over $133.44 million. Janus Henderson Triton Fund sold 61833.0 shares to see its total holdings shrink to 1.92 million shares valued at over $113.28 million and representing 3.63% of the shares outstanding. Vanguard Total Stock Market Index bought 1899.0 shares to bring its total holdings to over 1.59 million shares at a value of $93.51 million. Vanguard Total Stock Market Index now owns shares totaling to 2.99% of the shares outstanding.
Shares of Blackbaud Inc. (NASDAQ: BLKB) opened at $61.47, down -$0.33 from a prior closing price of $61.80. However, the script later moved the day high at 62.03, down -0.60%. The company’s stock has a 5-day price change of -0.29% and 15.69% over the past three months. BLKB shares are trading 4.37% year to date (YTD), with the 12-month market performance down to -15.66% lower. It has a 12-month low price of $43.54 and touched a high of $77.90 over the same period. BLKB has an average intraday trading volume of 229.41K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 3.64%, 5.19%, and 9.21% respectively.
Institutional ownership of Blackbaud Inc. (NASDAQ: BLKB) shares accounts for 99.80% of the company’s 51.69M shares outstanding. Mutual fund holders own 44.52%, while other institutional holders and individual stakeholders account for 9.45% and 35.91% respectively.
It has a market capitalization of $3.28B and a beta (3y monthly) value of 1.11. The earnings-per-share (ttm) stands at -$0.62. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.84% over the week and 2.19% over the month.
Analysts forecast that Blackbaud Inc. (BLKB) will achieve an EPS of $0.6 for the current quarter, $0.63 for the next quarter and $2.89 for 2023. The lowest estimate earnings-per-share for the quarter is $0.57 while analysts give the company a high EPS estimate of $0.65. Comparatively, EPS for the current quarter was $0.78 a year ago. Earnings per share for the fiscal year are expected to decrease by -25.40%, and 21.15% over the next financial year. EPS should grow at an annualized rate of -6.90% over the next five years, compared to -34.20% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Blackbaud Inc. (BLKB) as a “Hold” at a consensus score of 3.20. Specifically, 0 Wall Street analysts polled rate the stock as a buy, while 5 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the BLKB, a number of firms have released research notes about the stock. Stifel stated their Hold rating for the stock in a research note on July 16, 2021, with the firm’s price target at $75. The Benchmark Company coverage for the Blackbaud Inc. (BLKB) stock in a research note released on February 10, 2021 offered a Buy rating with a price target of $88. Stephens was of a view on August 28, 2020 that the stock is Overweight, while Evercore ISI gave the stock In-line rating on April 20, 2020, issuing a price target of $55. BTIG Research on their part issued Neutral rating on April 16, 2020.