Glenmede Trust Co. NA Purchases 846 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

Glenmede Trust Co. NA grew its position in Blackbaud, Inc. (NASDAQ:BLKB) by 13.4% during the third quarter, HoldingsChannel reports. The firm owned 7,169 shares of the technology company’s stock after buying an additional 846 shares during the period. Glenmede Trust Co. NA’s holdings in Blackbaud were worth $607,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Great Lakes Advisors LLC bought a new stake in shares of Blackbaud in the 2nd quarter valued at $4,262,000. Kestrel Investment Management Corp bought a new position in Blackbaud during the second quarter worth $4,795,000. First Personal Financial Services bought a new position in Blackbaud during the second quarter worth $1,007,000. Millennium Management LLC boosted its stake in Blackbaud by 2,240.8% during the second quarter. Millennium Management LLC now owns 63,411 shares of the technology company’s stock worth $4,830,000 after acquiring an additional 60,702 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in Blackbaud by 20.4% during the third quarter. Allspring Global Investments Holdings LLC now owns 320,058 shares of the technology company’s stock worth $27,103,000 after acquiring an additional 54,138 shares in the last quarter. 94.21% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Robert W. Baird lowered shares of Blackbaud from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $92.00 to $80.00 in a research note on Thursday, October 31st. Raymond James cut their target price on shares of Blackbaud from $98.00 to $95.00 and set an “outperform” rating on the stock in a research note on Monday, October 7th. Baird R W lowered shares of Blackbaud from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 31st. Finally, Stifel Nicolaus increased their target price on shares of Blackbaud from $80.00 to $85.00 and gave the stock a “hold” rating in a research note on Thursday, September 26th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Blackbaud presently has a consensus rating of “Hold” and an average target price of $86.67.

Blackbaud Stock Performance

BLKB opened at $82.67 on Wednesday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.79. The company’s fifty day moving average price is $83.63 and its two-hundred day moving average price is $80.42. Blackbaud, Inc. has a 1-year low of $66.47 and a 1-year high of $88.95. The company has a market cap of $4.19 billion, a price-to-earnings ratio of 81.05 and a beta of 1.06.

Blackbaud (NASDAQ:BLKB) last released its quarterly earnings data on Wednesday, October 30th. The technology company reported $0.99 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.08). Blackbaud had a return on equity of 20.34% and a net margin of 4.61%. The business had revenue of $286.70 million for the quarter, compared to analyst estimates of $293.74 million. During the same quarter in the previous year, the company posted $0.65 EPS. The business’s quarterly revenue was up 3.3% on a year-over-year basis. On average, analysts expect that Blackbaud, Inc. will post 2.6 EPS for the current fiscal year.

Insider Activity

In other news, EVP Kevin Mcdearis sold 3,210 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $85.16, for a total value of $273,363.60. Following the completion of the sale, the executive vice president now owns 63,802 shares in the company, valued at $5,433,378.32. This represents a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Jon W. Olson sold 2,000 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $85.00, for a total transaction of $170,000.00. Following the completion of the sale, the senior vice president now owns 24,025 shares of the company’s stock, valued at approximately $2,042,125. This represents a 7.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,394 shares of company stock worth $4,373,270 over the last quarter. Insiders own 1.95% of the company’s stock.

About Blackbaud

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.