Resona Asset Management Co. Ltd. Purchases New Position in Blackbaud, Inc. (NASDAQ:BLKB)

Resona Asset Management Co. Ltd. purchased a new position in shares of Blackbaud, Inc. (NASDAQ:BLKB) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,956 shares of the technology company’s stock, valued at approximately $440,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BLKB. Vestcor Inc acquired a new stake in shares of Blackbaud during the 4th quarter valued at about $75,000. TD Private Client Wealth LLC boosted its position in Blackbaud by 42.0% during the third quarter. TD Private Client Wealth LLC now owns 1,174 shares of the technology company’s stock worth $99,000 after purchasing an additional 347 shares in the last quarter. KBC Group NV grew its holdings in Blackbaud by 33.9% in the fourth quarter. KBC Group NV now owns 1,676 shares of the technology company’s stock valued at $124,000 after purchasing an additional 424 shares during the period. Huntington National Bank increased its position in shares of Blackbaud by 13.9% in the fourth quarter. Huntington National Bank now owns 1,864 shares of the technology company’s stock valued at $138,000 after buying an additional 227 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in shares of Blackbaud by 20.9% during the 4th quarter. Blue Trust Inc. now owns 1,930 shares of the technology company’s stock worth $143,000 after buying an additional 333 shares during the period. Institutional investors and hedge funds own 94.21% of the company’s stock.

Blackbaud Trading Up 1.5 %

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

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

Analyst Upgrades and Downgrades

Separately, Robert W. Baird dropped their price target 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 research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $85.33.

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.