Bank of New York Mellon Corp Purchases 123,670 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

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Bank of New York Mellon Corp grew its position in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 17.9% in the 1st quarter, HoldingsChannel reports. The fund owned 815,202 shares of the technology company’s stock after buying an additional 123,670 shares during the period. Bank of New York Mellon Corp’s holdings in Blackbaud were worth $45,284,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in BLKB. Clean Yield Group bought a new stake in shares of Blackbaud during the first quarter valued at approximately $25,000. Great Diamond Partners LLC bought a new stake in shares of Blackbaud during the fourth quarter valued at approximately $67,000. Smithfield Trust Co. increased its holdings in shares of Blackbaud by 47.0% during the first quarter. Smithfield Trust Co. now owns 1,474 shares of the technology company’s stock valued at $82,000 after acquiring an additional 471 shares in the last quarter. Advisor Group Inc. increased its holdings in shares of Blackbaud by 21.6% during the fourth quarter. Advisor Group Inc. now owns 1,503 shares of the technology company’s stock valued at $120,000 after acquiring an additional 267 shares in the last quarter. Finally, Vestmark Advisory Solutions Inc. bought a new stake in shares of Blackbaud during the first quarter valued at approximately $204,000.

BLKB stock opened at $56.65 on Friday. The stock’s fifty day simple moving average is $51.79 and its two-hundred day simple moving average is $69.44. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 1.61. Blackbaud, Inc. has a 1-year low of $38.22 and a 1-year high of $97.35. The stock has a market cap of $2.80 billion, a P/E ratio of 153.11, a P/E/G ratio of 11.54 and a beta of 1.10.

Blackbaud (NASDAQ:BLKB) last posted its quarterly earnings data on Tuesday, May 5th. The technology company reported $0.51 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.46 by $0.05. Blackbaud had a return on equity of 15.99% and a net margin of 1.95%. The business had revenue of $223.62 million for the quarter, compared to analysts’ expectations of $221.97 million. During the same quarter in the previous year, the firm earned $0.51 earnings per share. The business’s revenue was up 3.6% on a year-over-year basis. As a group, analysts forecast that Blackbaud, Inc. will post 1.14 earnings per share for the current fiscal year.

Several research firms have recently commented on BLKB. DA Davidson decreased their price objective on Blackbaud from $89.00 to $50.00 and set a “neutral” rating for the company in a report on Tuesday, April 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Blackbaud in a research report on Wednesday, May 6th. BTIG Research assumed coverage on Blackbaud in a research report on Thursday, April 16th. They set a “neutral” rating on the stock. ValuEngine cut Blackbaud from a “buy” rating to a “hold” rating in a research report on Friday, April 17th. Finally, BidaskClub raised Blackbaud from a “strong sell” rating to a “sell” rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. Blackbaud presently has a consensus rating of “Hold” and a consensus target price of $80.75.

About Blackbaud

Blackbaud, Inc provides cloud software solutions to nonprofits, foundations, companies, education institutions, healthcare organizations, individual change agents, and other charitable giving entities. The company offers fundraising and relationship management solutions and services, including Blackbaud Raiser's Edge NXT, Blackbaud CRM, Blackbaud Luminate CRM, Blackbaud eTapestry, Blackbaud TeamRaiser, everydayhero, Blackbaud Peer-to-Peer Fundraising, and Blackbaud Guided Fundraising; and marketing and engagement solutions, such as Blackbaud Luminate Online, Blackbaud Online Express, Blackbaud NetCommunity, Blackbaud Attentive.ly, and Blackbaud School Website System.

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Institutional Ownership by Quarter for Blackbaud (NASDAQ:BLKB)

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