Blackbaud, Inc. (NASDAQ:BLKB) Shares Sold by Teachers Retirement System of The State of Kentucky

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 trimmed its position in shares of Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 62.2% in the first quarter, according to its most recent 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 quarter. Teachers Retirement System of The State of Kentucky's holdings in Blackbaud were worth $906,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in Blackbaud in the 4th quarter valued at about $34,168,000. Penn Capital Management Company LLC acquired a new stake in Blackbaud in the 4th quarter valued at about $10,581,000. JPMorgan Chase & Co. raised its position in Blackbaud by 44.3% in the 4th quarter. JPMorgan Chase & Co. now owns 325,637 shares of the technology company's stock valued at $24,071,000 after purchasing an additional 100,003 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Blackbaud in the 4th quarter valued at about $6,546,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Blackbaud in the 4th quarter valued at about $6,077,000. 94.21% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Insider Activity at Blackbaud

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

Blackbaud Stock Up 0.0%

Shares of NASDAQ BLKB traded up $0.02 during midday trading on Tuesday, hitting $64.08. 77,137 shares of the company's stock were exchanged, compared to its average volume of 285,086. The company has a debt-to-equity ratio of 35.64, a current ratio of 0.73 and a quick ratio of 0.73. Blackbaud, Inc. has a twelve month low of $58.05 and a twelve month high of $88.95. The company has a market cap of $3.11 billion, a PE ratio of -10.85, a P/E/G ratio of 4.87 and a beta of 1.14. The firm's fifty day simple moving average is $63.40 and its 200-day simple moving average is $66.09.

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