Corebridge Financial Inc. Reduces Position in Blackbaud, Inc. (NASDAQ:BLKB)

Corebridge Financial Inc. reduced its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 6.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 64,234 shares of the technology company's stock after selling 4,742 shares during the quarter. Corebridge Financial Inc. owned approximately 0.13% of Blackbaud worth $4,748,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. increased its holdings in Blackbaud by 0.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 410,375 shares of the technology company's stock worth $34,751,000 after purchasing an additional 2,934 shares during the period. Citigroup Inc. increased its stake in shares of Blackbaud by 37.8% during the third quarter. Citigroup Inc. now owns 72,036 shares of the technology company's stock valued at $6,100,000 after buying an additional 19,749 shares during the period. BNP Paribas Financial Markets raised its holdings in shares of Blackbaud by 17.3% in the third quarter. BNP Paribas Financial Markets now owns 23,948 shares of the technology company's stock valued at $2,028,000 after acquiring an additional 3,533 shares in the last quarter. Glenmede Trust Co. NA lifted its stake in Blackbaud by 13.4% in the third quarter. Glenmede Trust Co. NA now owns 7,169 shares of the technology company's stock worth $607,000 after acquiring an additional 846 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Blackbaud by 49.0% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 21,600 shares of the technology company's stock worth $1,829,000 after acquiring an additional 7,100 shares in the last quarter. 94.21% of the stock is currently owned by institutional investors.

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Blackbaud Stock Up 0.1 %

Shares of NASDAQ:BLKB traded up $0.06 during trading on Thursday, reaching $63.88. The stock had a trading volume of 109,105 shares, compared to its average volume of 233,825. The firm's 50-day simple moving average is $69.71 and its 200 day simple moving average is $77.09. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 7.40. Blackbaud, Inc. has a one year low of $60.68 and a one year high of $88.95. The company has a market capitalization of $3.15 billion, a P/E ratio of -10.83 and a beta of 1.08.

Blackbaud (NASDAQ:BLKB - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.50). The firm had revenue of $302.23 million during the quarter, compared to analysts' expectations of $303.41 million. Blackbaud had a positive return on equity of 26.30% and a negative net margin of 24.83%. As a group, research analysts expect that Blackbaud, Inc. will post 3.05 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird reduced their price objective on shares of Blackbaud from $80.00 to $76.00 and set a "neutral" rating for the company in a research note on Wednesday, February 19th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $85.33.

Blackbaud Company 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.