Blackbaud, Inc. (NASDAQ:BLKB) Stock Holdings Lessened by Corebridge Financial Inc.

Corebridge Financial Inc. reduced its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 6.9% in the 4th quarter, HoldingsChannel.com reports. The firm owned 64,234 shares of the technology company’s stock after selling 4,742 shares during the quarter. Corebridge Financial Inc.’s holdings in Blackbaud were worth $4,748,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. LPL Financial LLC boosted its stake in shares of Blackbaud by 17.7% during the 4th quarter. LPL Financial LLC now owns 12,905 shares of the technology company’s stock valued at $954,000 after buying an additional 1,940 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in Blackbaud during the fourth quarter valued at $628,000. Sei Investments Co. grew its stake in Blackbaud by 1.7% in the fourth quarter. Sei Investments Co. now owns 26,898 shares of the technology company’s stock valued at $1,988,000 after purchasing an additional 450 shares in the last quarter. Quantbot Technologies LP acquired a new position in Blackbaud in the 4th quarter worth about $243,000. Finally, Xponance Inc. lifted its holdings in shares of Blackbaud by 2.4% during the 4th quarter. Xponance Inc. now owns 5,638 shares of the technology company’s stock valued at $417,000 after buying an additional 130 shares during the last quarter. 94.21% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird dropped their price objective on Blackbaud from $80.00 to $76.00 and set a “neutral” rating on the stock in a 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, Blackbaud has an average rating of “Hold” and an average target price of $85.33.

Blackbaud Price Performance

Shares of Blackbaud stock opened at $62.11 on Monday. The company has a current ratio of 0.78, a quick ratio of 0.68 and a debt-to-equity ratio of 7.40. The firm has a fifty day simple moving average of $70.60 and a 200-day simple moving average of $77.47. The stock has a market capitalization of $3.06 billion, a price-to-earnings ratio of -10.53 and a beta of 1.08. Blackbaud, Inc. has a 1-year low of $61.23 and a 1-year high of $88.95.

Blackbaud (NASDAQ:BLKB) last released its earnings results on Tuesday, February 18th. The technology company reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.50). The firm had revenue of $302.23 million for the quarter, compared to analyst estimates of $303.41 million. Blackbaud had a positive return on equity of 26.30% and a negative net margin of 24.83%. On average, sell-side analysts expect that Blackbaud, Inc. will post 3.05 earnings per share 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.