Nordea Investment Management AB Makes New $4.20 Million Investment in Blackbaud, Inc. (NASDAQ:BLKB)

Posted by Defense World Staff on Jul 6th, 2023

Nordea Investment Management AB purchased a new stake in shares of Blackbaud, Inc. (NASDAQ:BLKB – Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 61,285 shares of the technology company’s stock, valued at approximately $4,204,000. Nordea Investment Management AB owned about 0.12% of Blackbaud at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Brookstone Capital Management increased its stake in Blackbaud by 10.1% during the 1st quarter. Brookstone Capital Management now owns 8,687 shares of the technology company’s stock valued at $583,000 after buying an additional 794 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Blackbaud by 20.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 250,413 shares of the technology company’s stock worth $17,354,000 after purchasing an additional 41,822 shares during the period. Procyon Advisors LLC bought a new position in Blackbaud during the 1st quarter valued at $235,000. ETF Managers Group LLC raised its stake in shares of Blackbaud by 16.1% in the 4th quarter. ETF Managers Group LLC now owns 3,432 shares of the technology company’s stock worth $202,000 after buying an additional 476 shares in the last quarter. Finally, P2 Capital Partners LLC boosted its stake in Blackbaud by 20.7% during the fourth quarter. P2 Capital Partners LLC now owns 1,650,000 shares of the technology company’s stock valued at $97,119,000 after buying an additional 282,655 shares in the last quarter. 94.15% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Blackbaud

In other news, EVP Kevin Mcdearis sold 4,000 shares of the stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $75.00, for a total value of $300,000.00. Following the completion of the sale, the executive vice president now directly owns 67,974 shares of the company’s stock, valued at $5,098,050. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director George H. Ellis sold 1,725 shares of the business’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $70.46, for a total transaction of $121,543.50. Following the transaction, the director now directly owns 9,731 shares in the company, valued at approximately $685,646.26. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Kevin Mcdearis sold 4,000 shares of the stock in a transaction on Monday, June 5th. The stock was sold at an average price of $75.00, for a total value of $300,000.00. Following the sale, the executive vice president now owns 67,974 shares of the company’s stock, valued at $5,098,050. The disclosure for this sale can be found here. Insiders have sold a total of 19,275 shares of company stock valued at $1,377,474 in the last 90 days. 1.89% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on BLKB shares. Robert W. Baird raised shares of Blackbaud from a “neutral” rating to an “outperform” rating and upped their price target for the company from $66.00 to $84.00 in a report on Thursday, May 4th. Raymond James upgraded shares of Blackbaud from a “market perform” rating to an “outperform” rating and set a $88.00 price target on the stock in a research report on Monday, June 5th. Finally, StockNews.com downgraded Blackbaud from a “buy” rating to a “hold” rating in a research report on Friday, May 12th.

Blackbaud Stock Performance

Blackbaud stock opened at $71.28 on Thursday. Blackbaud, Inc. has a fifty-two week low of $43.54 and a fifty-two week high of $75.50. The firm’s 50 day simple moving average is $71.30 and its 200-day simple moving average is $64.74. The company has a debt-to-equity ratio of 1.19, a current ratio of 0.67 and a quick ratio of 0.67. The company has a market cap of $3.84 billion, a P/E ratio of -74.25, a price-to-earnings-growth ratio of 1.69 and a beta of 1.17.

Blackbaud (NASDAQ:BLKB – Free Report) last posted its quarterly earnings data on Wednesday, May 3rd. The technology company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.01). The firm had revenue of $261.75 million for the quarter, compared to analysts’ expectations of $258.35 million. Blackbaud had a positive return on equity of 8.29% and a negative net margin of 4.68%. As a group, equities research analysts predict that Blackbaud, Inc. will post 1.92 EPS for the current year.

About Blackbaud

(Free Report)

Blackbaud, Inc provides cloud software solutions to higher education institutions, K12 schools, healthcare organizations, faith communities, arts and cultural organizations, foundations, companies, and individual change agents 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 Management.