Wedge Capital Management L L P NC Purchases Shares of 26,505 Blackbaud, Inc. (NASDAQ:BLKB)

Wedge Capital Management L L P NC bought a new stake in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 26,505 shares of the technology company's stock, valued at approximately $1,645,000. Wedge Capital Management L L P NC owned about 0.05% of Blackbaud as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently made changes to their positions in BLKB. Versant Capital Management Inc increased its holdings in shares of Blackbaud by 127.4% during the 1st quarter. Versant Capital Management Inc now owns 523 shares of the technology company's stock worth $32,000 after acquiring an additional 293 shares during the last quarter. UMB Bank n.a. lifted its position in shares of Blackbaud by 63.2% during the 1st quarter. UMB Bank n.a. now owns 692 shares of the technology company's stock valued at $43,000 after acquiring an additional 268 shares during the period. Vestcor Inc acquired a new stake in Blackbaud during the fourth quarter worth about $75,000. Huntington National Bank increased its stake in Blackbaud by 13.9% in the fourth quarter. Huntington National Bank now owns 1,864 shares of the technology company's stock valued at $138,000 after acquiring an additional 227 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Blackbaud by 31.8% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,069 shares of the technology company's stock worth $154,000 after buying an additional 499 shares in the last quarter. Institutional investors own 94.21% of the company's stock.

Insiders Place Their Bets

In related news, CFO Chad Anderson sold 5,500 shares of Blackbaud 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 sale, the chief financial officer now owns 35,976 shares of the company's stock, valued at approximately $2,302,104.24. The trade was a 13.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Jon W. Olson sold 10,698 shares of Blackbaud stock in a transaction dated Friday, May 2nd. The stock was sold at an average price of $61.15, for a total value of $654,182.70. Following the completion of the sale, the senior vice president now directly 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 disclosure for this sale can be found here. Insiders own 1.97% of the company's stock.

Blackbaud Stock Down 1.1%

NASDAQ:BLKB traded down $0.69 on Friday, hitting $60.60. The stock had a trading volume of 229,799 shares, compared to its average volume of 240,602. The company has a market cap of $2.94 billion, a PE ratio of -10.27 and a beta of 1.14. The business's fifty day moving average is $62.35 and its 200 day moving average is $69.09. The company has a quick ratio of 0.68, a current ratio of 0.78 and a debt-to-equity ratio of 7.40. Blackbaud, Inc. has a 52 week low of $58.05 and a 52 week high of $88.95.

Blackbaud (NASDAQ:BLKB - Get Free Report) last posted its earnings results on Wednesday, April 30th. The technology company reported $0.96 earnings per share for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $268.53 million. During the same quarter last year, the company earned $0.93 earnings per share. The company's revenue for the quarter was down 3.1% on a year-over-year basis. On average, equities research analysts expect that Blackbaud, Inc. will post 3.05 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BLKB. Stifel Nicolaus cut their target price on shares of Blackbaud from $75.00 to $65.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Robert W. Baird decreased their price target on Blackbaud from $80.00 to $76.00 and set a "neutral" rating for the company in a report on Wednesday, February 19th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $78.67.

Blackbaud 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.