SCHEDULE: Vanguard Group Discloses 9.91% Passive Stake in Blackbaud Inc.

The Vanguard Group has filed an amended Schedule 13G, reporting a 9.91% beneficial ownership stake in Blackbaud Inc., totaling 4,809,737 common shares as of June 30, 2025.

Summary

• The Vanguard Group holds 4,809,737 shares of Blackbaud Inc. common stock.
• This represents 9.91% of Blackbaud Inc.'s outstanding common stock.
• Vanguard has sole dispositive power over 4,719,675 shares and shared dispositive power over 90,062 shares.
• Vanguard has shared voting power over 41,792 shares and no sole voting power.
• This is Amendment No. 16 to a previous Schedule 13G filing by The Vanguard Group.
• The Vanguard Group certifies that the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Blackbaud Inc.

Sentiment

Score: 7

Explanation: The filing indicates a stable, significant passive investment by a major institutional holder, which is generally a positive signal for the company's stability and investor confidence, without any negative implications from the filing itself.

Positives

• The Vanguard Group, a prominent institutional investor, maintains a significant 9.91% stake in Blackbaud Inc., indicating continued confidence in the company.
• The filing confirms Vanguard's passive investment intent, suggesting stability in the shareholder base without immediate control-related concerns.

Negatives

• No specific negative financial or operational information is disclosed in this passive ownership filing.

Risks

• The filing itself does not detail specific operational or financial risks of Blackbaud Inc.
• The Vanguard Group explicitly states the shares were not acquired for the purpose of changing or influencing control, mitigating immediate shareholder activism risk from this party.

Future Outlook

Not applicable, as this filing is solely an ownership disclosure and does not provide forward-looking statements or guidance from the issuer.

Management Comments

• The Vanguard Group certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of or with the effect of changing or influencing the control of Blackbaud Inc.

Industry Context

This filing reflects a routine institutional ownership disclosure by a major asset manager, The Vanguard Group, in Blackbaud Inc., a company specializing in cloud software for social good organizations. It does not provide specific industry-wide insights beyond confirming continued institutional interest in the sector.

Comparison to Industry Standards

• This filing is an ownership disclosure and does not contain information for comparison to industry standards or specific comparable companies/projects.

Stakeholder Impact

• This filing primarily impacts shareholders by providing transparency on a significant institutional holding. It indicates continued institutional confidence, which may positively influence investor sentiment.

Next Steps

• No specific future actions or milestones for Blackbaud Inc. are mentioned in this ownership disclosure.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of a passive ownership stake by The Vanguard Group. It indicates that a major institutional investor maintains a significant position in Blackbaud Inc., suggesting continued confidence in the company's long-term prospects. However, the filing itself does not contain new financial or operational data that would warrant a change in investment thesis, thus a 'hold' recommendation is appropriate for existing investors, while new investors would need to conduct further due diligence beyond this ownership update.

Keywords

Blackbaud Inc., Vanguard Group, Schedule 13G, Common Stock, Institutional Ownership, Shareholding, Passive Investment, Investment Management