Allspring Global Investments Holdings LLC Sells 6,173 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

Allspring Global Investments Holdings LLC lessened its holdings in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 1.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 313,885 shares of the technology company’s stock after selling 6,173 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Blackbaud were worth $23,202,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. ArrowMark Colorado Holdings LLC raised its position in shares of Blackbaud by 22.5% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,283,473 shares of the technology company’s stock worth $108,684,000 after purchasing an additional 235,859 shares during the last quarter. Wellington Management Group LLP increased its stake in Blackbaud by 56.0% during the 3rd quarter. Wellington Management Group LLP now owns 429,051 shares of the technology company’s stock valued at $36,332,000 after purchasing an additional 154,019 shares in the last quarter. Calamos Advisors LLC bought a new position in shares of Blackbaud in the fourth quarter worth approximately $6,745,000. Simcoe Capital Management LLC purchased a new stake in shares of Blackbaud during the third quarter valued at approximately $5,987,000. Finally, State Street Corp grew its holdings in shares of Blackbaud by 3.5% during the third quarter. State Street Corp now owns 1,647,284 shares of the technology company’s stock valued at $139,492,000 after buying an additional 56,090 shares during the last quarter. 94.21% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Blackbaud

In other news, CEO Michael P. Gianoni sold 9,479 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $88.13, for a total transaction of $835,384.27. Following the completion of the sale, the chief executive officer now owns 344,079 shares of the company’s stock, valued at $30,323,682.27. This represents a 2.68 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Sarah E. Nash sold 1,600 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $83.46, for a total transaction of $133,536.00. Following the completion of the transaction, the director now directly owns 22,123 shares in the company, valued at approximately $1,846,385.58. The trade was a 6.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 34,204 shares of company stock valued at $2,909,997. 1.95% of the stock is owned by company insiders.

Analyst Ratings Changes

BLKB has been the topic of several analyst reports. Baird R W cut Blackbaud from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 31st. Robert W. Baird cut Blackbaud from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $92.00 to $80.00 in a research report on Thursday, October 31st. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, Blackbaud has a consensus rating of “Hold” and a consensus target price of $86.67.

Blackbaud Price Performance

NASDAQ BLKB opened at $79.88 on Friday. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of 78.31 and a beta of 1.08. Blackbaud, Inc. has a 1-year low of $66.47 and a 1-year high of $88.95. The company has a debt-to-equity ratio of 1.79, a current ratio of 0.68 and a quick ratio of 0.68. The business’s fifty day moving average price is $77.03 and its 200-day moving average price is $80.39.

Blackbaud 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.