Wellington Management Group LLP Trims Stake in Blackbaud, Inc. (NASDAQ:BLKB)

Wellington Management Group LLP lessened its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 55.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 192,337 shares of the technology company's stock after selling 236,714 shares during the period. Wellington Management Group LLP owned approximately 0.39% of Blackbaud worth $14,218,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in BLKB. Norges Bank purchased a new position in Blackbaud in the 4th quarter worth $34,168,000. Bank of New York Mellon Corp lifted its stake in Blackbaud by 41.0% in the 4th quarter. Bank of New York Mellon Corp now owns 482,561 shares of the technology company's stock valued at $35,671,000 after buying an additional 140,273 shares in the last quarter. New York State Common Retirement Fund boosted its stake in shares of Blackbaud by 63.5% in the fourth quarter. New York State Common Retirement Fund now owns 282,250 shares of the technology company's stock worth $20,864,000 after acquiring an additional 109,630 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Blackbaud by 44.3% during the fourth quarter. JPMorgan Chase & Co. now owns 325,637 shares of the technology company's stock worth $24,071,000 after acquiring an additional 100,003 shares during the last quarter. Finally, Calamos Advisors LLC acquired a new position in Blackbaud during the fourth quarter worth $6,745,000. Hedge funds and other institutional investors own 94.21% of the company's stock.

Blackbaud Stock Performance

Shares of NASDAQ:BLKB traded up $0.26 on Monday, reaching $61.39. The company's stock had a trading volume of 4,084 shares, compared to its average volume of 234,287. The company has a debt-to-equity ratio of 7.40, a current ratio of 0.78 and a quick ratio of 0.68. Blackbaud, Inc. has a 52-week low of $58.05 and a 52-week high of $88.95. The stock's 50-day moving average is $66.83 and its two-hundred day moving average is $75.62. The stock has a market capitalization of $3.02 billion, a P/E ratio of -10.41 and a beta of 1.04.

Blackbaud (NASDAQ:BLKB - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.58 earnings per share (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. As a group, sell-side analysts forecast that Blackbaud, Inc. will post 3.05 EPS for the current year.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird reduced their target price on shares of Blackbaud from $80.00 to $76.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 19th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Blackbaud has an average rating of "Hold" and an average 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.