Blackbaud, Inc. (NASDAQ:BLKB) Shares Sold by Bank of America Corp DE

Bank of America Corp DE reduced its holdings in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 29.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 411,288 shares of the technology company's stock after selling 173,538 shares during the period. Bank of America Corp DE owned about 0.84% of Blackbaud worth $30,402,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Blackbaud in the fourth quarter worth approximately $34,168,000. Penn Capital Management Company LLC acquired a new stake in shares of Blackbaud in the fourth quarter worth approximately $10,581,000. Bank of New York Mellon Corp boosted its stake in shares of Blackbaud by 41.0% in the fourth quarter. Bank of New York Mellon Corp now owns 482,561 shares of the technology company's stock worth $35,671,000 after acquiring an additional 140,273 shares during the last quarter. New York State Common Retirement Fund boosted its stake in shares of Blackbaud by 63.5% in the fourth quarter. New York State Common Retirement Fund now owns 282,250 shares of the technology company's stock worth $20,864,000 after acquiring an additional 109,630 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Blackbaud by 44.3% in the fourth quarter. JPMorgan Chase & Co. now owns 325,637 shares of the technology company's stock worth $24,071,000 after acquiring an additional 100,003 shares during the last quarter. 94.21% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Jon W. Olson sold 10,698 shares of Blackbaud stock in a transaction that occurred on 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 now owns 23,799 shares in the company, valued at approximately $1,455,308.85. This trade represents a 31.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.95% of the stock is currently owned by company insiders.

Blackbaud Stock Performance

Shares of Blackbaud stock opened at $64.46 on Friday. Blackbaud, Inc. has a one year low of $58.05 and a one year high of $88.95. The company has a market cap of $3.13 billion, a price-to-earnings ratio of -10.93 and a beta of 1.16. The company has a debt-to-equity ratio of 7.40, a quick ratio of 0.68 and a current ratio of 0.78. The business's 50 day moving average price is $62.54 and its 200 day moving average price is $71.98.

Blackbaud (NASDAQ:BLKB - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The technology company reported $0.96 EPS for the quarter, topping analysts' consensus estimates of $0.90 by $0.06. Blackbaud had a positive return on equity of 26.30% and a negative net margin of 24.83%. The firm had revenue of $270.66 million for the quarter, compared to the consensus estimate of $268.53 million. During the same quarter last year, the business posted $0.93 earnings per share. The firm's revenue was down 3.1% compared to the same quarter last year. On average, research analysts predict that Blackbaud, Inc. will post 3.05 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on BLKB shares. Robert W. Baird lowered their price target on Blackbaud from $80.00 to $76.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 19th. 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 note on Thursday, May 1st. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, Blackbaud currently has an average rating of "Hold" and a consensus 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.

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