Principal Financial Group Inc. Sells 48,239 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

Principal Financial Group Inc. lowered its holdings in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 32.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 102,605 shares of the technology company's stock after selling 48,239 shares during the quarter. Principal Financial Group Inc. owned 0.20% of Blackbaud worth $8,689,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of BLKB. Quest Partners LLC lifted its position in Blackbaud by 2,950.0% during the second quarter. Quest Partners LLC now owns 427 shares of the technology company's stock valued at $33,000 after purchasing an additional 413 shares during the period. TD Private Client Wealth LLC lifted its holdings in shares of Blackbaud by 42.0% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,174 shares of the technology company's stock valued at $99,000 after buying an additional 347 shares during the period. Blue Trust Inc. boosted its stake in shares of Blackbaud by 190.4% in the 3rd quarter. Blue Trust Inc. now owns 1,597 shares of the technology company's stock worth $135,000 after buying an additional 1,047 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Blackbaud in the third quarter worth $142,000. Finally, Legacy Capital Wealth Partners LLC bought a new stake in shares of Blackbaud in the second quarter worth $201,000. Hedge funds and other institutional investors own 94.21% of the company's stock.

Blackbaud Stock Performance

Blackbaud stock traded up $0.12 during midday trading on Wednesday, hitting $73.92. The stock had a trading volume of 156,310 shares, compared to its average volume of 229,489. Blackbaud, Inc. has a 52-week low of $66.47 and a 52-week high of $88.95. The company has a market capitalization of $3.75 billion, a PE ratio of 72.47 and a beta of 1.06. The firm's fifty day moving average is $81.09 and its two-hundred day moving average is $80.38. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.79.

Blackbaud (NASDAQ:BLKB - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to analysts' expectations of $293.74 million. During the same period last year, the company earned $0.65 earnings per share. The business's revenue for the quarter was up 3.3% on a year-over-year basis. On average, research analysts forecast that Blackbaud, Inc. will post 2.6 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Raymond James dropped their target price on Blackbaud from $98.00 to $95.00 and set an "outperform" rating on the stock in a research report on Monday, October 7th. Stifel Nicolaus raised their price objective on shares of Blackbaud from $80.00 to $85.00 and gave the stock a "hold" rating in a report on Thursday, September 26th. Robert W. Baird cut shares of Blackbaud from an "outperform" rating to a "neutral" rating and reduced their target price for the company from $92.00 to $80.00 in a report on Thursday, October 31st. Finally, Baird R W cut shares of Blackbaud from a "strong-buy" rating to a "hold" rating in a research note on Thursday, October 31st. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Blackbaud currently has an average rating of "Hold" and a consensus price target of $86.67.

Insider Activity

In other news, CEO Michael P. Gianoni sold 12,325 shares of Blackbaud stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $83.25, for a total transaction of $1,026,056.25. Following the sale, the chief executive officer now owns 389,539 shares in the company, valued at $32,429,121.75. This trade represents a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Sarah E. Nash sold 3,100 shares of the company's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $83.98, for a total transaction of $260,338.00. Following the transaction, the director now owns 23,723 shares of the company's stock, valued at approximately $1,992,257.54. This represents a 11.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,923 shares of company stock worth $3,737,450 over the last ninety days. Corporate insiders own 1.95% of the company's stock.

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.