Greenhouse Funds Fully Sells Blackbaud Shares
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 6 days ago
0mins
Should l Buy BLKB?
Source: NASDAQ.COM
- Significant Trade Size: Greenhouse Funds LLLP sold 802,904 shares of Blackbaud in Q4 2025, with an estimated transaction value of $51.63 million, reflecting the fund's strategic exit from SaaS stocks amid market volatility.
- Asset Management Shift: This transaction reduced Greenhouse Funds' Blackbaud position value from 1.89% of AUM to 0, indicating a significant loss of confidence in Blackbaud, likely due to increasing industry uncertainties.
- Market Reaction: Blackbaud's stock continued to decline in 2026, validating the timing of Greenhouse Funds' exit and highlighting concerns about the company's future performance, especially with the rapid advancement of AI technologies.
- Investment Strategy Adjustment: This decision aligns with the broader trend in the SaaS industry, suggesting that the fund's management may prefer reallocating capital to other more promising investments to navigate market fluctuations.
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Analyst Views on BLKB
Wall Street analysts forecast BLKB stock price to rise
1 Analyst Rating
0 Buy
1 Hold
0 Sell
Hold
Current: 43.520
Low
70.00
Averages
70.00
High
70.00
Current: 43.520
Low
70.00
Averages
70.00
High
70.00
About BLKB
Blackbaud, Inc. provides software for powering social impact. It enhances its software with a range of payment processing, analytic and business intelligence services, consulting, training and professional services, and maintenance and technical support. Its specific solutions and services include fundraising and engagement, financial management, grant and award management, education solutions, social responsibility, employee giving and volunteering, payment services, data intelligence, customer success, customer support, professional and managed services and training. Its fundraising and engagement include Blackbaud Raiser's Edge NXT, Blackbaud CRM, Blackbaud eTapestry, Blackbaud Luminate Online, Blackbaud TeamRaiser, JustGiving from Blackbaud, Blackbaud Fundraiser Performance Management, Blackbaud Altru, and Blackbaud Guided Fundraising and Blackbaud Volunteer Network Fundraising. Its grant and award management solutions include Blackbaud Grantmaking and Blackbaud Award Management.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Nominations Open for 2026 Blackbaud Impact Awards
- Awards Overview: The 2026 Blackbaud Impact Awards nominations are now open, aimed at recognizing outstanding achievements in social impact by Blackbaud customers globally, highlighting the crucial role of technology, data, and innovation in enhancing engagement and accelerating fundraising.
- Nomination Categories: Nominations are available across five organization-level and two individual-level awards, including the Silo Buster Award, Changemaker Award, and Outstanding Leadership Award, designed to encourage organizations to enhance their impact through technological capabilities.
- Award Ceremony Details: Finalists and winners will be announced at the bbcon 2026 conference in August, where winners will be celebrated on stage and receive complimentary passes to the event, further elevating their visibility in the social impact sector.
- Company Background: Blackbaud is the world's leading provider of AI-powered solutions for social impact, serving nonprofits, educational institutions, and corporations, committed to driving large-scale impact with intelligent solutions, operating in over 100 countries.
See More
Nominations Open for 2026 Blackbaud Impact Awards
- Awards Overview: The 2026 Blackbaud Impact Awards aim to recognize outstanding achievements in social impact by nonprofits, educational institutions, and companies worldwide, with nominations open until May 15, encouraging clients to showcase their positive contributions to communities.
- Tech-Driven Impact: Blackbaud emphasizes how its customers leverage AI technology, data, and innovation to enhance engagement, accelerate fundraising, and advance mission delivery, highlighting the critical role of technology in driving social responsibility and community development.
- Award Ceremony Details: Finalists and winners will be announced in August and celebrated at Blackbaud's annual tech conference, bbcon 2026, where winners will receive complimentary passes to further elevate their visibility in the social impact sector.
- Global Reach: Operating in over 100 countries, Blackbaud is committed to driving social impact through intelligent solutions, showcasing its deep expertise and influence in the nonprofit, education, and corporate social responsibility sectors.
See More
Greenhouse Funds Fully Exits Blackbaud Stake Amid SaaS Concerns
- Sale Overview: Greenhouse Funds LLLP disclosed the sale of 802,904 shares of Blackbaud during Q4 2025, with an estimated transaction value of $51.63 million, marking a complete exit from the company and reflecting concerns over the SaaS sector.
- Impact on Holdings: This transaction reduced Blackbaud's representation in Greenhouse Funds' 13F assets to zero, indicating a lack of confidence in the company's future performance, which could affect the overall performance of the fund's portfolio.
- Market Performance Analysis: As of February 13, 2026, Blackbaud's stock was priced at $49.08, with a one-year return of -39.2%, highlighting the company's vulnerable position in the market, which likely prompted the fund's decision to sell.
- Industry Trend Reflection: The sale by Greenhouse Funds aligns with the broader challenges faced by SaaS stocks, particularly as AI technologies rapidly evolve, putting cost pressures on many SaaS companies and prompting investors to reassess their investment strategies.
See More
Greenhouse Funds Fully Sells Blackbaud Shares
- Significant Trade Size: Greenhouse Funds LLLP sold 802,904 shares of Blackbaud in Q4 2025, with an estimated transaction value of $51.63 million, reflecting the fund's strategic exit from SaaS stocks amid market volatility.
- Asset Management Shift: This transaction reduced Greenhouse Funds' Blackbaud position value from 1.89% of AUM to 0, indicating a significant loss of confidence in Blackbaud, likely due to increasing industry uncertainties.
- Market Reaction: Blackbaud's stock continued to decline in 2026, validating the timing of Greenhouse Funds' exit and highlighting concerns about the company's future performance, especially with the rapid advancement of AI technologies.
- Investment Strategy Adjustment: This decision aligns with the broader trend in the SaaS industry, suggesting that the fund's management may prefer reallocating capital to other more promising investments to navigate market fluctuations.
See More
Blackbaud Stock Oversold, Buy Opportunity Emerges
- Opportunity Amid Market Decline: Amid a significant correction in software stocks, Blackbaud (BLKB) is trading near a 52-week low of $45 per share, indicating it is oversold and likely to rebound as market sentiment improves, especially since its fundamentals remain intact.
- Stable Customer Base: Blackbaud primarily serves nonprofits and educational institutions, which typically do not switch platforms quickly during tech transitions, with expected sales growth of 4% in FY26 and FY27, highlighting the stability and long-term value of its business.
- Upward Earnings Revisions: Following the company's Q4 performance exceeding expectations, Blackbaud's FY26 and FY27 EPS revisions have increased by over 4%, with annual earnings expected to rise by 16% this year and FY27 EPS projected to increase by another 11%, reflecting an improvement in profitability.
- Value in Industry Downturn: Despite panic selling in the software sector leading to Blackbaud's undervaluation, it trades at just 9X forward earnings, significantly lower than the S&P 500's 22X and its decade-long median of 45X, indicating strong investment appeal.
See More
Blackbaud Achieves Rule of 40 Target Ahead of Schedule
- Strong Financial Performance: In 2025, Blackbaud reported a 5.5% increase in organic revenue to $1.128 billion, with adjusted EBITDA of $405 million and an EBITDA margin of 35.9%, indicating ongoing improvements in financial management and profitability.
- AI Innovation Driving Growth: The launch of generative and agentic AI capabilities, including the early adoption of the 'Development Agent' product, is expected to create new revenue streams with pricing in the tens of thousands per year, targeting cross-sell opportunities among existing customers.
- Stock Buybacks and Debt Management: The company repurchased approximately 8% of its common stock in 2025, reducing debt leverage from 2.9x to 2.5x, reflecting a proactive capital management strategy aimed at enhancing shareholder returns and financial flexibility.
- Optimistic Future Outlook: Blackbaud anticipates organic revenue growth of 4% to 4.5% in 2026, with non-GAAP EPS projected to grow by 16% to 18%, and aims for a CAGR of over 13% in non-GAAP EPS by 2030, demonstrating confidence in long-term growth prospects.
See More
Nominations Open for 2026 Blackbaud Impact Awards
- Awards Overview: The 2026 Blackbaud Impact Awards nominations are now open, aimed at recognizing outstanding achievements in social impact by Blackbaud customers globally, highlighting the crucial role of technology, data, and innovation in enhancing engagement and accelerating fundraising.
- Nomination Categories: Nominations are available across five organization-level and two individual-level awards, including the Silo Buster Award, Changemaker Award, and Outstanding Leadership Award, designed to encourage organizations to enhance their impact through technological capabilities.
- Award Ceremony Details: Finalists and winners will be announced at the bbcon 2026 conference in August, where winners will be celebrated on stage and receive complimentary passes to the event, further elevating their visibility in the social impact sector.
- Company Background: Blackbaud is the world's leading provider of AI-powered solutions for social impact, serving nonprofits, educational institutions, and corporations, committed to driving large-scale impact with intelligent solutions, operating in over 100 countries.
See More
Nominations Open for 2026 Blackbaud Impact Awards
- Awards Overview: The 2026 Blackbaud Impact Awards aim to recognize outstanding achievements in social impact by nonprofits, educational institutions, and companies worldwide, with nominations open until May 15, encouraging clients to showcase their positive contributions to communities.
- Tech-Driven Impact: Blackbaud emphasizes how its customers leverage AI technology, data, and innovation to enhance engagement, accelerate fundraising, and advance mission delivery, highlighting the critical role of technology in driving social responsibility and community development.
- Award Ceremony Details: Finalists and winners will be announced in August and celebrated at Blackbaud's annual tech conference, bbcon 2026, where winners will receive complimentary passes to further elevate their visibility in the social impact sector.
- Global Reach: Operating in over 100 countries, Blackbaud is committed to driving social impact through intelligent solutions, showcasing its deep expertise and influence in the nonprofit, education, and corporate social responsibility sectors.
See More
Greenhouse Funds Fully Exits Blackbaud Stake Amid SaaS Concerns
- Sale Overview: Greenhouse Funds LLLP disclosed the sale of 802,904 shares of Blackbaud during Q4 2025, with an estimated transaction value of $51.63 million, marking a complete exit from the company and reflecting concerns over the SaaS sector.
- Impact on Holdings: This transaction reduced Blackbaud's representation in Greenhouse Funds' 13F assets to zero, indicating a lack of confidence in the company's future performance, which could affect the overall performance of the fund's portfolio.
- Market Performance Analysis: As of February 13, 2026, Blackbaud's stock was priced at $49.08, with a one-year return of -39.2%, highlighting the company's vulnerable position in the market, which likely prompted the fund's decision to sell.
- Industry Trend Reflection: The sale by Greenhouse Funds aligns with the broader challenges faced by SaaS stocks, particularly as AI technologies rapidly evolve, putting cost pressures on many SaaS companies and prompting investors to reassess their investment strategies.
See More
Greenhouse Funds Fully Sells Blackbaud Shares
- Significant Trade Size: Greenhouse Funds LLLP sold 802,904 shares of Blackbaud in Q4 2025, with an estimated transaction value of $51.63 million, reflecting the fund's strategic exit from SaaS stocks amid market volatility.
- Asset Management Shift: This transaction reduced Greenhouse Funds' Blackbaud position value from 1.89% of AUM to 0, indicating a significant loss of confidence in Blackbaud, likely due to increasing industry uncertainties.
- Market Reaction: Blackbaud's stock continued to decline in 2026, validating the timing of Greenhouse Funds' exit and highlighting concerns about the company's future performance, especially with the rapid advancement of AI technologies.
- Investment Strategy Adjustment: This decision aligns with the broader trend in the SaaS industry, suggesting that the fund's management may prefer reallocating capital to other more promising investments to navigate market fluctuations.
See More
Blackbaud Stock Oversold, Buy Opportunity Emerges
- Opportunity Amid Market Decline: Amid a significant correction in software stocks, Blackbaud (BLKB) is trading near a 52-week low of $45 per share, indicating it is oversold and likely to rebound as market sentiment improves, especially since its fundamentals remain intact.
- Stable Customer Base: Blackbaud primarily serves nonprofits and educational institutions, which typically do not switch platforms quickly during tech transitions, with expected sales growth of 4% in FY26 and FY27, highlighting the stability and long-term value of its business.
- Upward Earnings Revisions: Following the company's Q4 performance exceeding expectations, Blackbaud's FY26 and FY27 EPS revisions have increased by over 4%, with annual earnings expected to rise by 16% this year and FY27 EPS projected to increase by another 11%, reflecting an improvement in profitability.
- Value in Industry Downturn: Despite panic selling in the software sector leading to Blackbaud's undervaluation, it trades at just 9X forward earnings, significantly lower than the S&P 500's 22X and its decade-long median of 45X, indicating strong investment appeal.
See More
Blackbaud Achieves Rule of 40 Target Ahead of Schedule
- Strong Financial Performance: In 2025, Blackbaud reported a 5.5% increase in organic revenue to $1.128 billion, with adjusted EBITDA of $405 million and an EBITDA margin of 35.9%, indicating ongoing improvements in financial management and profitability.
- AI Innovation Driving Growth: The launch of generative and agentic AI capabilities, including the early adoption of the 'Development Agent' product, is expected to create new revenue streams with pricing in the tens of thousands per year, targeting cross-sell opportunities among existing customers.
- Stock Buybacks and Debt Management: The company repurchased approximately 8% of its common stock in 2025, reducing debt leverage from 2.9x to 2.5x, reflecting a proactive capital management strategy aimed at enhancing shareholder returns and financial flexibility.
- Optimistic Future Outlook: Blackbaud anticipates organic revenue growth of 4% to 4.5% in 2026, with non-GAAP EPS projected to grow by 16% to 18%, and aims for a CAGR of over 13% in non-GAAP EPS by 2030, demonstrating confidence in long-term growth prospects.
See More
