Bank of New York Mellon Corp Has $27.27 Million Stake in Blackbaud, Inc. (NASDAQ:BLKB)

Bank of New York Mellon Corp trimmed its holdings in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 8.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 439,536 shares of the technology company’s stock after selling 43,025 shares during the quarter. Bank of New York Mellon Corp owned about 0.91% of Blackbaud worth $27,273,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of BLKB. Versant Capital Management Inc increased its position in Blackbaud by 127.4% during the first quarter. Versant Capital Management Inc now owns 523 shares of the technology company’s stock worth $32,000 after buying an additional 293 shares during the last quarter. UMB Bank n.a. grew its position in shares of Blackbaud by 63.2% in the first quarter. UMB Bank n.a. now owns 692 shares of the technology company’s stock valued at $43,000 after purchasing an additional 268 shares during the last quarter. Vestcor Inc acquired a new stake in shares of Blackbaud in the fourth quarter valued at about $75,000. KBC Group NV grew its position in shares of Blackbaud by 31.8% in the first quarter. KBC Group NV now owns 2,209 shares of the technology company’s stock valued at $137,000 after purchasing an additional 533 shares during the last quarter. Finally, Huntington National Bank grew its position in shares of Blackbaud by 13.9% in the fourth quarter. Huntington National Bank now owns 1,864 shares of the technology company’s stock valued at $138,000 after purchasing an additional 227 shares during the last quarter. 94.21% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus lowered their price target on Blackbaud from $75.00 to $65.00 and set a “hold” rating on the stock in a research report on Thursday, May 1st. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $78.67.

Blackbaud Stock Up 1.6%

NASDAQ BLKB opened at $63.54 on Thursday. The company has a debt-to-equity ratio of 35.64, a quick ratio of 0.73 and a current ratio of 0.73. The firm has a 50-day simple moving average of $63.27 and a 200 day simple moving average of $66.75. Blackbaud, Inc. has a twelve month low of $58.05 and a twelve month high of $88.95. The stock has a market cap of $3.08 billion, a PE ratio of -10.77, a PEG ratio of 4.66 and a beta of 1.14.

Blackbaud (NASDAQ:BLKB) last released its earnings results on Wednesday, April 30th. The technology company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.06. Blackbaud had a negative net margin of 25.05% and a positive return on equity of 38.58%. The business had revenue of $270.66 million during the quarter, compared to analysts’ expectations of $268.53 million. During the same quarter last year, the company earned $0.93 earnings per share. The firm’s revenue was down 3.1% on a year-over-year basis. On average, research analysts forecast that Blackbaud, Inc. will post 3.05 EPS for the current year.

Insider Activity

In other Blackbaud news, CFO Chad Anderson sold 5,500 shares of the firm’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $63.99, for a total transaction of $351,945.00. Following the completion of the transaction, the chief financial officer owned 35,976 shares in the company, valued at $2,302,104.24. This trade represents a 13.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Jon W. Olson sold 10,698 shares of the firm’s stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $61.15, for a total transaction of $654,182.70. Following the transaction, the senior vice president owned 23,799 shares of the company’s stock, valued at approximately $1,455,308.85. This represents a 31.01% decrease in their position. The disclosure for this sale can be found here. 1.97% of the stock is currently owned by company insiders.

About Blackbaud

Blackbaud, Inc provides cloud software solutions to nonprofits, foundations, education institutions, and healthcare organizations 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 and Billing Management.