Teachers Retirement System of The State of Kentucky Has $4.77 Million Position in Blackbaud, Inc. (NASDAQ:BLKB)

Teachers Retirement System of The State of Kentucky grew its holdings in Blackbaud, Inc. (NASDAQ:BLKB) by 52.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 56,336 shares of the technology company’s stock after buying an additional 19,270 shares during the quarter. Teachers Retirement System of The State of Kentucky owned 0.11% of Blackbaud worth $4,770,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Great Lakes Advisors LLC acquired a new position in Blackbaud in the second quarter worth about $4,262,000. Simcoe Capital Management LLC acquired a new position in shares of Blackbaud in the 3rd quarter worth approximately $5,987,000. Kestrel Investment Management Corp bought a new position in shares of Blackbaud during the 2nd quarter worth approximately $4,795,000. First Personal Financial Services acquired a new stake in Blackbaud in the 2nd quarter valued at $1,007,000. Finally, Millennium Management LLC grew its position in Blackbaud by 2,240.8% in the second quarter. Millennium Management LLC now owns 63,411 shares of the technology company’s stock valued at $4,830,000 after acquiring an additional 60,702 shares during the period. 94.21% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on BLKB. Robert W. Baird cut Blackbaud from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $92.00 to $80.00 in a report on Thursday, October 31st. Stifel Nicolaus lifted their price target on shares of Blackbaud from $80.00 to $85.00 and gave the company a “hold” rating in a report on Thursday, September 26th. Raymond James decreased their price objective on shares of Blackbaud from $98.00 to $95.00 and set an “outperform” rating on the stock in a research note on Monday, October 7th. Finally, Baird R W cut shares of Blackbaud from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 31st. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Blackbaud presently has a consensus rating of “Hold” and a consensus target price of $86.67.

Insider Buying and Selling at Blackbaud

In related news, CFO Anthony W. Boor sold 10,000 shares of Blackbaud stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $84.85, for a total transaction of $848,500.00. Following the transaction, the chief financial officer now owns 140,262 shares of the company’s stock, valued at $11,901,230.70. This trade represents a 6.66 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael P. Gianoni sold 12,325 shares of the company’s stock in a transaction that occurred on 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. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 51,394 shares of company stock valued at $4,373,270. 1.95% of the stock is currently owned by insiders.

Blackbaud Stock Down 1.1 %

NASDAQ BLKB opened at $80.26 on Friday. The company has a debt-to-equity ratio of 1.79, a quick ratio of 0.68 and a current ratio of 0.68. Blackbaud, Inc. has a 52 week low of $66.47 and a 52 week high of $88.95. The stock has a market capitalization of $4.07 billion, a P/E ratio of 78.69 and a beta of 1.06. The stock has a fifty day moving average of $83.15 and a 200-day moving average of $80.48.

Blackbaud (NASDAQ:BLKB) last announced its quarterly earnings data 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). The firm had revenue of $286.70 million for the quarter, compared to the consensus estimate of $293.74 million. Blackbaud had a return on equity of 20.34% and a net margin of 4.61%. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.65 earnings per share. On average, equities research analysts forecast that Blackbaud, Inc. will post 2.6 EPS for the current year.

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.