O’keefe Stevens Advisory, an investment advisory firm, released its first-quarter 2024 investor letter. A copy of the letter can be downloaded here. Soft-landing expectations drove the S&P 500’s 11% gain in Q1. Despite geopolitical tensions, the market is cool, however, inflation is still a concern for the firm. The top five positions accounted for almost 34% of the assets held by O’keefe Stevens Advisory. In addition, please check the fund’s top five holdings to know its best picks in 2024.
O’keefe Stevens Advisory featured stocks like Blackbaud, Inc. (NASDAQ:BLKB) in the first quarter 2024 investor letter. Headquartered in Charleston, South Carolina, Blackbaud, Inc. (NASDAQ:BLKB) is a cloud software solutions provider. On May 10, 2024, Blackbaud, Inc. (NASDAQ:BLKB) stock closed at $77.65 per share. One-month return of Blackbaud, Inc. (NASDAQ:BLKB) was 1.21%, and its shares gained 10.35% of their value over the last 52 weeks. Blackbaud, Inc. (NASDAQ:BLKB) has a market capitalization of $4.009 billion.
O’keefe Stevens Advisory stated the following regarding Blackbaud, Inc. (NASDAQ:BLKB) in its first quarter 2024 investor letter:
“Blackbaud, Inc. (NASDAQ:BLKB) – We were first introduced to this company at a conference in 2023 and found the business intriguing. They provide services to the non-profit/charity industry through payment processing, CRM software, and other products. While in the early stages of implementing a new contract structure, moving from a 3-year contract with 1-year renewal and no price escalators to a 3-year contract with 3-5-year renewals and yearly price escalators. The initial mid-teens price increase will flow through the P&L at a high rate due to little incremental costs. After discussing the new structure with customers, we have concerns about retention and the duration they can push the price at the current rate. The valuation was marginally too expensive, though we continue to follow the name should the market present a better entry point.”
An experienced software developer architecting a cloud software solution on multiple monitors.
Blackbaud, Inc. (NASDAQ:BLKB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 14 hedge fund portfolios held Blackbaud, Inc. (NASDAQ:BLKB) at the end of the fourth quarter which was 19 in the previous quarter.
We discussed Blackbaud, Inc. (NASDAQ:BLKB) in another article and shared ClearBridge Small Cap Growth Strategy’s views on the company in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
