Millennium Management LLC Buys 60,702 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

Millennium Management LLC lifted its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 2,240.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 63,411 shares of the technology company’s stock after acquiring an additional 60,702 shares during the quarter. Millennium Management LLC’s holdings in Blackbaud were worth $4,830,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Mcmorgan & Co. LLC grew its stake in Blackbaud by 4.9% in the second quarter. Mcmorgan & Co. LLC now owns 62,751 shares of the technology company’s stock valued at $4,780,000 after acquiring an additional 2,957 shares during the period. Deerfield Management Company L.P. Series C bought a new stake in shares of Blackbaud in the second quarter valued at $372,000. Squarepoint Ops LLC bought a new stake in shares of Blackbaud in the second quarter valued at $1,048,000. Sei Investments Co. raised its stake in shares of Blackbaud by 182.1% during the 2nd quarter. Sei Investments Co. now owns 28,558 shares of the technology company’s stock valued at $2,175,000 after purchasing an additional 18,436 shares during the period. Finally, Intech Investment Management LLC bought a new stake in shares of Blackbaud during the 2nd quarter valued at $646,000. 94.21% of the stock is currently owned by institutional investors.

Blackbaud Stock Performance

Blackbaud stock opened at $83.52 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.73. The company has a market capitalization of $4.31 billion, a P/E ratio of 203.71 and a beta of 1.02. The stock’s 50 day moving average is $81.29 and its 200 day moving average is $78.48. Blackbaud, Inc. has a twelve month low of $64.32 and a twelve month high of $88.56.

Blackbaud (NASDAQ:BLKB) last issued its earnings results on Tuesday, July 30th. The technology company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.04 by $0.04. The business had revenue of $287.29 million for the quarter, compared to the consensus estimate of $289.26 million. Blackbaud had a return on equity of 18.54% and a net margin of 3.64%. The company’s revenue was up 6.0% compared to the same quarter last year. During the same period last year, the business posted $0.49 EPS. On average, equities research analysts predict that Blackbaud, Inc. will post 2.45 earnings per share for the current fiscal year.

Blackbaud declared that its Board of Directors has initiated a stock buyback plan on Tuesday, July 30th that allows the company to buyback $800.00 million in shares. This buyback authorization allows the technology company to reacquire up to 18.1% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Blackbaud

In related news, EVP Kevin Mcdearis sold 2,261 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $85.12, for a total value of $192,456.32. Following the transaction, the executive vice president now directly owns 60,129 shares of the company’s stock, valued at approximately $5,118,180.48. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Sarah E. Nash sold 3,220 shares of Blackbaud stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $76.18, for a total value of $245,299.60. Following the sale, the director now directly owns 26,823 shares of the company’s stock, valued at approximately $2,043,376.14. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Kevin Mcdearis sold 2,261 shares of Blackbaud stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $85.12, for a total value of $192,456.32. Following the completion of the transaction, the executive vice president now owns 60,129 shares of the company’s stock, valued at approximately $5,118,180.48. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 55,409 shares of company stock worth $4,483,193 in the last ninety days. Insiders own 1.95% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Evercore ISI upgraded Blackbaud to a “hold” rating in a research report on Thursday, August 1st. Stifel Nicolaus increased their target price on Blackbaud from $80.00 to $85.00 and gave the company a “hold” rating in a report on Thursday, September 26th. Raymond James dropped their target price on Blackbaud from $98.00 to $95.00 and set an “outperform” rating for the company in a report on Monday, October 7th. Finally, Robert W. Baird upped their price target on Blackbaud from $88.00 to $92.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Blackbaud has an average rating of “Moderate Buy” and an average target price of $90.67.

About Blackbaud

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.