MetLife Investment Management LLC Lowers Stock Position in Blackbaud, Inc. (NASDAQ:BLKB)

MetLife Investment Management LLC decreased its position in Blackbaud, Inc. (NASDAQ:BLKB) by 3.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 43,297 shares of the technology company’s stock after selling 1,484 shares during the period. MetLife Investment Management LLC owned about 0.09% of Blackbaud worth $3,666,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of BLKB. Great Lakes Advisors LLC purchased a new position in shares of Blackbaud in the 2nd quarter valued at about $4,262,000. Kestrel Investment Management Corp purchased a new stake in shares of Blackbaud in the second quarter valued at approximately $4,795,000. First Personal Financial Services acquired a new position in shares of Blackbaud during the 2nd quarter worth approximately $1,007,000. Millennium Management LLC lifted 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 valued at $4,830,000 after buying an additional 60,702 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in Blackbaud by 20.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 320,058 shares of the technology company’s stock valued at $27,103,000 after acquiring an additional 54,138 shares during the period. Institutional investors and hedge funds own 94.21% of the company’s stock.

Insider Activity

In other news, Director Sarah E. Nash sold 3,100 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $83.98, for a total transaction of $260,338.00. Following the transaction, the director now owns 23,723 shares of the company’s stock, valued at approximately $1,992,257.54. The trade was a 11.56 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael P. Gianoni sold 12,325 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $83.25, for a total transaction of $1,026,056.25. Following the completion of the sale, the chief executive officer now directly owns 389,539 shares of the company’s stock, valued at $32,429,121.75. This represents a 3.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,394 shares of company stock worth $4,373,270 over the last ninety days. Corporate insiders own 1.95% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. 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. Robert W. Baird downgraded shares of Blackbaud from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $92.00 to $80.00 in a research report on Thursday, October 31st. Stifel Nicolaus raised their price target on shares of Blackbaud from $80.00 to $85.00 and gave the company a “hold” rating in a research note on Thursday, September 26th. Finally, Baird R W lowered Blackbaud from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Blackbaud has a consensus rating of “Hold” and a consensus target price of $86.67.

Blackbaud Price Performance

Blackbaud stock opened at $83.23 on Tuesday. The company has a fifty day simple moving average of $83.65 and a 200-day simple moving average of $80.39. The firm has a market capitalization of $4.22 billion, a price-to-earnings ratio of 81.60 and a beta of 1.03. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 1.79. Blackbaud, Inc. has a 52-week low of $66.47 and a 52-week high of $88.95.

Blackbaud (NASDAQ:BLKB) last announced its quarterly earnings data on Wednesday, October 30th. The technology company reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $293.74 million. During the same period in the prior year, the company posted $0.65 EPS. The firm’s revenue was up 3.3% on a year-over-year basis. On average, equities analysts anticipate that Blackbaud, Inc. will post 2.6 EPS for the current fiscal year.

Blackbaud Company 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.