Resona Asset Management Co. Ltd. Grows Stake in Blackbaud, Inc. $BLKB

Resona Asset Management Co. Ltd. grew its holdings in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 24.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,442 shares of the technology company’s stock after purchasing an additional 1,486 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Blackbaud were worth $478,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in Blackbaud in the second quarter worth about $33,000. Bank of New York Mellon Corp increased its holdings in shares of Blackbaud by 10.1% during the second quarter. Bank of New York Mellon Corp now owns 484,023 shares of the technology company’s stock valued at $31,079,000 after acquiring an additional 44,487 shares in the last quarter. Bank of Montreal Can raised its position in shares of Blackbaud by 5.4% in the 2nd quarter. Bank of Montreal Can now owns 14,907 shares of the technology company’s stock valued at $957,000 after purchasing an additional 765 shares during the last quarter. Kesler Norman & Wride LLC boosted its stake in Blackbaud by 3.2% in the 2nd quarter. Kesler Norman & Wride LLC now owns 11,863 shares of the technology company’s stock worth $762,000 after purchasing an additional 369 shares in the last quarter. Finally, Geneva Capital Management LLC grew its position in Blackbaud by 6.6% during the 2nd quarter. Geneva Capital Management LLC now owns 1,221,745 shares of the technology company’s stock worth $78,448,000 after purchasing an additional 75,675 shares during the last quarter. Institutional investors and hedge funds own 94.21% of the company’s stock.

Blackbaud Stock Up 0.1%

NASDAQ:BLKB opened at $58.78 on Wednesday. The company has a debt-to-equity ratio of 9.63, a current ratio of 0.69 and a quick ratio of 0.84. The company’s fifty day moving average price is $64.58 and its 200-day moving average price is $64.07. Blackbaud, Inc. has a 1-year low of $56.22 and a 1-year high of $88.95. The firm has a market capitalization of $2.81 billion, a P/E ratio of -11.30, a PEG ratio of 4.75 and a beta of 1.08.

Blackbaud (NASDAQ:BLKB) last posted its quarterly earnings results on Monday, March 4th. The technology company reported $0.68 EPS for the quarter. The company had revenue of $274.76 million for the quarter. Blackbaud had a negative net margin of 22.57% and a positive return on equity of 137.13%. As a group, equities research analysts anticipate that Blackbaud, Inc. will post 3.05 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on BLKB shares. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Blackbaud in a report on Wednesday, October 8th. Stifel Nicolaus set a $70.00 target price on Blackbaud in a research note on Wednesday, October 29th. Wall Street Zen raised Blackbaud from a “hold” rating to a “buy” rating in a research report on Sunday. Finally, Zacks Research upgraded Blackbaud from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 3rd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Blackbaud currently has an average rating of “Hold” and an average target price of $73.00.

Insider Activity

In other news, CEO Michael P. Gianoni sold 5,000 shares of the company’s stock in a transaction dated Thursday, November 6th. The stock was sold at an average price of $57.68, for a total value of $288,400.00. Following the sale, the chief executive officer owned 372,985 shares in the company, valued at $21,513,774.80. This represents a 1.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.97% of the stock is currently owned by company insiders.

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.