Blackbaud, Inc. (NASDAQ:BLKB) Shares Bought by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lifted its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 0.6% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,152 shares of the technology company’s stock after acquiring an additional 151 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Blackbaud were worth $2,045,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its position in Blackbaud by 1.3% during the first quarter. Vanguard Group Inc. now owns 5,646,203 shares of the technology company’s stock worth $418,609,000 after purchasing an additional 71,619 shares during the last quarter. Janus Henderson Group PLC raised its position in shares of Blackbaud by 1.9% in the 1st quarter. Janus Henderson Group PLC now owns 2,840,576 shares of the technology company’s stock worth $210,599,000 after buying an additional 53,057 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Blackbaud by 0.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,036,467 shares of the technology company’s stock valued at $78,949,000 after acquiring an additional 8,761 shares during the last quarter. Van Berkom & Associates Inc. boosted its holdings in Blackbaud by 1.6% in the second quarter. Van Berkom & Associates Inc. now owns 657,419 shares of the technology company’s stock valued at $50,076,000 after acquiring an additional 10,203 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Blackbaud by 11.8% during the second quarter. Bank of New York Mellon Corp now owns 431,841 shares of the technology company’s stock valued at $32,893,000 after acquiring an additional 45,549 shares during the period. 94.21% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Stifel Nicolaus raised their price objective on Blackbaud from $80.00 to $85.00 and gave the stock a “hold” rating in a report on Thursday, September 26th. Evercore ISI raised shares of Blackbaud to a “hold” rating in a research report on Thursday, August 1st. Raymond James decreased their price objective on shares of Blackbaud from $98.00 to $95.00 and set an “outperform” rating for the company in a research note on Monday, October 7th. Robert W. Baird downgraded shares of Blackbaud from an “outperform” rating to a “neutral” rating and cut their target price for the company from $92.00 to $80.00 in a research note on Thursday, October 31st. Finally, Baird R W cut shares of Blackbaud from a “strong-buy” rating to a “hold” rating in a research 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 stock. According to data from MarketBeat.com, Blackbaud has an average rating of “Hold” and an average target price of $86.67.

Insider Activity at Blackbaud

In related news, SVP Jon W. Olson sold 2,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $85.00, for a total value of $170,000.00. Following the completion of the sale, the senior vice president now owns 24,025 shares of the company’s stock, valued at $2,042,125. This represents a 7.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Kevin P. Gregoire sold 5,000 shares of the stock in a transaction on Friday, August 30th. The shares were sold at an average price of $84.00, for a total value of $420,000.00. Following the transaction, the chief operating officer now directly owns 105,715 shares of the company’s stock, valued at approximately $8,880,060. The trade was a 4.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 41,186 shares of company stock valued at $3,459,942 over the last three months. 1.95% of the stock is owned by insiders.

Blackbaud Stock Down 3.6 %

Shares of NASDAQ:BLKB opened at $81.00 on Friday. The company has a market capitalization of $4.11 billion, a price-to-earnings ratio of 79.41 and a beta of 1.03. The company has a 50 day moving average of $83.40 and a two-hundred day moving average of $79.89. Blackbaud, Inc. has a 52-week low of $66.47 and a 52-week high of $88.56. 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 (NASDAQ:BLKB) last released its quarterly earnings results 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). The firm had revenue of $286.70 million for the quarter, compared to analysts’ expectations of $293.74 million. Blackbaud had a return on equity of 20.34% and a net margin of 4.61%. The business’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period last year, the firm earned $0.65 EPS. As a group, analysts forecast that Blackbaud, Inc. will post 2.6 earnings per share for the current fiscal year.

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

Blackbaud 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.