Blackbaud, Inc. (NASDAQ:BLKB) Shares Bought by State Street Corp

State Street Corp raised its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB - Free Report) by 3.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,647,284 shares of the technology company's stock after buying an additional 56,090 shares during the quarter. State Street Corp owned about 3.25% of Blackbaud worth $139,492,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of BLKB. ArrowMark Colorado Holdings LLC raised its position in shares of Blackbaud by 22.5% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 1,283,473 shares of the technology company's stock valued at $108,684,000 after buying an additional 235,859 shares in the last quarter. Simcoe Capital Management LLC bought a new stake in Blackbaud during the third quarter worth about $5,987,000. Kestrel Investment Management Corp purchased a new position in shares of Blackbaud in the 2nd quarter worth about $4,795,000. Millennium Management LLC increased its position in shares of Blackbaud by 2,240.8% during the 2nd quarter. Millennium Management LLC now owns 63,411 shares of the technology company's stock valued at $4,830,000 after purchasing an additional 60,702 shares during the last quarter. Finally, Great Lakes Advisors LLC purchased a new position in shares of Blackbaud during the 2nd quarter valued at about $4,262,000. 94.21% of the stock is currently owned by institutional investors.

Insider Transactions at Blackbaud

In other news, SVP Jon W. Olson sold 2,000 shares of the company's stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $85.00, for a total value of $170,000.00. Following the transaction, the senior vice president now directly owns 24,025 shares in the company, valued at approximately $2,042,125. This represents a 7.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Michael P. Gianoni sold 12,325 shares of the company's stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $83.25, for a total value of $1,026,056.25. Following the sale, the chief executive officer now owns 389,539 shares of the company's stock, valued at $32,429,121.75. This trade represents a 3.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 51,394 shares of company stock valued at $4,373,270 over the last 90 days. Company insiders own 1.95% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Baird R W lowered Blackbaud from a "strong-buy" rating to a "hold" rating in a research note on Thursday, October 31st. Stifel Nicolaus upped their price objective on shares of Blackbaud from $80.00 to $85.00 and gave the company a "hold" rating in a research note on Thursday, September 26th. Raymond James decreased their target price on shares of Blackbaud from $98.00 to $95.00 and set an "outperform" rating on the stock in a research report on Monday, October 7th. Finally, Robert W. Baird lowered shares of Blackbaud from an "outperform" rating to a "neutral" rating and cut their price target for the company from $92.00 to $80.00 in a research report on Thursday, October 31st. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $86.67.

Blackbaud Stock Performance

Shares of NASDAQ:BLKB traded down $1.80 during midday trading on Friday, reaching $78.46. 145,304 shares of the company's stock traded hands, compared to its average volume of 229,942. Blackbaud, Inc. has a one year low of $66.47 and a one year high of $88.95. The stock has a 50 day moving average of $83.08 and a 200 day moving average of $80.49. The company has a debt-to-equity ratio of 1.79, a quick ratio of 0.68 and a current ratio of 0.68. The company has a market cap of $3.98 billion, a price-to-earnings ratio of 76.92 and a beta of 1.06.

Blackbaud (NASDAQ:BLKB - Get Free Report) last announced its earnings results on Wednesday, October 30th. The technology company reported $0.99 earnings per share for the quarter, missing analysts' consensus estimates of $1.07 by ($0.08). Blackbaud had a net margin of 4.61% and a return on equity of 20.34%. The company had revenue of $286.70 million for the quarter, compared to analysts' expectations of $293.74 million. During the same quarter in the prior year, the firm posted $0.65 earnings per share. Blackbaud's quarterly revenue was up 3.3% on a year-over-year basis. As a group, equities research analysts anticipate that Blackbaud, Inc. will post 2.6 EPS 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.