Geode Capital Management LLC Cuts Stake in Blackbaud, Inc. (NASDAQ:BLKB)

Geode Capital Management LLC reduced its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 2.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 976,373 shares of the technology company’s stock after selling 20,341 shares during the quarter. Geode Capital Management LLC owned approximately 1.98% of Blackbaud worth $72,188,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Arrowstreet Capital Limited Partnership acquired a new stake in Blackbaud during the 4th quarter valued at approximately $6,077,000. Pictet Asset Management Holding SA lifted its stake in Blackbaud by 15.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 6,452 shares of the technology company’s stock valued at $477,000 after buying an additional 870 shares in the last quarter. Triodos Investment Management BV boosted its stake in shares of Blackbaud by 4.5% in the fourth quarter. Triodos Investment Management BV now owns 35,000 shares of the technology company’s stock worth $2,587,000 after acquiring an additional 1,500 shares during the last quarter. Norges Bank acquired a new stake in Blackbaud during the 4th quarter worth $34,168,000. Finally, JPMorgan Chase & Co. grew its stake in Blackbaud by 44.3% during the 4th quarter. JPMorgan Chase & Co. now owns 325,637 shares of the technology company’s stock valued at $24,071,000 after acquiring an additional 100,003 shares in the last quarter. 94.21% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Robert W. Baird cut their price target on shares of Blackbaud from $80.00 to $76.00 and set a “neutral” rating for the company in a report on Wednesday, February 19th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $85.33.

Blackbaud Price Performance

Shares of NASDAQ:BLKB opened at $61.13 on Friday. The firm has a market capitalization of $3.01 billion, a price-to-earnings ratio of -10.36 and a beta of 1.04. The company has a debt-to-equity ratio of 7.40, a current ratio of 0.78 and a quick ratio of 0.68. Blackbaud, Inc. has a 12 month low of $58.05 and a 12 month high of $88.95. The business’s 50 day simple moving average is $66.83 and its 200-day simple moving average is $75.68.

Blackbaud (NASDAQ:BLKB) last posted its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.58 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.50). The business had revenue of $302.23 million during the quarter, compared to analysts’ expectations of $303.41 million. Blackbaud had a negative net margin of 24.83% and a positive return on equity of 26.30%. As a group, equities analysts forecast that Blackbaud, Inc. will post 3.05 earnings per share for the current fiscal year.

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.