Raymond James Financial Inc. Invests $6.55 Million in Blackbaud, Inc. (NASDAQ:BLKB)

Raymond James Financial Inc. acquired a new stake in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 88,554 shares of the technology company's stock, valued at approximately $6,546,000. Raymond James Financial Inc. owned 0.18% of Blackbaud as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Teachers Retirement System of The State of Kentucky grew its stake in shares of Blackbaud by 52.0% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 56,336 shares of the technology company's stock worth $4,770,000 after purchasing an additional 19,270 shares during the period. Entropy Technologies LP purchased a new stake in Blackbaud during the fourth quarter worth $377,000. JPMorgan Chase & Co. grew its position in Blackbaud by 3.2% during the third quarter. JPMorgan Chase & Co. now owns 225,634 shares of the technology company's stock valued at $19,107,000 after buying an additional 7,097 shares during the period. Tributary Capital Management LLC raised its position in shares of Blackbaud by 1.3% in the fourth quarter. Tributary Capital Management LLC now owns 293,148 shares of the technology company's stock worth $21,670,000 after acquiring an additional 3,739 shares during the period. Finally, Simcoe Capital Management LLC acquired a new position in shares of Blackbaud in the third quarter worth about $5,987,000. Hedge funds and other institutional investors own 94.21% of the company's stock.

Blackbaud Price Performance

Shares of BLKB traded up $0.01 during mid-day trading on Thursday, hitting $62.32. 294,020 shares of the company were exchanged, compared to its average volume of 224,990. The stock has a market cap of $3.07 billion, a price-to-earnings ratio of -10.56 and a beta of 1.08. Blackbaud, Inc. has a 1-year low of $61.23 and a 1-year high of $88.95. The company has a 50 day moving average of $71.22 and a 200-day moving average of $77.77. The company has a debt-to-equity ratio of 7.40, a quick ratio of 0.68 and a current ratio of 0.78.

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

Analyst Upgrades and Downgrades

Separately, Robert W. Baird cut their price target on 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 given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $85.33.

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.