Teachers Retirement System of The State of Kentucky Lowers Position in Blackbaud, Inc. (NASDAQ:BLKB)

Key Points

• The Teachers Retirement System of The State of Kentucky reduced its stake in Blackbaud, Inc. by 62.2% in the first quarter, bringing its total holdings to $906,000.
• Blackbaud's stock recently received a price target reduction from Stifel Nicolaus, falling from $75.00 to $65.00, with the average rating being "Hold."
• Insider sales included SVP Jon W. Olson selling 10,698 shares and CFO Chad Anderson selling 5,500 shares, indicating a decrease in their respective holdings.

Teachers Retirement System of The State of Kentucky reduced its holdings in shares of Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 62.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,600 shares of the technology company's stock after selling 24,071 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in Blackbaud were worth $906,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of BLKB. Edgestream Partners L.P. purchased a new position in shares of Blackbaud in the 1st quarter worth about $689,000. MQS Management LLC bought a new stake in Blackbaud during the 1st quarter valued at about $292,000. New York State Common Retirement Fund raised its holdings in Blackbaud by 6.2% in the first quarter. New York State Common Retirement Fund now owns 299,632 shares of the technology company's stock worth $18,592,000 after buying an additional 17,382 shares during the last quarter. Kesler Norman & Wride LLC lifted its stake in shares of Blackbaud by 35.5% in the first quarter. Kesler Norman & Wride LLC now owns 11,494 shares of the technology company's stock worth $713,000 after buying an additional 3,014 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Blackbaud by 2.0% during the first quarter. Envestnet Asset Management Inc. now owns 131,033 shares of the technology company's stock valued at $8,131,000 after buying an additional 2,582 shares during the last quarter. 94.21% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Stifel Nicolaus decreased their price objective on shares of Blackbaud from $75.00 to $65.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $78.67.

Insider Activity at Blackbaud

In related news, CFO Chad Anderson sold 5,500 shares of the business's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $63.99, for a total transaction of $351,945.00. Following the completion of the sale, the chief financial officer directly owned 35,976 shares in the company, valued at approximately $2,302,104.24. The trade was a 13.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Jon W. Olson sold 10,698 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $61.15, for a total transaction of $654,182.70. Following the sale, the senior vice president owned 23,799 shares of the company's stock, valued at $1,455,308.85. This trade represents a 31.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.97% of the company's stock.

Blackbaud Stock Up 0.2%

BLKB stock traded up $0.15 during midday trading on Friday, hitting $65.40. The company's stock had a trading volume of 168,022 shares, compared to its average volume of 219,471. The firm's 50-day moving average is $63.40 and its 200-day moving average is $66.23. Blackbaud, Inc. has a 12 month low of $58.05 and a 12 month high of $88.95. The company has a market cap of $3.17 billion, a PE ratio of -11.08, a P/E/G ratio of 4.87 and a beta of 1.14. The company has a current ratio of 0.73, a quick ratio of 0.73 and a debt-to-equity ratio of 35.64.

Blackbaud (NASDAQ:BLKB - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.96 EPS for the quarter, topping analysts' consensus estimates of $0.90 by $0.06. Blackbaud had a negative net margin of 25.05% and a positive return on equity of 38.58%. The firm had revenue of $270.66 million during the quarter, compared to analyst estimates of $268.53 million. During the same period in the previous year, the business posted $0.93 earnings per share. The business's revenue for the quarter was down 3.1% on a year-over-year basis. On average, equities research analysts forecast that Blackbaud, Inc. will post 3.05 earnings per share for the current fiscal year.

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.