Edgestream Partners L.P. Takes Position in Blackbaud, Inc. (NASDAQ:BLKB)

Edgestream Partners L.P. acquired a new stake in shares of Blackbaud, Inc. (NASDAQ:BLKB - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 11,110 shares of the technology company's stock, valued at approximately $689,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Blackbaud during the fourth quarter worth approximately $34,168,000. Penn Capital Management Company LLC acquired a new stake in shares of Blackbaud in the 4th quarter valued at $10,581,000. JPMorgan Chase & Co. raised its position in shares of 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 acquiring an additional 100,003 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Blackbaud during the fourth quarter valued at $6,546,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in Blackbaud in the fourth quarter valued at about $6,077,000. Institutional investors and hedge funds own 94.21% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Stifel Nicolaus reduced their price objective on shares of Blackbaud from $75.00 to $65.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, Blackbaud presently has an average rating of "Hold" and a consensus target price of $78.67.

Blackbaud Trading Up 1.6%

Shares of BLKB stock traded up $1.05 on Tuesday, hitting $65.23. The stock had a trading volume of 57,259 shares, compared to its average volume of 287,954. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 35.64. Blackbaud, Inc. has a twelve month low of $58.05 and a twelve month high of $88.95. The company has a fifty day moving average price of $63.28 and a two-hundred day moving average price of $66.51. The firm has a market cap of $3.16 billion, a P/E ratio of -11.06, a PEG ratio of 4.77 and a beta of 1.14.

Blackbaud (NASDAQ:BLKB - Get Free Report) last announced its earnings results on Wednesday, April 30th. The technology company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.90 by $0.06. Blackbaud had a negative net margin of 25.05% and a positive return on equity of 38.58%. The firm had revenue of $270.66 million for the quarter, compared to the consensus estimate of $268.53 million. During the same period last year, the company posted $0.93 EPS. The business's quarterly revenue was down 3.1% on a year-over-year basis. As a group, analysts forecast that Blackbaud, Inc. will post 3.05 earnings per share for the current fiscal year.

Insider Buying and Selling at Blackbaud

In other Blackbaud news, CFO Chad Anderson sold 5,500 shares of the 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 completion of the sale, the chief financial officer owned 35,976 shares in the company, valued at $2,302,104.24. This trade represents a 13.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Jon W. Olson sold 10,698 shares of Blackbaud stock in a transaction dated Friday, May 2nd. The shares were sold at an average price of $61.15, for a total transaction of $654,182.70. Following the completion of the transaction, the senior vice president directly owned 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 disclosure for this sale can be found here. 1.97% of the stock is currently owned by insiders.

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.