Fmr LLC Sells 71,472 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

FMR LLC reduced its holdings in shares of Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 22.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 248,934 shares of the technology company's stock after selling 71,472 shares during the quarter. FMR LLC owned approximately 0.49% of Blackbaud worth $21,080,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quest Partners LLC grew its stake in shares of Blackbaud by 2,950.0% in the second quarter. Quest Partners LLC now owns 427 shares of the technology company's stock valued at $33,000 after buying an additional 413 shares in the last quarter. DT Investment Partners LLC bought a new position in shares of Blackbaud in the second quarter valued at $33,000. Blue Trust Inc. grew its stake in shares of Blackbaud by 190.4% in the third quarter. Blue Trust Inc. now owns 1,597 shares of the technology company's stock valued at $135,000 after buying an additional 1,047 shares in the last quarter. Meeder Asset Management Inc. acquired a new stake in Blackbaud during the 3rd quarter valued at $142,000. Finally, Legacy Capital Wealth Partners LLC bought a new position in Blackbaud during the second quarter worth $201,000. 94.21% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BLKB has been the topic of several research analyst reports. Baird R W cut shares of Blackbaud from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 31st. Stifel Nicolaus increased their price target on shares of Blackbaud from $80.00 to $85.00 and gave the company a "hold" rating in a report on Thursday, September 26th. Raymond James lowered their price target on shares of Blackbaud from $98.00 to $95.00 and set an "outperform" rating on the stock in a report on Monday, October 7th. Finally, Robert W. Baird lowered shares of Blackbaud from an "outperform" rating to a "neutral" rating and decreased their target price for the stock from $92.00 to $80.00 in a research report on Thursday, October 31st. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Blackbaud currently has an average rating of "Hold" and a consensus price target of $86.67.

Insider Activity at Blackbaud

In related news, CEO Michael P. Gianoni sold 12,325 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $83.25, for a total value of $1,026,056.25. Following the completion of the transaction, the chief executive officer now owns 389,539 shares of the company's stock, valued at $32,429,121.75. This represents a 3.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Sarah E. Nash sold 1,600 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $83.46, for a total transaction of $133,536.00. Following the completion of the transaction, the director now directly owns 22,123 shares of the company's stock, valued at approximately $1,846,385.58. The trade was a 6.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,394 shares of company stock valued at $4,373,270 in the last quarter. Insiders own 1.95% of the company's stock.

Blackbaud Price Performance

Shares of NASDAQ BLKB traded up $2.10 during trading hours on Tuesday, hitting $80.23. 154,919 shares of the stock were exchanged, compared to its average volume of 231,147. The company has a debt-to-equity ratio of 1.79, a quick ratio of 0.68 and a current ratio of 0.68. The company has a market cap of $4.07 billion, a PE ratio of 76.12 and a beta of 1.06. The company's fifty day simple moving average is $83.30 and its two-hundred day simple moving average is $80.47. Blackbaud, Inc. has a 1-year low of $66.47 and a 1-year high of $88.95.

Blackbaud (NASDAQ:BLKB - Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The technology company reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.08). The firm had revenue of $286.70 million for the quarter, compared to analyst estimates of $293.74 million. Blackbaud had a return on equity of 20.34% and a net margin of 4.61%. The business's revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.65 EPS. On average, sell-side analysts predict that Blackbaud, Inc. will post 2.6 EPS for the current year.

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.