Raymond James Financial Inc. Makes New Investment in Blackbaud, Inc. (NASDAQ:BLKB)

Raymond James Financial Inc. purchased a new position in Blackbaud, Inc. (NASDAQ:BLKB) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 88,554 shares of the technology company’s stock, valued at approximately $6,546,000. Raymond James Financial Inc. owned about 0.18% of Blackbaud as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. State Street Corp lifted its stake in Blackbaud by 3.5% in the third quarter. State Street Corp now owns 1,647,284 shares of the technology company’s stock worth $139,492,000 after purchasing an additional 56,090 shares during the last quarter. ArrowMark Colorado Holdings LLC lifted its stake in Blackbaud by 22.5% in the third 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. Bank of New York Mellon Corp lifted its stake in Blackbaud by 41.0% in the fourth quarter. Bank of New York Mellon Corp now owns 482,561 shares of the technology company’s stock worth $35,671,000 after purchasing an additional 140,273 shares during the last quarter. Wellington Management Group LLP lifted its stake in Blackbaud by 56.0% in the third quarter. Wellington Management Group LLP now owns 429,051 shares of the technology company’s stock worth $36,332,000 after purchasing an additional 154,019 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Blackbaud by 0.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 412,673 shares of the technology company’s stock valued at $30,505,000 after acquiring an additional 2,298 shares during the last quarter. 94.21% of the stock is owned by institutional investors.

Blackbaud Price Performance

Shares of NASDAQ BLKB opened at $63.13 on Monday. Blackbaud, Inc. has a 1 year low of $62.76 and a 1 year high of $88.95. The company has a debt-to-equity ratio of 7.40, a current ratio of 0.78 and a quick ratio of 0.68. The company’s 50-day moving average is $72.02 and its 200 day moving average is $78.16. The stock has a market capitalization of $3.11 billion, a P/E ratio of -10.70 and a beta of 1.08.

Blackbaud (NASDAQ:BLKB) last announced its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.58 earnings per share (EPS) 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 company had revenue of $302.23 million for the quarter, compared to analysts’ expectations of $303.41 million. On average, sell-side analysts expect that Blackbaud, Inc. will post 3.05 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird lowered their price objective on shares of Blackbaud from $80.00 to $76.00 and set a “neutral” rating for the company 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 stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price 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.