Voloridge Investment Management LLC Has $7.07 Million Stake in Blackbaud, Inc. (NASDAQ:BLKB)

Voloridge Investment Management LLC boosted its stake in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 350.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 95,632 shares of the technology company's stock after purchasing an additional 74,422 shares during the period. Voloridge Investment Management LLC owned about 0.19% of Blackbaud worth $7,069,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in BLKB. Norges Bank purchased a new stake in Blackbaud in the fourth quarter worth about $34,168,000. Penn Capital Management Company LLC acquired a new stake in shares of Blackbaud in the fourth quarter valued at $10,581,000. Bank of New York Mellon Corp grew its holdings in shares of Blackbaud by 41.0% during 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 purchasing an additional 140,273 shares during the last quarter. New York State Common Retirement Fund grew its holdings in shares of Blackbaud by 63.5% during 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 buying an additional 109,630 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Blackbaud by 44.3% during the 4th quarter. JPMorgan Chase & Co. now owns 325,637 shares of the technology company's stock valued at $24,071,000 after acquiring an additional 100,003 shares during the period. 94.21% of the stock is owned by hedge funds and other institutional investors.

Blackbaud Price Performance

BLKB stock traded up $0.01 during midday trading on Friday, reaching $61.54. The company had a trading volume of 27,079 shares, compared to its average volume of 239,652. The company has a market capitalization of $2.99 billion, a P/E ratio of -10.44 and a beta of 1.16. The company has a debt-to-equity ratio of 7.40, a current ratio of 0.78 and a quick ratio of 0.68. Blackbaud, Inc. has a 1 year low of $58.05 and a 1 year high of $88.95. The firm has a 50-day moving average price of $62.25 and a 200-day moving average price of $70.87.

Blackbaud (NASDAQ:BLKB - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $268.53 million. Blackbaud had a negative net margin of 24.83% and a positive return on equity of 26.30%. The company's revenue was down 3.1% on a year-over-year basis. During the same period last year, the firm posted $0.93 EPS. On average, research analysts anticipate that Blackbaud, Inc. will post 3.05 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Robert W. Baird lowered their price objective on shares of 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 target price on shares of Blackbaud from $75.00 to $65.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. Four 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, the company currently has a consensus rating of "Hold" and an average target price of $78.67.

Insider Buying and Selling

In other Blackbaud news, SVP Jon W. Olson sold 10,698 shares of Blackbaud stock in a transaction 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 sale, the senior vice president now owns 23,799 shares of the company's stock, valued at $1,455,308.85. The trade was a 31.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Chad Anderson sold 5,500 shares of the company's stock in a transaction 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 transaction, the chief financial officer now directly owns 35,976 shares in the company, valued at $2,302,104.24. The trade was a 13.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.95% of the company's stock.

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.