Morgan Stanley cut its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 37.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 140,551 shares of the technology company’s stock after selling 83,790 shares during the period. Morgan Stanley owned 0.30% of Blackbaud worth $10,776,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Blackbaud by 5.1% in the first quarter. Vanguard Group Inc. now owns 4,239,186 shares of the technology company’s stock worth $325,020,000 after buying an additional 205,672 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Blackbaud by 7.7% in the first quarter. Wellington Management Group LLP now owns 2,591,699 shares of the technology company’s stock worth $198,705,000 after buying an additional 184,366 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Blackbaud by 6.7% in the first quarter. JPMorgan Chase & Co. now owns 867,118 shares of the technology company’s stock worth $66,482,000 after buying an additional 54,237 shares in the last quarter. Conestoga Capital Advisors LLC increased its position in shares of Blackbaud by 4.4% in the first quarter. Conestoga Capital Advisors LLC now owns 734,887 shares of the technology company’s stock worth $56,344,000 after buying an additional 30,926 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Blackbaud by 0.3% in the first quarter. Principal Financial Group Inc. now owns 697,290 shares of the technology company’s stock worth $53,462,000 after buying an additional 1,833 shares in the last quarter.
Shares of Blackbaud, Inc. (NASDAQ BLKB) traded down 0.14% during mid-day trading on Friday, hitting $83.44. 144,899 shares of the stock traded hands. The stock has a 50-day moving average of $87.90 and a 200 day moving average of $80.60. The stock has a market cap of $3.89 billion, a PE ratio of 80.31 and a beta of 0.77. Blackbaud, Inc. has a one year low of $55.88 and a one year high of $93.81.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Monday, August 28th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.58%. The ex-dividend date of this dividend is Thursday, August 24th. Blackbaud’s dividend payout ratio (DPR) is currently 47.06%.
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A number of research analysts recently issued reports on the stock. B. Riley reiterated a “neutral” rating and issued a $78.00 price target on shares of Blackbaud in a research note on Monday, August 7th. Zacks Investment Research downgraded shares of Blackbaud from a “hold” rating to a “strong sell” rating in a research note on Monday, August 7th. Stifel Nicolaus lifted their price target on shares of Blackbaud from $79.00 to $83.00 and gave the stock a “buy” rating in a research note on Monday, May 1st. Finally, Benchmark Co. reiterated a “buy” rating and issued a $90.00 price target (up previously from $85.00) on shares of Blackbaud in a research note on Tuesday, May 2nd. Two research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $81.71.
In other news, EVP John J. Mistretta sold 3,693 shares of the stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $82.00, for a total transaction of $302,826.00. Following the completion of the transaction, the executive vice president now directly owns 86,278 shares in the company, valued at approximately $7,074,796. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Kevin W. Mooney sold 2,338 shares of the firm’s stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $88.00, for a total value of $205,744.00. Following the transaction, the executive vice president now owns 83,638 shares in the company, valued at $7,360,144. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,643 shares of company stock valued at $1,498,050. Company insiders own 2.74% of the company’s stock.
Blackbaud Company Profile
Blackbaud, Inc is a cloud software company. The Company offers a range of cloud and on-premise solutions, as well as a resource network that empowers and connects organizations of all sizes. Its segments include the General Markets Business Unit (the GMBU), the Enterprise Customer Business Unit (the ECBU) and the International Business Unit (the IBU).
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