The Manufacturers Life Insurance Company Has $3.37 Million Holdings in Blackbaud, Inc. (NASDAQ:BLKB)

The Manufacturers Life Insurance Company lowered its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 4.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 45,560 shares of the technology company’s stock after selling 1,892 shares during the period. The Manufacturers Life Insurance Company’s holdings in Blackbaud were worth $3,368,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of BLKB. Norges Bank purchased a new position in Blackbaud during the fourth quarter worth about $34,168,000. Penn Capital Management Company LLC purchased a new position in shares of Blackbaud in the 4th quarter worth approximately $10,581,000. Bank of New York Mellon Corp increased its position in shares of Blackbaud by 41.0% during 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 acquiring an additional 140,273 shares during the last quarter. New York State Common Retirement Fund increased its position in shares of Blackbaud by 63.5% during the fourth quarter. New York State Common Retirement Fund now owns 282,250 shares of the technology company’s stock valued at $20,864,000 after acquiring an additional 109,630 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Blackbaud by 44.3% during the fourth quarter. JPMorgan Chase & Co. now owns 325,637 shares of the technology company’s stock worth $24,071,000 after acquiring an additional 100,003 shares during the period. 94.21% of the stock is owned by hedge funds and other institutional investors.

Blackbaud Stock Down 1.2 %

BLKB stock opened at $63.38 on Friday. Blackbaud, Inc. has a fifty-two week low of $58.05 and a fifty-two week high of $88.95. The stock has a fifty day moving average of $62.73 and a 200-day moving average of $72.75. The company has a market capitalization of $3.08 billion, a price-to-earnings ratio of -10.74 and a beta of 1.16. The company has a debt-to-equity ratio of 7.40, a quick ratio of 0.68 and a current ratio of 0.78.

Blackbaud (NASDAQ:BLKB) last posted its earnings results on Wednesday, April 30th. The technology company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.06. The firm had revenue of $270.66 million during the quarter, compared to the consensus estimate of $268.53 million. Blackbaud had a negative net margin of 24.83% and a positive return on equity of 26.30%. The company’s revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the company earned $0.93 earnings per share. As a group, equities research analysts predict that Blackbaud, Inc. will post 3.05 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on BLKB. Stifel Nicolaus lowered their target price on Blackbaud from $75.00 to $65.00 and set a “hold” rating on the stock in a research note on Thursday, May 1st. Robert W. Baird dropped their target price on shares of Blackbaud from $80.00 to $76.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 19th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Blackbaud presently has an average rating of “Hold” and an average target price of $78.67.

Insider Buying and Selling at Blackbaud

In related news, SVP Jon W. Olson sold 10,698 shares of the business’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $61.15, for a total transaction of $654,182.70. Following the sale, the senior vice president now directly owns 23,799 shares in the company, valued at approximately $1,455,308.85. The trade was a 31.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.95% of the company’s stock.

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.