California Public Employees Retirement System Trims Holdings in Blackbaud, Inc. (NASDAQ:BLKB)

California Public Employees Retirement System trimmed its holdings in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 3.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 222,593 shares of the technology company's stock after selling 8,032 shares during the period. California Public Employees Retirement System owned about 0.45% of Blackbaud worth $16,454,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in BLKB. Vestcor Inc acquired a new position in Blackbaud during the 4th quarter valued at about $75,000. TD Private Client Wealth LLC lifted its holdings in shares of Blackbaud by 42.0% in the third quarter. TD Private Client Wealth LLC now owns 1,174 shares of the technology company's stock valued at $99,000 after purchasing an additional 347 shares in the last quarter. KBC Group NV boosted its position in shares of Blackbaud by 33.9% during the fourth quarter. KBC Group NV now owns 1,676 shares of the technology company's stock valued at $124,000 after buying an additional 424 shares during the last quarter. Blue Trust Inc. grew its holdings in Blackbaud by 20.9% during the fourth quarter. Blue Trust Inc. now owns 1,930 shares of the technology company's stock worth $143,000 after buying an additional 333 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Blackbaud by 31.8% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,069 shares of the technology company's stock valued at $154,000 after buying an additional 499 shares during the last quarter. 94.21% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Robert W. Baird reduced their price objective on shares of Blackbaud from $80.00 to $76.00 and set a "neutral" rating for the company in a research report on Wednesday, February 19th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Blackbaud has a consensus rating of "Hold" and an average target price of $85.33.

Blackbaud Stock Performance

BLKB traded up $3.00 during midday trading on Wednesday, reaching $62.04. The company had a trading volume of 475,238 shares, compared to its average volume of 238,186. Blackbaud, Inc. has a 12-month low of $58.05 and a 12-month high of $88.95. The business has a 50-day moving average price of $67.51 and a two-hundred day moving average price of $76.00. The stock has a market cap of $3.05 billion, a PE ratio of -10.52 and a beta of 1.04. The company has a debt-to-equity ratio of 7.40, a quick ratio of 0.68 and a current ratio of 0.78.

Blackbaud (NASDAQ:BLKB - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.58 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.50). Blackbaud had a negative net margin of 24.83% and a positive return on equity of 26.30%. The firm had revenue of $302.23 million during the quarter, compared to analysts' expectations of $303.41 million. On average, sell-side analysts expect that Blackbaud, Inc. will post 3.05 earnings per share for the current fiscal year.

Blackbaud Company 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.