PNC Financial Services Group Inc. Trims Holdings in Blackbaud, Inc. (NASDAQ:BLKB)

PNC Financial Services Group Inc. decreased its holdings in Blackbaud, Inc. (NASDAQ:BLKB) by 12.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,542 shares of the technology company’s stock after selling 925 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Blackbaud were worth $484,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. TD Private Client Wealth LLC raised its position in Blackbaud by 42.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,174 shares of the technology company’s stock valued at $99,000 after purchasing an additional 347 shares during the last quarter. KBC Group NV increased its stake in Blackbaud by 33.9% in the 4th quarter. KBC Group NV now owns 1,676 shares of the technology company’s stock valued at $124,000 after buying an additional 424 shares during the period. Meeder Asset Management Inc. acquired a new position in Blackbaud in the 3rd quarter valued at $142,000. Blue Trust Inc. increased its stake in Blackbaud by 20.9% in the 4th quarter. Blue Trust Inc. now owns 1,930 shares of the technology company’s stock valued at $143,000 after buying an additional 333 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new position in Blackbaud in the 4th quarter valued at $216,000. Hedge funds and other institutional investors own 94.21% of the company’s stock.

Blackbaud Stock Performance

Shares of BLKB opened at $64.63 on Thursday. 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, Inc. has a 1 year low of $62.99 and a 1 year high of $88.95. The stock has a market capitalization of $3.18 billion, a P/E ratio of -10.95 and a beta of 1.08. The company’s fifty day moving average is $72.48 and its two-hundred day moving average is $78.45.

Blackbaud (NASDAQ:BLKB) last posted 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 company had revenue of $302.23 million for the quarter, compared to analyst estimates of $303.41 million. On average, sell-side analysts predict that Blackbaud, Inc. will post 3.05 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird dropped their price objective 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 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 data from MarketBeat, Blackbaud has a consensus rating of “Hold” and a consensus target price of $85.33.

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.