Key insider sale disclosed
Blackbaud Inc. (NASDAQ: BLKB) reported that Executive Vice President and Chief Technology Officer Kevin McDearis sold a total of 15,462 shares of common stock on February 23, 2026, according to a Form 4 filing with the Securities and Exchange Commission. The shares were sold across two transactions at prices ranging from $46.3832 to $47.7636, producing aggregate proceeds of approximately $717,850.
The filing further indicates that McDearis received 2,554 shares through the vesting of performance-restricted stock units; those shares were recorded with a value of $0 in the filing. In a separate disposition noted in the document, McDearis surrendered 4,408 shares to satisfy tax withholding obligations. Each of those shares was valued at $49.13, for a total withholding value of $216,565.
After the transactions reported on the Form 4, McDearis is listed as directly owning 87,348 shares of Blackbaud common stock.
Market context and recent financials
Blackbaud shares have been trading near a 52-week low of $45.71, with the stock down 26.6% over the past six months. The company carries a market capitalization of $2.16 billion and trades at a price-to-earnings ratio of 20.1. An analysis cited from InvestingPro described the stock as appearing significantly undervalued at current levels, suggesting potential upside for investors.
On the operating front, Blackbaud reported fourth-quarter 2025 results that exceeded consensus: adjusted earnings per share of $1.19 compared with a forecast of $1.14, and revenue of $295.3 million versus expectations of $292.17 million. Those results were highlighted in the filing as evidence of transactional strength in the quarter.
Analyst action
Stifel has revised its price target for Blackbaud to $50.00 from $70.00, while maintaining a Hold rating on the shares. The firm attributed the lower target to multiple compression observed across the software sector, even as it acknowledged Blackbaud’s solid performance in closing out 2025.
What the filings and results show
The Form 4 disclosure details both the outright sale of shares and routine equity plan activity tied to performance-based awards and tax withholding. The company’s latest quarterly results show modest beats on profit and revenue, and an analyst update reflects sector valuation pressure.