Blackbaud, Inc. (NASDAQ:BLKB) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lowered its position in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 0.6% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 50,145 shares of the technology company’s stock after selling 300 shares during the period. New York State Teachers Retirement System’s holdings in Blackbaud were worth $4,246,000 as of its most recent filing with the SEC.

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

Blackbaud Price Performance

Shares of BLKB opened at $83.46 on Thursday. The business’s 50-day moving average is $83.10 and its 200-day moving average is $79.56. The company has a debt-to-equity ratio of 1.79, a current ratio of 0.68 and a quick ratio of 0.68. The company has a market capitalization of $4.23 billion, a price-to-earnings ratio of 81.82 and a beta of 1.03. Blackbaud, Inc. has a fifty-two week low of $66.47 and a fifty-two week high of $88.56.

Blackbaud (NASDAQ:BLKB) last issued its earnings results on Wednesday, October 30th. The technology company reported $0.99 earnings per share (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 company had revenue of $286.70 million for the quarter, compared to analyst estimates of $293.74 million. During the same period last year, the business earned $0.65 EPS. The company’s quarterly revenue was up 3.3% on a year-over-year basis. Equities research analysts expect that Blackbaud, Inc. will post 2.45 EPS for the current fiscal year.

Blackbaud declared that its Board of Directors has approved a share buyback plan on Tuesday, July 30th that authorizes the company to buyback $800.00 million in outstanding shares. This buyback authorization authorizes the technology company to buy up to 18.1% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Blackbaud

In other news, COO Kevin P. Gregoire sold 7,333 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $77.65, for a total transaction of $569,407.45. Following the completion of the sale, the chief operating officer now directly owns 110,715 shares of the company’s stock, valued at $8,597,019.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, COO Kevin P. Gregoire sold 7,333 shares of the stock in a transaction on Thursday, August 15th. The shares were 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 in the company, valued at $8,597,019.75. This 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. Also, EVP Kevin Mcdearis sold 3,210 shares of the firm’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $85.16, for a total transaction of $273,363.60. Following the transaction, the executive vice president now owns 63,802 shares in the company, valued at $5,433,378.32. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 48,189 shares of company stock worth $3,933,893 over the last 90 days. 1.95% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

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

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.