Wedge Capital Management L L P NC Makes New Investment in Blackbaud, Inc. (NASDAQ:BLKB)

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

Several other institutional investors have also added to or reduced their stakes in BLKB. 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 worth $43,000 after buying an additional 268 shares during the last quarter. Procyon Advisors LLC grew its holdings in shares of Blackbaud by 8.0% during the 1st quarter. Procyon Advisors LLC now owns 3,722 shares of the technology company's stock valued at $231,000 after purchasing an additional 275 shares during the last quarter. GAMMA Investing LLC increased its position in Blackbaud by 5,447.8% during the 1st quarter. GAMMA Investing LLC now owns 35,617 shares of the technology company's stock worth $2,210,000 after purchasing an additional 34,975 shares in the last quarter. Versant Capital Management Inc boosted its position 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 buying an additional 293 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Blackbaud by 20.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 97,573 shares of the technology company's stock worth $7,213,000 after buying an additional 16,890 shares during the last quarter. 94.21% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Chad Anderson sold 5,500 shares of Blackbaud stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $63.99, for a total value of $351,945.00. Following the completion of the transaction, the chief financial officer now owns 35,976 shares in the company, valued at approximately $2,302,104.24. The trade was a 13.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jon W. Olson sold 10,698 shares of the firm's 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 directly owns 23,799 shares of the company's stock, valued at $1,455,308.85. This represents a 31.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.97% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Robert W. Baird dropped their price objective on shares of Blackbaud from $80.00 to $76.00 and set a "neutral" rating for the company in a report on Wednesday, February 19th. 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 analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, Blackbaud presently has an average rating of "Hold" and an average target price of $78.67.

Blackbaud Price Performance

Shares of Blackbaud stock traded down $0.69 during trading on Friday, hitting $60.60. 229,799 shares of the stock traded hands, compared to its average volume of 240,670. The stock has a market cap of $2.94 billion, a price-to-earnings ratio of -10.27 and a beta of 1.14. 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. The firm's fifty day moving average is $62.35 and its 200-day moving average is $69.19.

Blackbaud (NASDAQ:BLKB - Get Free Report) last posted 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. The firm had revenue of $270.66 million during the quarter, compared to analysts' expectations of $268.53 million. Blackbaud had a negative net margin of 24.83% and a positive return on equity of 26.30%. The company's quarterly revenue was down 3.1% compared to the same quarter last year. During the same period last year, the company posted $0.93 EPS. Research analysts expect that Blackbaud, Inc. will post 3.05 EPS for the current fiscal year.

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.