State of Michigan Retirement System Sells 200 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

State of Michigan Retirement System decreased its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 1.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,872 shares of the technology company’s stock after selling 200 shares during the period. State of Michigan Retirement System’s holdings in Blackbaud were worth $1,270,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. US Bancorp DE lifted its position in Blackbaud by 59.3% during the first quarter. US Bancorp DE now owns 3,082 shares of the technology company’s stock valued at $220,000 after purchasing an additional 1,147 shares during the period. Janney Montgomery Scott LLC lifted its position in Blackbaud by 43.5% during the first quarter. Janney Montgomery Scott LLC now owns 7,549 shares of the technology company’s stock valued at $537,000 after purchasing an additional 2,289 shares during the period. Strs Ohio lifted its position in Blackbaud by 11.8% during the first quarter. Strs Ohio now owns 1,900 shares of the technology company’s stock valued at $135,000 after purchasing an additional 200 shares during the period. Grandfield & Dodd LLC lifted its position in Blackbaud by 6.0% during the first quarter. Grandfield & Dodd LLC now owns 97,313 shares of the technology company’s stock valued at $6,920,000 after purchasing an additional 5,535 shares during the period. Finally, Tributary Capital Management LLC bought a new position in Blackbaud during the first quarter valued at approximately $12,243,000. Institutional investors own 95.89% of the company’s stock.

Shares of NASDAQ BLKB opened at $69.67 on Tuesday. The firm has a fifty day moving average price of $70.34 and a 200-day moving average price of $64.55. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.67 and a quick ratio of 0.67. The stock has a market cap of $3.40 billion, a PE ratio of 148.24, a price-to-earnings-growth ratio of 7.76 and a beta of 1.20. Blackbaud, Inc. has a 1 year low of $46.86 and a 1 year high of $80.00.

Blackbaud (NASDAQ:BLKB) last announced its quarterly earnings data on Tuesday, April 27th. The technology company reported $0.68 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.62 by $0.06. The firm had revenue of $219.19 million during the quarter, compared to analysts’ expectations of $215.88 million. Blackbaud had a net margin of 2.49% and a return on equity of 17.03%. The company’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.51 earnings per share. On average, research analysts expect that Blackbaud, Inc. will post 1.58 EPS for the current year.

In other news, Director Joyce Nelson sold 2,000 shares of the stock in a transaction on Tuesday, February 23rd. The shares were sold at an average price of $71.74, for a total value of $143,480.00. Following the completion of the sale, the director now directly owns 18,012 shares of the company’s stock, valued at $1,292,180.88. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Michael P. Gianoni sold 23,000 shares of the stock in a transaction on Tuesday, February 23rd. The stock was sold at an average price of $71.53, for a total transaction of $1,645,190.00. Following the completion of the sale, the chief executive officer now directly owns 349,098 shares of the company’s stock, valued at $24,970,979.94. The disclosure for this sale can be found here. Over the last three months, insiders sold 59,579 shares of company stock valued at $4,257,067. Corporate insiders own 1.33% of the company’s stock.

A number of analysts have commented on BLKB shares. BTIG Research reaffirmed a “hold” rating on shares of Blackbaud in a report on Friday, April 30th. DA Davidson upped their target price on shares of Blackbaud from $56.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, March 4th. Zacks Investment Research cut shares of Blackbaud from a “hold” rating to a “strong sell” rating and set a $70.00 target price for the company. in a report on Wednesday, May 5th. Finally, Benchmark raised shares of Blackbaud from a “hold” rating to a “buy” rating and set a $88.00 target price for the company in a report on Wednesday, February 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. Blackbaud has an average rating of “Hold” and an average price target of $78.25.

Blackbaud Company Profile

Blackbaud, Inc provides cloud software solutions to nonprofits, foundations, companies, education institutions, healthcare organizations, and other social good entities in the United States and internationally. The company offers fundraising and relationship management solutions, such as Blackbaud Raiser's Edge NXT and Blackbaud CRM, Blackbaud TeamRaiser, Blackbaud Peer-to-Peer Fundraising, and Blackbaud Guided Fundraising and Blackbaud Volunteer Network Fundraising; marketing and engagement solutions, including Blackbaud Luminate Online, Blackbaud Luminate Advocacy, Blackbaud Online Express, and Blackbaud School Website System; and financial management solutions comprising Blackbaud Financial Edge NXT, Blackbaud Tuition Management, and Blackbaud Financial Aid Management.

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Institutional Ownership by Quarter for Blackbaud (NASDAQ:BLKB)

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