Blackbaud, Inc. (NASDAQ:BLKB) Shares Sold by Retirement Systems of Alabama

Retirement Systems of Alabama cut its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 2.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,487 shares of the technology company’s stock after selling 1,400 shares during the quarter. Retirement Systems of Alabama’s holdings in Blackbaud were worth $4,106,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Arizona State Retirement System raised its stake in shares of Blackbaud by 1.2% in the second quarter. Arizona State Retirement System now owns 11,977 shares of the technology company’s stock worth $912,000 after purchasing an additional 137 shares during the last quarter. State of New Jersey Common Pension Fund D lifted its stake in Blackbaud by 0.6% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 24,152 shares of the technology company’s stock valued at $2,045,000 after acquiring an additional 151 shares during the period. Envestnet Portfolio Solutions Inc. boosted its holdings in shares of Blackbaud by 6.2% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 3,140 shares of the technology company’s stock valued at $239,000 after acquiring an additional 184 shares during the last quarter. Azzad Asset Management Inc. ADV increased its stake in shares of Blackbaud by 2.1% in the second quarter. Azzad Asset Management Inc. ADV now owns 11,164 shares of the technology company’s stock worth $850,000 after acquiring an additional 225 shares during the period. Finally, Inspire Investing LLC raised its holdings in shares of Blackbaud by 6.4% during the third quarter. Inspire Investing LLC now owns 4,879 shares of the technology company’s stock worth $413,000 after purchasing an additional 292 shares during the last quarter. Institutional investors and hedge funds own 94.21% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on BLKB shares. Baird R W downgraded Blackbaud from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 31st. Raymond James reduced their price target on Blackbaud from $98.00 to $95.00 and set an “outperform” rating for the company in a research report on Monday, October 7th. Robert W. Baird lowered Blackbaud from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $92.00 to $80.00 in a research report on Thursday, October 31st. Finally, Stifel Nicolaus lifted their target price on shares of Blackbaud from $80.00 to $85.00 and gave the company a “hold” rating in a report on Thursday, September 26th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Blackbaud has an average rating of “Hold” and an average target price of $86.67.

Blackbaud Stock Performance

NASDAQ BLKB opened at $76.19 on Friday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 1.79. Blackbaud, Inc. has a twelve month low of $66.47 and a twelve month high of $88.95. The stock has a 50-day moving average of $82.72 and a 200 day moving average of $80.45. The stock has a market capitalization of $3.86 billion, a price-to-earnings ratio of 74.70 and a beta of 1.06.

Blackbaud (NASDAQ:BLKB) last announced its earnings results 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 business had revenue of $286.70 million for the quarter, compared to analyst estimates of $293.74 million. During the same period in the previous year, the company earned $0.65 earnings per share. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. Sell-side analysts anticipate that Blackbaud, Inc. will post 2.6 EPS for the current fiscal year.

Insider Buying and Selling at Blackbaud

In related news, COO Kevin P. Gregoire sold 6,619 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $85.68, for a total transaction of $567,115.92. Following the completion of the sale, the chief operating officer now directly owns 99,096 shares in the company, valued at approximately $8,490,545.28. The trade was a 6.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sarah E. Nash sold 3,100 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $83.98, for a total value of $260,338.00. Following the completion of the transaction, the director now owns 23,723 shares in the company, valued at $1,992,257.54. The trade was a 11.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,923 shares of company stock valued at $3,737,450 over the last ninety days. Corporate insiders own 1.95% of the company’s stock.

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.