M&T Bank Corp Buys 11,591 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

M&T Bank Corp boosted its stake in Blackbaud, Inc. (NASDAQ:BLKB) by 85.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,193 shares of the technology company’s stock after purchasing an additional 11,591 shares during the period. M&T Bank Corp’s holdings in Blackbaud were worth $2,133,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in BLKB. ArrowMark Colorado Holdings LLC boosted its stake 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 buying an additional 235,859 shares during the last quarter. Wellington Management Group LLP boosted its position 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. Simcoe Capital Management LLC bought a new stake in shares of Blackbaud during the 3rd quarter valued at about $5,987,000. Kestrel Investment Management Corp bought a new stake in shares of Blackbaud during the 2nd quarter valued at about $4,795,000. Finally, Millennium Management LLC lifted its stake in shares of Blackbaud by 2,240.8% in the 2nd quarter. Millennium Management LLC now owns 63,411 shares of the technology company’s stock worth $4,830,000 after purchasing an additional 60,702 shares during the period. 94.21% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Michael P. Gianoni sold 12,325 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $83.25, for a total value of $1,026,056.25. Following the sale, the chief executive officer now directly owns 389,539 shares in the company, valued at approximately $32,429,121.75. The trade was a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Anthony W. Boor sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $84.85, for a total value of $848,500.00. Following the transaction, the chief financial officer now owns 140,262 shares of the company’s stock, valued at $11,901,230.70. This represents a 6.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 51,394 shares of company stock worth $4,373,270 over the last quarter. Insiders own 1.95% of the company’s stock.

Analyst Upgrades and Downgrades

BLKB has been the subject of several recent research reports. Robert W. Baird lowered shares of Blackbaud from an “outperform” rating to a “neutral” rating and cut their target price for the company from $92.00 to $80.00 in a research report on Thursday, October 31st. Raymond James cut their price objective on shares of Blackbaud from $98.00 to $95.00 and set an “outperform” rating for the company in a research report on Monday, October 7th. Stifel Nicolaus raised their target price on Blackbaud from $80.00 to $85.00 and gave the stock a “hold” rating in a report on Thursday, September 26th. Finally, Baird R W lowered Blackbaud from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 31st. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $86.67.

Blackbaud Stock Down 2.2 %

BLKB opened at $78.46 on Friday. Blackbaud, Inc. has a fifty-two week low of $66.47 and a fifty-two week high of $88.95. The company has a debt-to-equity ratio of 1.79, a quick ratio of 0.68 and a current ratio of 0.68. The stock has a market cap of $3.98 billion, a price-to-earnings ratio of 76.92 and a beta of 1.06. The firm’s fifty day moving average is $83.08 and its 200 day moving average is $80.49.

Blackbaud (NASDAQ:BLKB) last released its quarterly earnings data on Wednesday, October 30th. The technology company reported $0.99 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.08). The business had revenue of $286.70 million during the quarter, compared to the consensus estimate of $293.74 million. Blackbaud had a return on equity of 20.34% and a net margin of 4.61%. The business’s revenue was up 3.3% on a year-over-year basis. During the same period last year, the company earned $0.65 EPS. On average, sell-side analysts forecast that Blackbaud, Inc. will post 2.6 earnings per share for the current fiscal year.

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.