Summary of transactions
David J. Benjamin, Blackbaud's executive vice president and chief commercial officer, completed sales of 14,349 shares of Blackbaud common stock on February 24, 2026, for roughly $681,108. The trades were executed across multiple transactions at prices between $47.44 and $47.56, according to a Form 4 filed with the Securities and Exchange Commission.
Additional disposals and vesting
The SEC filing also records that Benjamin disposed of shares on February 23 to satisfy tax obligations. That day he sold 2,382 shares at $49.13, realizing approximately $117,000, and separately sold 2,439 shares at the same price for about $119,855. The filing further notes the vesting of performance restricted stock units, through which Benjamin received 2,767 shares with a value recorded as $0 at vesting.
After accounting for these transactions, Benjamin is shown as directly holding 73,124 shares of Blackbaud common stock.
Context on the stock and valuation
Blackbaud's shares have been under pressure, trading near a 52-week low of $45.71 and down 26.6% over the past six months. An InvestingPro analysis cited in the filing describes Blackbaud as appearing undervalued at current levels, identifying the company among the more undervalued names in the market. The analysis referenced a price-to-earnings ratio of 20.12 and a market capitalization of $2.16 billion as reflecting recent price weakness.
Recent financial results and analyst action
In its fourth-quarter 2025 report, Blackbaud posted adjusted earnings per share of $1.19, topping the consensus forecast of $1.14. Revenue for the quarter came in at $295.3 million, slightly above the expected $292.17 million. Despite the company beating those expectations, Stifel reduced its price target on Blackbaud to $50 from $70, while keeping a Hold rating. The firm attributed the lower target to multiple compression in the software sector, even as it characterized Blackbaud's quarter as "another clean print" to close out 2025.
What the filings show
The filings disclose the mechanics of the insider's activity: sales executed at specific price ranges on February 24; prior disposals on February 23 associated with tax coverage; and the receipt of PRSU shares with a zero recorded value at vesting. The resulting direct ownership level is reported as 73,124 shares.
The regulatory disclosure provides a snapshot of an executive-level equity adjustment occurring against a backdrop of recent share-price weakness, modestly better-than-expected quarterly results and an analyst revision tied to sector valuation trends.