Northern Trust Corp Trims Stock Position in Blackbaud, Inc. $BLKB

Key Points

• Northern Trust Corp has reduced its holdings in Blackbaud, Inc. by 2.9%, selling 20,242 shares, and now owns 673,335 shares valued at approximately $41.78 million.
• Blackbaud reported a Q2 EPS of $1.21, exceeding analysts' expectations, but its revenue declined by 2.1% year-over-year, totaling $281.38 million.
• Analysts have mixed ratings on Blackbaud, with a consensus price target of $78.67, following a recent downgrade by Stifel Nicolaus to a "hold" rating and an upgrade to "buy" by Wall Street Zen.

Northern Trust Corp reduced its position in shares of Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 2.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 673,335 shares of the technology company's stock after selling 20,242 shares during the quarter. Northern Trust Corp owned 1.39% of Blackbaud worth $41,780,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Versant Capital Management Inc raised its holdings in Blackbaud by 127.4% in the 1st quarter. Versant Capital Management Inc now owns 523 shares of the technology company's stock valued at $32,000 after acquiring an additional 293 shares during the last quarter. UMB Bank n.a. increased its holdings in Blackbaud by 63.2% in the 1st 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 during the last quarter. KBC Group NV boosted its position in Blackbaud by 31.8% in the 1st quarter. KBC Group NV now owns 2,209 shares of the technology company's stock valued at $137,000 after buying an additional 533 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of 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 worth $143,000 after acquiring an additional 231 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in shares of Blackbaud by 156.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,875 shares of the technology company's stock worth $213,000 after acquiring an additional 1,752 shares in the last quarter. Institutional investors and hedge funds own 94.21% of the company's stock.

Blackbaud Stock Performance

NASDAQ BLKB traded down $0.39 during trading on Tuesday, reaching $66.33. The company's stock had a trading volume of 71,139 shares, compared to its average volume of 298,440. The company has a debt-to-equity ratio of 12.92, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a market cap of $3.22 billion, a price-to-earnings ratio of -11.47, a P/E/G ratio of 4.66 and a beta of 1.15. Blackbaud, Inc. has a twelve month low of $58.05 and a twelve month high of $88.95. The business's fifty day moving average price is $64.81 and its 200-day moving average price is $63.84.

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

Insider Transactions at Blackbaud

In other news, EVP Kevin P. Gregoire sold 8,000 shares of the business's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $72.67, for a total transaction of $581,360.00. Following the transaction, the executive vice president directly owned 111,156 shares in the company, valued at $8,077,706.52. The trade was a 6.71% 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, 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 transaction, the director owned 7,966 shares in the company, valued at approximately $509,664.68. This trade represents a 23.89% 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.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of Blackbaud from a "hold" rating to a "buy" rating in a research note on Saturday, August 2nd. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $78.67.

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.