Blackbaud, Inc. $BLKB Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund lowered its stake in Blackbaud, Inc. (NASDAQ:BLKB) by 38.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 185,023 shares of the technology company’s stock after selling 115,314 shares during the period. New York State Common Retirement Fund’s holdings in Blackbaud were worth $11,899,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. TradeLink Capital LLC acquired a new position in shares of Blackbaud in the 3rd quarter valued at $700,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Blackbaud during the 3rd quarter valued at about $2,356,000. Campbell & CO Investment Adviser LLC increased its holdings in shares of Blackbaud by 27.7% in the third quarter. Campbell & CO Investment Adviser LLC now owns 6,498 shares of the technology company’s stock valued at $418,000 after purchasing an additional 1,408 shares during the period. Procyon Advisors LLC raised its stake in shares of Blackbaud by 12.8% in the third quarter. Procyon Advisors LLC now owns 4,084 shares of the technology company’s stock worth $263,000 after purchasing an additional 464 shares during the last quarter. Finally, Versant Capital Management Inc raised its stake in shares of Blackbaud by 68.3% in the third quarter. Versant Capital Management Inc now owns 786 shares of the technology company’s stock worth $51,000 after purchasing an additional 319 shares during the last quarter. 94.21% of the stock is owned by hedge funds and other institutional investors.

Blackbaud Stock Performance

Shares of BLKB stock opened at $52.36 on Tuesday. The company has a current ratio of 0.69, a quick ratio of 0.69 and a debt-to-equity ratio of 9.63. Blackbaud, Inc. has a 12-month low of $52.00 and a 12-month high of $81.39. The business’s 50 day moving average is $59.89 and its two-hundred day moving average is $62.59. The company has a market capitalization of $2.50 billion, a P/E ratio of -10.07, a P/E/G ratio of 1.98 and a beta of 1.10.

Insider Buying and Selling

In related news, CEO Michael P. Gianoni sold 5,000 shares of Blackbaud stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $57.68, for a total value of $288,400.00. Following the sale, the chief executive officer owned 372,985 shares of the company’s stock, valued at approximately $21,513,774.80. This trade represents a 1.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rupal S. Hollenbeck sold 1,600 shares of the business’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $56.49, for a total transaction of $90,384.00. Following the completion of the sale, the director directly owned 6,366 shares of the company’s stock, valued at approximately $359,615.34. The trade was a 20.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.97% of the company’s stock.

Analysts Set New Price Targets

BLKB has been the topic of several recent research reports. Wall Street Zen raised shares of Blackbaud from a “hold” rating to a “buy” rating in a report on Sunday, November 9th. Stifel Nicolaus set a $70.00 target price on shares of Blackbaud in a research report on Wednesday, October 29th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Blackbaud in a research report on Wednesday, January 21st. Finally, Zacks Research lowered Blackbaud from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 29th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Blackbaud currently has a consensus rating of “Reduce” and an average target price of $73.00.

Blackbaud Profile

Blackbaud, Inc is a leading provider of cloud software, services and data intelligence solutions designed specifically for the social good community. The company’s main offerings include fundraising and relationship management platforms, financial management systems, grant and award management tools, and advanced analytics. Its flagship products—such as Raiser’s Edge NXT, Blackbaud Financial Edge NXT and Blackbaud NetCommunity—help nonprofit organizations, educational institutions, healthcare providers and foundations streamline donor engagement, optimize financial operations and measure program impact.

Founded in 1981 and headquartered in Charleston, South Carolina, Blackbaud has grown from a small technology startup into a global specialist in nonprofit software.