Principal Financial Group Inc. Sells 2,321 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

Principal Financial Group Inc. lessened its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 2.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 99,009 shares of the technology company’s stock after selling 2,321 shares during the period. Principal Financial Group Inc. owned about 0.20% of Blackbaud worth $6,144,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Xponance Inc. lifted its stake in Blackbaud by 2.4% in the fourth quarter. Xponance Inc. now owns 5,638 shares of the technology company’s stock worth $417,000 after acquiring an additional 130 shares during the period. Huntington National Bank raised its holdings in shares of Blackbaud by 13.9% in the 4th 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 in the last quarter. UMB Bank n.a. raised its holdings in shares of Blackbaud by 63.2% in the 1st 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 in the last quarter. Procyon Advisors LLC lifted its position in shares of Blackbaud by 8.0% in the 1st quarter. Procyon Advisors LLC now owns 3,722 shares of the technology company’s stock worth $231,000 after purchasing an additional 275 shares during the period. Finally, Versant Capital Management Inc boosted its stake in shares of Blackbaud by 127.4% during the first quarter. Versant Capital Management Inc now owns 523 shares of the technology company’s stock valued at $32,000 after purchasing an additional 293 shares in the last quarter. Institutional investors own 94.21% of the company’s stock.

Insider Activity at Blackbaud

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

Analyst Ratings Changes

Separately, Stifel Nicolaus cut their price target on Blackbaud from $75.00 to $65.00 and set a “hold” rating on the stock in a report on Thursday, May 1st. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $78.67.

Blackbaud Price Performance

Shares of BLKB opened at $63.54 on Thursday. The company has a 50 day moving average of $63.27 and a two-hundred day moving average of $66.75. The company has a market cap of $3.08 billion, a price-to-earnings ratio of -10.77, a price-to-earnings-growth ratio of 4.66 and a beta of 1.14. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 35.64. Blackbaud, Inc. has a twelve month low of $58.05 and a twelve month high of $88.95.

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

Blackbaud Company Profile

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.