Bank of New York Mellon Corp Decreases Stake in Blackbaud, Inc. (NASDAQ:BLKB)

Bank of New York Mellon Corp lessened its stake in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 8.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 439,536 shares of the technology company's stock after selling 43,025 shares during the quarter. Bank of New York Mellon Corp owned 0.91% of Blackbaud worth $27,273,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Xponance Inc. lifted its stake in Blackbaud by 2.4% during the fourth quarter. Xponance Inc. now owns 5,638 shares of the technology company's stock worth $417,000 after purchasing an additional 130 shares during the last quarter. Huntington National Bank lifted its stake in Blackbaud by 13.9% during the fourth quarter. Huntington National Bank now owns 1,864 shares of the technology company's stock worth $138,000 after purchasing an additional 227 shares during the last quarter. UMB Bank n.a. lifted its stake 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 purchasing an additional 268 shares during the last quarter. Procyon Advisors LLC lifted its stake in Blackbaud by 8.0% during the first quarter. Procyon Advisors LLC now owns 3,722 shares of the technology company's stock worth $231,000 after purchasing an additional 275 shares during the last quarter. Finally, Versant Capital Management Inc lifted its stake 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 purchasing an additional 293 shares during the last quarter. Hedge funds and other institutional investors own 94.21% of the company's stock.

Blackbaud Stock Performance

BLKB traded up $0.12 during trading on Friday, hitting $64.08. 188,385 shares of the stock were exchanged, compared to its average volume of 248,136. The firm has a market capitalization of $3.11 billion, a P/E ratio of -10.86, a PEG ratio of 4.73 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 stock has a fifty day moving average price of $63.27 and a two-hundred day moving average price of $66.68. The company has a quick ratio of 0.73, a current ratio of 0.73 and a debt-to-equity ratio of 35.64.

Blackbaud (NASDAQ:BLKB - Get Free Report) last released its earnings results on Wednesday, April 30th. The technology company reported $0.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 positive return on equity of 38.58% and a negative net margin of 25.05%. The company's revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.93 earnings per share. As a group, sell-side analysts predict that Blackbaud, Inc. will post 3.05 earnings per share for the current year.

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 value of $654,182.70. Following the sale, the senior vice president directly owned 23,799 shares in the company, valued at $1,455,308.85. The trade was a 31.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Chad Anderson sold 5,500 shares of Blackbaud stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $63.99, for a total value of $351,945.00. Following the completion of the sale, the chief financial officer owned 35,976 shares in the company, valued at approximately $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. Insiders own 1.97% of the company's stock.

Wall Street Analysts Forecast Growth

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 issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $78.67.

Blackbaud Profile

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.