PNC Financial Services Group Inc. Decreases Holdings in Blackbaud, Inc. (NASDAQ:BLKB)

PNC Financial Services Group Inc. lessened its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 2.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,363 shares of the technology company’s stock after selling 179 shares during the period. PNC Financial Services Group Inc.’s holdings in Blackbaud were worth $395,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Versant Capital Management Inc increased its holdings 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. increased its holdings in Blackbaud by 63.2% during the first quarter. UMB Bank n.a. now owns 692 shares of the technology company’s stock worth $43,000 after buying an additional 268 shares during the last quarter. KBC Group NV increased its holdings in Blackbaud by 31.8% during the first quarter. KBC Group NV now owns 2,209 shares of the technology company’s stock worth $137,000 after buying an additional 533 shares during the last quarter. Tower Research Capital LLC TRC increased its holdings in Blackbaud by 156.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,875 shares of the technology company’s stock worth $213,000 after buying an additional 1,752 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Blackbaud during the fourth quarter worth about $216,000. Hedge funds and other institutional investors own 94.21% of the company’s stock.

Blackbaud Price Performance

Shares of NASDAQ:BLKB opened at $62.54 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 12.92. The firm has a market capitalization of $3.03 billion, a PE ratio of -10.82, a P/E/G ratio of 4.41 and a beta of 1.13. Blackbaud, Inc. has a twelve month low of $58.05 and a twelve month high of $88.95. The company has a 50-day moving average price of $63.97 and a two-hundred day moving average price of $65.12.

Blackbaud (NASDAQ:BLKB) last issued its earnings results on Wednesday, July 30th. The technology company reported $1.21 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.16. The firm had revenue of $281.38 million during the quarter, compared to analyst estimates of $276.48 million. Blackbaud had a negative net margin of 24.82% and a positive return on equity of 61.72%. The company’s quarterly revenue was down 2.1% on a year-over-year basis. During the same quarter last year, the business earned $1.08 earnings per share. Equities analysts forecast that Blackbaud, Inc. will post 3.05 EPS for the current year.

Insider Buying and Selling

In other news, Director Rupal S. Hollenbeck sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $63.98, for a total value of $159,950.00. Following the completion of the transaction, the director directly owned 7,966 shares in the company, valued at approximately $509,664.68. This trade represents a 23.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kevin P. Gregoire sold 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $72.67, for a total transaction of $581,360.00. Following the completion of the transaction, the executive vice president owned 111,156 shares of the company’s stock, valued at $8,077,706.52. This trade represents a 6.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.97% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

BLKB has been the subject of a number of research reports. Stifel Nicolaus cut their target price on shares of Blackbaud from $75.00 to $65.00 and set a “hold” rating for the company in a research report on Thursday, May 1st. Wall Street Zen upgraded shares of Blackbaud from a “hold” rating to a “buy” rating in a research report on Saturday, August 2nd. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $78.67.

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.