Blackbaud, Inc. (NASDAQ:BLKB) Shares Sold by Prudential Financial Inc.

Prudential Financial Inc. cut its holdings in shares of Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 62.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,540 shares of the technology company's stock after selling 10,936 shares during the period. Prudential Financial Inc.'s holdings in Blackbaud were worth $530,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in BLKB. State Street Corp lifted its holdings in Blackbaud by 3.5% in the third quarter. State Street Corp now owns 1,647,284 shares of the technology company's stock valued at $139,492,000 after acquiring an additional 56,090 shares during the period. Wellington Management Group LLP lifted its stake in shares of Blackbaud by 56.0% in the 3rd quarter. Wellington Management Group LLP now owns 429,051 shares of the technology company's stock valued at $36,332,000 after purchasing an additional 154,019 shares during the period. EP Wealth Advisors LLC purchased a new stake in Blackbaud during the third quarter worth $294,000. XTX Topco Ltd acquired a new stake in Blackbaud during the third quarter valued at $573,000. Finally, Barclays PLC increased its holdings in Blackbaud by 170.4% in the third quarter. Barclays PLC now owns 80,557 shares of the technology company's stock valued at $6,821,000 after buying an additional 50,765 shares in the last quarter. 94.21% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Blackbaud Price Performance

Shares of Blackbaud stock traded up $0.93 during mid-day trading on Friday, reaching $61.13. 250,087 shares of the stock traded hands, compared to its average volume of 235,174. The stock has a market capitalization of $3.01 billion, a PE ratio of -10.36 and a beta of 1.04. The business has a 50-day moving average of $66.83 and a 200 day moving average of $75.62. Blackbaud, Inc. has a fifty-two week low of $58.05 and a fifty-two week high of $88.95. 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 (NASDAQ:BLKB - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.58 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.50). Blackbaud had a negative net margin of 24.83% and a positive return on equity of 26.30%. The firm had revenue of $302.23 million during the quarter, compared to analyst estimates of $303.41 million. On average, analysts predict that Blackbaud, Inc. will post 3.05 EPS for the current year.

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.