PNC Financial Services Group Inc. Cuts Stake in Blackbaud, Inc. (NASDAQ:BLKB)

PNC Financial Services Group Inc. reduced its stake in Blackbaud, Inc. (NASDAQ:BLKB) by 6.5% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 5,716 shares of the technology company’s stock after selling 400 shares during the period. PNC Financial Services Group Inc.’s holdings in Blackbaud were worth $496,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Operose Advisors LLC purchased a new position in shares of Blackbaud in the 3rd quarter worth about $25,000. GAMMA Investing LLC purchased a new position in shares of Blackbaud in the 4th quarter worth about $64,000. Parallel Advisors LLC boosted its holdings in shares of Blackbaud by 303.3% in the 4th quarter. Parallel Advisors LLC now owns 734 shares of the technology company’s stock worth $64,000 after buying an additional 552 shares during the last quarter. AXS Investments LLC purchased a new position in shares of Blackbaud in the 4th quarter worth about $181,000. Finally, Envestnet Portfolio Solutions Inc. purchased a new position in shares of Blackbaud in the 4th quarter worth about $207,000. 94.21% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Blackbaud

In other news, EVP David J. Benjamin sold 1,768 shares of the company’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $77.50, for a total transaction of $137,020.00. Following the sale, the executive vice president now directly owns 57,739 shares in the company, valued at $4,474,772.50. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, EVP David J. Benjamin sold 16,700 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $77.81, for a total transaction of $1,299,427.00. Following the sale, the executive vice president now directly owns 74,458 shares in the company, valued at $5,793,576.98. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP David J. Benjamin sold 1,768 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $77.50, for a total value of $137,020.00. Following the sale, the executive vice president now owns 57,739 shares in the company, valued at $4,474,772.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 36,468 shares of company stock worth $2,858,894. Company insiders own 1.95% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised shares of Blackbaud from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th.

Blackbaud Trading Up 2.1 %

Shares of Blackbaud stock opened at $76.47 on Friday. Blackbaud, Inc. has a 52-week low of $64.32 and a 52-week high of $88.56. The stock’s 50-day simple moving average is $77.72 and its 200 day simple moving average is $77.84. The stock has a market capitalization of $3.95 billion, a P/E ratio of 186.52 and a beta of 1.03. The company has a debt-to-equity ratio of 1.91, a quick ratio of 0.67 and a current ratio of 0.67.

Blackbaud (NASDAQ:BLKB) last announced its quarterly earnings data on Tuesday, April 30th. The technology company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.03. Blackbaud had a return on equity of 16.66% and a net margin of 1.94%. The business had revenue of $279.25 million for the quarter, compared to analysts’ expectations of $282.22 million. As a group, research analysts anticipate that Blackbaud, Inc. will post 2.27 EPS for the current year.

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.