Blackbaud, Inc. (NASDAQ:BLKB) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC trimmed its holdings in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 18.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 256,307 shares of the technology company's stock after selling 57,578 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.52% of Blackbaud worth $15,904,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Azzad Asset Management Inc. ADV boosted its holdings in shares of Blackbaud by 3.4% in the first quarter. Azzad Asset Management Inc. ADV now owns 12,232 shares of the technology company's stock valued at $759,000 after purchasing an additional 398 shares during the period. Wedge Capital Management L L P NC purchased a new position in shares of Blackbaud in the 1st quarter valued at approximately $1,645,000. UMB Bank n.a. lifted its stake in shares of 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 period. Procyon Advisors LLC grew its stake in Blackbaud by 8.0% during the 1st quarter. Procyon Advisors LLC now owns 3,722 shares of the technology company's stock valued at $231,000 after purchasing an additional 275 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in Blackbaud by 5,447.8% in the first quarter. GAMMA Investing LLC now owns 35,617 shares of the technology company's stock valued at $2,210,000 after buying an additional 34,975 shares during the last quarter. 94.21% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Blackbaud 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 sale, the senior vice president directly owned 23,799 shares of the company's stock, 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 Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Chad Anderson sold 5,500 shares of Blackbaud stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $63.99, for a total transaction of $351,945.00. Following the transaction, the chief financial officer directly 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 disclosure for this sale can be found here. Company insiders own 1.97% of the company's stock.

Analyst Upgrades and Downgrades

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 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 company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $78.67.

Blackbaud Price Performance

NASDAQ BLKB traded up $0.72 during trading hours on Friday, reaching $65.66. The company's stock had a trading volume of 155,784 shares, compared to its average volume of 246,710. The firm has a market capitalization of $3.19 billion, a price-to-earnings ratio of -11.13, a P/E/G ratio of 4.90 and a beta of 1.14. Blackbaud, Inc. has a 1-year low of $58.05 and a 1-year high of $88.95. The company has a debt-to-equity ratio of 35.64, a current ratio of 0.73 and a quick ratio of 0.73. The company's 50-day moving average is $62.90 and its two-hundred day moving average is $67.31.

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

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.