Blackbaud, Inc. (NASDAQ:BLKB) Shares Purchased by M&T Bank Corp

M&T Bank Corp boosted its stake in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 85.2% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 25,193 shares of the technology company's stock after buying an additional 11,591 shares during the quarter. M&T Bank Corp's holdings in Blackbaud were worth $2,133,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the stock. Great Lakes Advisors LLC purchased a new stake in shares of Blackbaud during the second quarter worth about $4,262,000. Simcoe Capital Management LLC purchased a new stake in Blackbaud in the 3rd quarter worth approximately $5,987,000. Kestrel Investment Management Corp purchased a new stake in Blackbaud in the 2nd quarter worth approximately $4,795,000. First Personal Financial Services acquired a new position in Blackbaud in the 2nd quarter valued at $1,007,000. Finally, Millennium Management LLC lifted its stake in shares of Blackbaud by 2,240.8% during the 2nd quarter. Millennium Management LLC now owns 63,411 shares of the technology company's stock worth $4,830,000 after purchasing an additional 60,702 shares during the period. Institutional investors and hedge funds own 94.21% of the company's stock.

Insider Transactions at Blackbaud

In related news, CFO Anthony W. Boor sold 10,000 shares of the business's stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $84.85, for a total transaction of $848,500.00. Following the transaction, the chief financial officer now directly owns 140,262 shares of the company's stock, valued at approximately $11,901,230.70. The trade was a 6.66 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Michael P. Gianoni sold 12,325 shares of the company's stock in a transaction that occurred on Tuesday, November 19th. The stock was 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 approximately $32,429,121.75. This represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,394 shares of company stock valued at $4,373,270 over the last 90 days. Corporate insiders own 1.95% of the company's stock.

Blackbaud Trading Down 2.2 %

BLKB stock traded down $1.80 during trading on Friday, reaching $78.46. 145,304 shares of the stock traded hands, compared to its average volume of 229,942. The firm has a market capitalization of $3.98 billion, a PE ratio of 76.92 and a beta of 1.06. The company has a debt-to-equity ratio of 1.79, a current ratio of 0.68 and a quick ratio of 0.68. The business's 50 day moving average price is $83.08 and its 200-day moving average price is $80.51. Blackbaud, Inc. has a 52-week low of $66.47 and a 52-week high of $88.95.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on BLKB shares. Raymond James lowered their price objective on Blackbaud from $98.00 to $95.00 and set an "outperform" rating for the company in a research report on Monday, October 7th. Robert W. Baird cut Blackbaud from an "outperform" rating to a "neutral" rating and lowered their price target for the company from $92.00 to $80.00 in a report on Thursday, October 31st. Baird R W lowered shares of Blackbaud from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 31st. Finally, Stifel Nicolaus raised their target price on shares of Blackbaud from $80.00 to $85.00 and gave the stock a "hold" rating in a research report on Thursday, September 26th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $86.67.

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.