Bank of New York Mellon Corp Acquires Shares of 238,596 Blackbaud, Inc. $BLKB

Key Points

• Bank of New York Mellon acquired 238,596 Blackbaud shares valued at approximately $7.1 million, while institutional investors collectively owned 94.21% of the company.
• Analysts maintain a consensus “Hold” rating with an average price target of $48.50; ratings range from “Buy” to “Sell.”
• Blackbaud exceeded quarterly EPS expectations, reporting $1.33 versus the $1.23 consensus, while revenue rose 3.3% year over year to $290.6 million. Company insiders sold 43,086 shares worth about $2.0 million over the past 90 days.

Bank of New York Mellon Corp bought a new position in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 238,596 shares of the technology company's stock, valued at approximately $7,067,000. Bank of New York Mellon Corp owned approximately 0.53% of Blackbaud at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. increased its stake in shares of Blackbaud by 143,409.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,207,179 shares of the technology company's stock valued at $139,759,000 after buying an additional 2,205,641 shares in the last quarter. Janus Henderson Group PLC grew its stake in shares of Blackbaud by 3.9% during the first quarter. Janus Henderson Group PLC now owns 1,555,833 shares of the technology company's stock worth $60,071,000 after purchasing an additional 58,806 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Blackbaud by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 975,085 shares of the technology company's stock worth $61,743,000 after purchasing an additional 5,709 shares during the period. AQR Capital Management LLC grew its holdings in Blackbaud by 157.3% during the fourth quarter. AQR Capital Management LLC now owns 767,792 shares of the technology company's stock valued at $48,617,000 after purchasing an additional 469,391 shares during the period. Finally, P2 Capital Partners LLC increased its stake in Blackbaud by 10.0% in the second quarter. P2 Capital Partners LLC now owns 490,754 shares of the technology company's stock valued at $31,511,000 after purchasing an additional 44,495 shares in the last quarter. 94.21% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

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

Insider Activity

In other Blackbaud news, CEO Michael P. Gianoni sold 17,000 shares of the firm's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $47.35, for a total transaction of $804,950.00. Following the completion of the sale, the chief executive officer owned 423,264 shares of the company's stock, valued at $20,041,550.40. This trade represents a 3.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP David J. Benjamin sold 2,086 shares of the firm's stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $48.27, for a total transaction of $100,691.22. Following the sale, the executive vice president owned 71,038 shares of the company's stock, valued at approximately $3,429,004.26. This represents a 2.85% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 43,086 shares of company stock valued at $2,001,761 in the last 90 days. 2.01% of the stock is owned by company insiders.

Blackbaud Stock Performance

Shares of BLKB opened at $48.46 on Friday. Blackbaud, Inc. has a 12 month low of $25.58 and a 12 month high of $70.71. The firm has a fifty day simple moving average of $39.06 and a 200 day simple moving average of $37.86. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of 15.14, a PEG ratio of 1.63 and a beta of 0.99. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 16.82.

Blackbaud (NASDAQ:BLKB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The technology company reported $1.33 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 firm had revenue of $290.60 million for the quarter, compared to analysts' expectations of $292.23 million. During the same period in the previous year, the firm posted $1.21 EPS. The company's revenue for the quarter was up 3.3% on a year-over-year basis. Blackbaud has set its FY 2026 guidance at 5.150-5.250 EPS. Research analysts forecast that Blackbaud, Inc. will post 3.71 EPS 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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