ProShare Advisors LLC Lowers Stock Position in Blackbaud, Inc. (NASDAQ:BLKB)

ProShare Advisors LLC cut its holdings in Blackbaud, Inc. (NASDAQ:BLKB) by 18.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,242 shares of the technology company’s stock after selling 1,869 shares during the period. ProShare Advisors LLC’s holdings in Blackbaud were worth $571,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. grew its position in shares of Blackbaud by 1.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 415,002 shares of the technology company’s stock worth $28,760,000 after buying an additional 5,437 shares in the last quarter. Cornercap Investment Counsel Inc. acquired a new stake in Blackbaud during the first quarter worth about $1,281,000. Natixis Advisors L.P. grew its holdings in Blackbaud by 2.9% in the first quarter. Natixis Advisors L.P. now owns 14,623 shares of the technology company’s stock valued at $1,013,000 after purchasing an additional 411 shares during the period. Envestnet Asset Management Inc. lifted its position in shares of Blackbaud by 4.0% in the first quarter. Envestnet Asset Management Inc. now owns 60,137 shares of the technology company’s stock valued at $4,168,000 after acquiring an additional 2,298 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in Blackbaud by 0.4% during the first quarter. Rhumbline Advisers now owns 150,945 shares of the technology company’s stock worth $10,460,000 after buying an additional 650 shares in the last quarter. 93.06% of the stock is owned by hedge funds and other institutional investors.

Blackbaud Stock Performance

Shares of NASDAQ BLKB opened at $72.63 on Friday. The company has a market cap of $3.91 billion, a PE ratio of -85.45, a P/E/G ratio of 1.78 and a beta of 1.17. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 1.09. Blackbaud, Inc. has a 12-month low of $43.54 and a 12-month high of $78.71. The stock has a 50 day simple moving average of $73.99 and a 200-day simple moving average of $69.07.

Blackbaud (NASDAQ:BLKB) last posted its quarterly earnings results on Tuesday, August 1st. The technology company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.01. Blackbaud had a negative net margin of 4.13% and a positive return on equity of 9.43%. The business had revenue of $271.04 million for the quarter, compared to the consensus estimate of $272.65 million. On average, equities research analysts forecast that Blackbaud, Inc. will post 1.88 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. StockNews.com started coverage on Blackbaud in a research note on Thursday, August 17th. They issued a “buy” rating for the company. Raymond James upgraded Blackbaud from a “market perform” rating to an “outperform” rating and set a $88.00 target price on the stock in a research report on Monday, June 5th.

Insider Transactions at Blackbaud

In other news, EVP David J. Benjamin sold 10,000 shares of the stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $72.51, for a total transaction of $725,100.00. Following the sale, the executive vice president now directly owns 78,832 shares of the company’s stock, valued at $5,716,108.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP David J. Benjamin sold 10,000 shares of the business’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $72.51, for a total value of $725,100.00. Following the sale, the executive vice president now directly owns 78,832 shares of the company’s stock, valued at approximately $5,716,108.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director George H. Ellis sold 2,000 shares of the business’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $72.01, for a total transaction of $144,020.00. Following the sale, the director now directly owns 10,951 shares in the company, valued at $788,581.51. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,272 shares of company stock valued at $2,235,865. Corporate insiders own 1.89% of the company’s stock.

Blackbaud Company Profile

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.