Geneva Capital Management LLC Cuts Stock Position in Blackbaud, Inc. (NASDAQ:BLKB)

Geneva Capital Management LLC lessened its stake in Blackbaud, Inc. (NASDAQ:BLKB) by 1.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,157,387 shares of the technology company’s stock after selling 18,106 shares during the period. Blackbaud accounts for approximately 1.5% of Geneva Capital Management LLC’s investment portfolio, making the stock its 22nd largest holding. Geneva Capital Management LLC owned about 2.35% of Blackbaud worth $85,554,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Raymond James Financial Inc. purchased a new position in Blackbaud in the fourth quarter valued at about $6,546,000. Victory Capital Management Inc. grew its stake in Blackbaud by 3.6% in the fourth quarter. Victory Capital Management Inc. now owns 14,797 shares of the technology company’s stock valued at $1,094,000 after purchasing an additional 519 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Blackbaud by 0.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 412,673 shares of the technology company’s stock valued at $30,505,000 after purchasing an additional 2,298 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Blackbaud by 41.0% in the fourth quarter. Bank of New York Mellon Corp now owns 482,561 shares of the technology company’s stock valued at $35,671,000 after purchasing an additional 140,273 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in Blackbaud in the fourth quarter valued at about $216,000. Hedge funds and other institutional investors own 94.21% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird dropped their price target on Blackbaud from $80.00 to $76.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 19th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $85.33.

Blackbaud Price Performance

Shares of BLKB stock opened at $65.01 on Thursday. Blackbaud, Inc. has a fifty-two week low of $63.69 and a fifty-two week high of $88.95. The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of -11.02 and a beta of 1.08. The company has a debt-to-equity ratio of 7.40, a quick ratio of 0.68 and a current ratio of 0.78. The stock’s 50-day simple moving average is $74.67 and its 200-day simple moving average is $79.69.

Blackbaud (NASDAQ:BLKB) last issued its quarterly 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). Blackbaud had a positive return on equity of 26.30% and a negative net margin of 24.83%. The business had revenue of $302.23 million for the quarter, compared to analysts’ expectations of $303.41 million. As a group, equities analysts forecast that Blackbaud, Inc. will post 3.05 earnings per share for the current fiscal 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.