Blackbaud, Inc. (NASDAQ:BLKB) Shares Sold by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System lessened its stake in Blackbaud, Inc. (NASDAQ:BLKB) by 2.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 11,100 shares of the technology company’s stock after selling 300 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Blackbaud were worth $940,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Geneva Capital Management LLC raised its holdings in shares of Blackbaud by 12.7% in the 1st quarter. Geneva Capital Management LLC now owns 1,195,891 shares of the technology company’s stock valued at $88,663,000 after purchasing an additional 135,103 shares in the last quarter. Vanguard Group Inc. increased its holdings in Blackbaud by 1.3% in the first quarter. Vanguard Group Inc. now owns 5,646,203 shares of the technology company’s stock valued at $418,609,000 after buying an additional 71,619 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Blackbaud by 306.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 86,747 shares of the technology company’s stock valued at $6,245,000 after buying an additional 65,395 shares in the last quarter. Kestrel Investment Management Corp purchased a new stake in Blackbaud during the 2nd quarter worth about $4,795,000. Finally, Millennium Management LLC boosted its position in shares of Blackbaud by 2,240.8% during the 2nd quarter. Millennium Management LLC now owns 63,411 shares of the technology company’s stock worth $4,830,000 after acquiring an additional 60,702 shares in the last quarter. Hedge funds and other institutional investors own 94.21% of the company’s stock.

Blackbaud Stock Performance

Shares of BLKB opened at $77.72 on Monday. The company’s 50 day simple moving average is $83.30 and its 200-day simple moving average is $79.55. Blackbaud, Inc. has a 12-month low of $66.47 and a 12-month high of $88.56. The firm has a market cap of $3.94 billion, a PE ratio of 76.20 and a beta of 1.03. The company has a current ratio of 0.68, a quick ratio of 0.80 and a debt-to-equity ratio of 1.79.

Blackbaud (NASDAQ:BLKB) last posted its quarterly earnings data on Wednesday, October 30th. The technology company reported $0.99 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.08). Blackbaud had a net margin of 4.61% and a return on equity of 20.34%. The business had revenue of $286.70 million during the quarter, compared to analyst estimates of $293.74 million. During the same quarter in the prior year, the firm posted $0.65 earnings per share. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. As a group, equities analysts predict that Blackbaud, Inc. will post 2.45 EPS for the current year.

Blackbaud announced that its board has approved a stock repurchase plan on Tuesday, July 30th that allows the company to repurchase $800.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 18.1% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Robert W. Baird lowered Blackbaud from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $92.00 to $80.00 in a research report on Thursday. Raymond James reduced 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. Baird R W downgraded shares of Blackbaud from a “strong-buy” rating to a “hold” rating in a research report on Thursday. Stifel Nicolaus boosted their price target on shares of Blackbaud from $80.00 to $85.00 and gave the company a “hold” rating in a research report on Thursday, September 26th. Finally, Evercore ISI upgraded shares of Blackbaud to a “hold” rating in a research note on Thursday, August 1st. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $86.67.

Insider Buying and Selling at Blackbaud

In other Blackbaud news, EVP Kevin Mcdearis sold 18,996 shares of Blackbaud stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $83.00, for a total value of $1,576,668.00. Following the transaction, the executive vice president now directly owns 67,012 shares in the company, valued at approximately $5,561,996. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Blackbaud news, EVP Kevin Mcdearis sold 18,996 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $83.00, for a total transaction of $1,576,668.00. Following the completion of the transaction, the executive vice president now owns 67,012 shares in the company, valued at approximately $5,561,996. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sarah E. Nash sold 3,220 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $76.18, for a total transaction of $245,299.60. Following the transaction, the director now owns 26,823 shares in the company, valued at approximately $2,043,376.14. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 51,409 shares of company stock valued at $4,179,193 in the last ninety days. Insiders own 1.95% of the company’s stock.

Blackbaud 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.