Bank of America Corp DE Sells 186,654 Shares of Blackbaud, Inc. $BLKB

Key Points

• Bank of America cut its Blackbaud stake by 34.7%, selling 186,654 shares and retaining 351,835 shares worth approximately $13.6 million. Institutional investors collectively own 94.21% of the company.
• Analyst sentiment is mixed, with two Buy, two Hold and one Sell rating. The consensus rating is Hold, with an average price target of $48.50; targets range from $30 to $55.
• Blackbaud reported quarterly EPS of $1.33, exceeding the $1.23 estimate, while revenue rose 3.3% year over year to $290.6 million but narrowly missed expectations. Shares opened at $47.52, and executives also reported recent stock sales.

Bank of America Corp DE lessened its holdings in shares of Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 34.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 351,835 shares of the technology company's stock after selling 186,654 shares during the quarter. Bank of America Corp DE owned approximately 0.77% of Blackbaud worth $13,584,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Blackbaud by 1.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,434 shares of the technology company's stock valued at $1,454,000 after purchasing an additional 361 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of Blackbaud by 293.1% during the first quarter. Jones Financial Companies Lllp now owns 7,701 shares of the technology company's stock worth $478,000 after acquiring an additional 5,742 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Blackbaud by 26.2% during the first quarter. Goldman Sachs Group Inc. now owns 229,244 shares of the technology company's stock worth $14,225,000 after acquiring an additional 47,549 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Blackbaud by 4.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 101,751 shares of the technology company's stock valued at $6,314,000 after purchasing an additional 4,178 shares during the last quarter. Finally, Jane Street Group LLC grew its position in shares of Blackbaud by 886.2% in the first quarter. Jane Street Group LLC now owns 159,729 shares of the technology company's stock valued at $9,911,000 after purchasing an additional 143,533 shares during the last quarter. Institutional investors own 94.21% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on BLKB. Stifel Nicolaus reduced their price target on Blackbaud from $45.00 to $30.00 and set a "hold" rating for the company in a research note on Friday, July 10th. Weiss Ratings raised Blackbaud from a "sell (d)" rating to a "sell (d+)" rating in a report on Thursday, August 6th. Raymond James Financial reissued an "outperform" rating and issued a $55.00 target price on shares of Blackbaud in a research report on Wednesday, July 29th. Finally, Robert W. Baird set a $54.00 price target on shares of Blackbaud in a research note on Thursday, July 30th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $48.50.

Insider Activity

In related news, EVP Kevin P. Gregoire sold 22,000 shares of Blackbaud stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $45.50, for a total transaction of $1,001,000.00. Following the completion of the transaction, the executive vice president owned 113,194 shares of the company's stock, valued at $5,150,327. This trade represents a 16.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Chad Anderson sold 6,205 shares of the business's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $31.31, for a total transaction of $194,278.55. Following the completion of the transaction, the chief financial officer owned 62,869 shares in the company, valued at approximately $1,968,428.39. The trade was a 8.98% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 2.01% of the company's stock.

Blackbaud Stock Performance

Shares of Blackbaud stock opened at $47.52 on Friday. Blackbaud, Inc. has a fifty-two week low of $25.58 and a fifty-two week high of $70.71. The company has a debt-to-equity ratio of 16.82, a current ratio of 0.83 and a quick ratio of 0.83. The firm has a market capitalization of $2.16 billion, a P/E ratio of 14.85, a P/E/G ratio of 1.59 and a beta of 0.97. The company's 50 day moving average price is $35.31 and its two-hundred day moving average price is $37.98.

Blackbaud (NASDAQ:BLKB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The technology company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.23 by $0.10. Blackbaud had a net margin of 13.12% and a return on equity of 197.49%. The company had revenue of $290.60 million during the quarter, compared to the consensus estimate of $292.23 million. During the same period in the prior year, the business earned $1.21 earnings per share. The company's revenue for the quarter was up 3.3% compared to the same quarter last year. Blackbaud has set its FY 2026 guidance at 5.150-5.250 EPS. On average, equities analysts forecast that Blackbaud, Inc. will post 3.71 earnings per share for the current fiscal year.

Blackbaud Profile

Blackbaud, Inc is a leading provider of cloud software, services and data intelligence solutions designed specifically for the social good community. The company's main offerings include fundraising and relationship management platforms, financial management systems, grant and award management tools, and advanced analytics. Its flagship products—such as Raiser's Edge NXT, Blackbaud Financial Edge NXT and Blackbaud NetCommunity—help nonprofit organizations, educational institutions, healthcare providers and foundations streamline donor engagement, optimize financial operations and measure program impact.

Founded in 1981 and headquartered in Charleston, South Carolina, Blackbaud has grown from a small technology startup into a global specialist in nonprofit software.

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