Wellington Management Group LLP Sells 236,714 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

Wellington Management Group LLP lowered its holdings in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 55.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 192,337 shares of the technology company's stock after selling 236,714 shares during the quarter. Wellington Management Group LLP owned about 0.39% of Blackbaud worth $14,218,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Blackbaud in the 4th quarter valued at $34,168,000. Penn Capital Management Company LLC bought a new stake in Blackbaud in the fourth quarter valued at about $10,581,000. Bank of New York Mellon Corp increased its holdings in Blackbaud by 41.0% in the fourth quarter. Bank of New York Mellon Corp now owns 482,561 shares of the technology company's stock valued at $35,671,000 after purchasing an additional 140,273 shares during the last quarter. New York State Common Retirement Fund lifted its stake in Blackbaud by 63.5% in the fourth quarter. New York State Common Retirement Fund now owns 282,250 shares of the technology company's stock valued at $20,864,000 after buying an additional 109,630 shares during the period. Finally, JPMorgan Chase & Co. boosted its holdings in Blackbaud by 44.3% during the fourth quarter. JPMorgan Chase & Co. now owns 325,637 shares of the technology company's stock worth $24,071,000 after buying an additional 100,003 shares during the last quarter. Institutional investors own 94.21% of the company's stock.

Blackbaud Trading Up 2.8%

Blackbaud stock traded up $1.73 during mid-day trading on Tuesday, hitting $63.96. 196,903 shares of the company's stock were exchanged, compared to its average volume of 240,618. The company's 50 day simple moving average is $62.24 and its 200-day simple moving average is $70.38. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 7.40. The firm has a market capitalization of $3.10 billion, a P/E ratio of -10.84 and a beta of 1.16. Blackbaud, Inc. has a fifty-two week low of $58.05 and a fifty-two week high of $88.95.

Blackbaud (NASDAQ:BLKB - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.06. Blackbaud had a positive return on equity of 26.30% and a negative net margin of 24.83%. The company had revenue of $270.66 million during the quarter, compared to the consensus estimate of $268.53 million. During the same period in the prior year, the company earned $0.93 earnings per share. The company's revenue for the quarter was down 3.1% compared to the same quarter last year. On average, equities analysts anticipate that Blackbaud, Inc. will post 3.05 earnings per share for the current year.

Insider Activity

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 now owns 23,799 shares of the company's stock, valued at approximately $1,455,308.85. This trade represents a 31.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Chad Anderson sold 5,500 shares of the business's 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 now owns 35,976 shares in the company, valued at $2,302,104.24. The trade was a 13.26% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.95% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on BLKB. Stifel Nicolaus decreased their target price on Blackbaud from $75.00 to $65.00 and set a "hold" rating for the company in a research report on Thursday, May 1st. Robert W. Baird reduced 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. Four research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Blackbaud presently has a consensus rating of "Hold" and an average target price of $78.67.

Blackbaud Company 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.