Nisa Investment Advisors LLC Sells 2,890 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

Nisa Investment Advisors LLC cut its stake in Blackbaud, Inc. (NASDAQ:BLKB) by 51.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,690 shares of the technology company’s stock after selling 2,890 shares during the period. Nisa Investment Advisors LLC’s holdings in Blackbaud were worth $228,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. DT Investment Partners LLC acquired a new position in shares of Blackbaud during the second quarter valued at about $33,000. Quest Partners LLC raised its holdings in Blackbaud by 2,950.0% in the 2nd quarter. Quest Partners LLC now owns 427 shares of the technology company’s stock valued at $33,000 after acquiring an additional 413 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Blackbaud by 190.4% in the 3rd quarter. Blue Trust Inc. now owns 1,597 shares of the technology company’s stock worth $135,000 after acquiring an additional 1,047 shares during the period. EntryPoint Capital LLC grew its holdings in shares of Blackbaud by 447.8% during the 1st quarter. EntryPoint Capital LLC now owns 2,542 shares of the technology company’s stock worth $188,000 after purchasing an additional 2,078 shares in the last quarter. Finally, Legacy Capital Wealth Partners LLC bought a new stake in shares of Blackbaud during the second quarter valued at approximately $201,000. 94.21% of the stock is currently owned by institutional investors and hedge funds.

Blackbaud Stock Up 7.3 %

BLKB opened at $83.46 on Thursday. The firm has a market cap of $4.23 billion, a price-to-earnings ratio of 83.02 and a beta of 1.03. 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 firm’s 50-day simple moving average is $83.10 and its 200-day simple moving average is $79.56. Blackbaud, Inc. has a twelve month low of $66.47 and a twelve month high of $88.56.

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

Blackbaud declared that its board has initiated a stock buyback program on Tuesday, July 30th that authorizes the company to repurchase $800.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 18.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Blackbaud

In other news, COO Kevin P. Gregoire sold 7,333 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $77.65, for a total transaction of $569,407.45. Following the sale, the chief operating officer now owns 110,715 shares in the company, valued at approximately $8,597,019.75. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Blackbaud news, COO Kevin P. Gregoire sold 7,333 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $77.65, for a total transaction of $569,407.45. Following the transaction, the chief operating officer now owns 110,715 shares of the company’s stock, valued at approximately $8,597,019.75. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Jon W. Olson sold 3,603 shares of Blackbaud stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $77.90, for a total value of $280,673.70. Following the completion of the sale, the senior vice president now owns 26,025 shares of the company’s stock, valued at approximately $2,027,347.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 48,189 shares of company stock valued at $3,933,893 in the last three months. Corporate insiders own 1.95% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Evercore ISI raised Blackbaud to a “hold” rating in a research report on Thursday, August 1st. Baird R W downgraded shares of Blackbaud from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 31st. Robert W. Baird cut shares of Blackbaud from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $92.00 to $80.00 in a research note on Thursday, October 31st. Stifel Nicolaus raised their price target on shares of Blackbaud from $80.00 to $85.00 and gave the stock a “hold” rating in a research note on Thursday, September 26th. Finally, Raymond James decreased their price objective on Blackbaud from $98.00 to $95.00 and set an “outperform” rating on the stock in a report on Monday, October 7th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $86.67.

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.