Comerica Bank Has $1.27 Million Holdings in Blackbaud, Inc. $BLKB

Key Points

• Comerica Bank increased its holdings in Blackbaud, Inc. by 40.4%, owning over $1.27 million worth of stock after acquiring additional shares during the first quarter.
• Wall Street analysts have raised Blackbaud's rating from "hold" to "buy," with a consensus price target of $78.67.
• Blackbaud reported a quarterly earnings per share (EPS) of $1.21, exceeding estimates, despite a 2.1% decline in year-over-year revenue.

Comerica Bank boosted its stake in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 40.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 20,485 shares of the technology company's stock after purchasing an additional 5,893 shares during the quarter. Comerica Bank's holdings in Blackbaud were worth $1,271,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Versant Capital Management Inc raised its stake in Blackbaud by 127.4% in the first quarter. Versant Capital Management Inc now owns 523 shares of the technology company's stock valued at $32,000 after purchasing an additional 293 shares in the last quarter. UMB Bank n.a. raised its stake in Blackbaud by 63.2% in the first quarter. UMB Bank n.a. now owns 692 shares of the technology company's stock valued at $43,000 after purchasing an additional 268 shares in the last quarter. KBC Group NV raised its stake in Blackbaud by 31.8% in the first quarter. KBC Group NV now owns 2,209 shares of the technology company's stock valued at $137,000 after purchasing an additional 533 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Blackbaud by 11.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,300 shares of the technology company's stock valued at $143,000 after purchasing an additional 231 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Blackbaud in the fourth quarter valued at about $216,000. Institutional investors and hedge funds own 94.21% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised Blackbaud from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. One investment analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $78.67.

Blackbaud Stock Down 0.3%

Shares of NASDAQ BLKB opened at $66.35 on Friday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 12.92. The company has a market cap of $3.22 billion, a price-to-earnings ratio of -11.48, a PEG ratio of 4.65 and a beta of 1.15. Blackbaud, Inc. has a 12 month low of $58.05 and a 12 month high of $88.95. The stock has a 50-day moving average price of $64.93 and a two-hundred day moving average price of $63.78.

Blackbaud (NASDAQ:BLKB - Get Free Report) last issued its earnings results on Wednesday, July 30th. The technology company reported $1.21 EPS for the quarter, topping the consensus estimate of $1.05 by $0.16. The firm had revenue of $281.38 million during the quarter, compared to the consensus estimate of $276.48 million. Blackbaud had a positive return on equity of 61.72% and a negative net margin of 24.82%.The business's quarterly revenue was down 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.08 earnings per share. Blackbaud has set its FY 2025 guidance at 4.300-4.500 EPS. As a group, analysts forecast that Blackbaud, Inc. will post 3.05 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Rupal S. Hollenbeck sold 2,500 shares of the business's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $63.98, for a total transaction of $159,950.00. Following the sale, the director directly owned 7,966 shares in the company, valued at approximately $509,664.68. The trade was a 23.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Kevin P. Gregoire sold 8,000 shares of the business's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $72.67, for a total value of $581,360.00. Following the sale, the executive vice president owned 111,156 shares in the company, valued at approximately $8,077,706.52. This trade represents a 6.71% 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.

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.

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