Millennium Management LLC Buys 60,702 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

Millennium Management LLC raised its holdings in Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 2,240.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 63,411 shares of the technology company's stock after acquiring an additional 60,702 shares during the quarter. Millennium Management LLC owned 0.12% of Blackbaud worth $4,830,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Arizona State Retirement System raised its holdings in Blackbaud by 1.2% during the 2nd quarter. Arizona State Retirement System now owns 11,977 shares of the technology company's stock worth $912,000 after buying an additional 137 shares during the period. Envestnet Portfolio Solutions Inc. increased its holdings in shares of Blackbaud by 6.2% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 3,140 shares of the technology company's stock valued at $239,000 after purchasing an additional 184 shares during the period. Azzad Asset Management Inc. ADV increased its holdings in shares of Blackbaud by 2.1% in the 2nd quarter. Azzad Asset Management Inc. ADV now owns 11,164 shares of the technology company's stock valued at $850,000 after purchasing an additional 225 shares during the period. Redmond Asset Management LLC increased its holdings in shares of Blackbaud by 0.9% in the 1st quarter. Redmond Asset Management LLC now owns 43,172 shares of the technology company's stock valued at $3,201,000 after purchasing an additional 399 shares during the period. Finally, Quest Partners LLC increased its holdings in shares of Blackbaud by 2,950.0% in the 2nd quarter. Quest Partners LLC now owns 427 shares of the technology company's stock valued at $33,000 after purchasing an additional 413 shares during the period. 94.21% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BLKB has been the topic of a number of research reports. Robert W. Baird upped their target price on Blackbaud from $88.00 to $92.00 and gave the company an "outperform" rating in a report on Thursday, August 1st. Raymond James lowered their price target on Blackbaud from $98.00 to $95.00 and set an "outperform" rating for the company in a research note on Monday, October 7th. Evercore ISI raised Blackbaud to a "hold" rating in a research note on Thursday, August 1st. Finally, Stifel Nicolaus boosted their price target on Blackbaud from $80.00 to $85.00 and gave the company a "hold" rating in a research note on Thursday, September 26th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $90.67.

Blackbaud Stock Performance

Blackbaud stock traded up $1.05 during trading hours on Friday, reaching $83.52. 85,316 shares of the company were exchanged, compared to its average volume of 233,785. The firm has a market cap of $4.31 billion, a price-to-earnings ratio of 203.71 and a beta of 1.02. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.73. The stock has a 50-day moving average of $81.29 and a 200 day moving average of $78.48. Blackbaud, Inc. has a 12 month low of $64.32 and a 12 month high of $88.56.

Blackbaud (NASDAQ:BLKB - Get Free Report) last announced its earnings results on Tuesday, July 30th. The technology company reported $1.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.04 by $0.04. The firm had revenue of $287.29 million during the quarter, compared to analysts' expectations of $289.26 million. Blackbaud had a return on equity of 18.54% and a net margin of 3.64%. The company's revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.49 earnings per share. As a group, research analysts anticipate that Blackbaud, Inc. will post 2.45 earnings per share for the current year.

Blackbaud declared that its Board of Directors has initiated a share buyback program on Tuesday, July 30th that authorizes the company to buyback $800.00 million in outstanding shares. This buyback authorization authorizes the technology company to buy up to 18.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Insider Activity

In related news, EVP Kevin Mcdearis sold 18,996 shares of the company's stock in a transaction on Friday, August 30th. The stock was sold at an average price of $83.00, for a total value of $1,576,668.00. Following the completion of the transaction, the executive vice president now directly owns 67,012 shares in the company, valued at approximately $5,561,996. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Blackbaud news, EVP Kevin Mcdearis sold 18,996 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $83.00, for a total transaction of $1,576,668.00. Following the completion of the transaction, the executive vice president now directly owns 67,012 shares in the company, valued at $5,561,996. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Jon W. Olson sold 2,000 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $85.00, for a total value of $170,000.00. Following the transaction, the senior vice president now owns 24,025 shares of the company's stock, valued at $2,042,125. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 55,409 shares of company stock valued at $4,483,193. 1.95% of the stock is owned by company insiders.

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.