State of New Jersey Common Pension Fund D Sells 16,471 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

State of New Jersey Common Pension Fund D trimmed its position in Blackbaud, Inc. (NASDAQ:BLKB) by 40.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,001 shares of the technology company’s stock after selling 16,471 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Blackbaud were worth $1,828,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of BLKB. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Blackbaud in the fourth quarter valued at about $207,000. Vanguard Personalized Indexing Management LLC bought a new stake in Blackbaud during the fourth quarter worth about $296,000. Norges Bank bought a new stake in Blackbaud during the fourth quarter worth about $43,589,000. Franklin Resources Inc. raised its holdings in Blackbaud by 1.4% during the fourth quarter. Franklin Resources Inc. now owns 12,840 shares of the technology company’s stock worth $1,113,000 after acquiring an additional 183 shares in the last quarter. Finally, Parallel Advisors LLC raised its holdings in Blackbaud by 303.3% during the fourth quarter. Parallel Advisors LLC now owns 734 shares of the technology company’s stock worth $64,000 after acquiring an additional 552 shares in the last quarter. 94.21% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on BLKB. Robert W. Baird upped their target price on Blackbaud from $88.00 to $92.00 and gave the stock an “outperform” rating in a report on Thursday, August 1st. Evercore ISI upgraded Blackbaud to a “hold” rating in a report on Thursday, August 1st.

Blackbaud Price Performance

Blackbaud stock opened at $84.69 on Tuesday. Blackbaud, Inc. has a 12 month low of $64.32 and a 12 month high of $88.56. The stock’s 50 day moving average is $80.02 and its 200-day moving average is $77.47. 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 company has a market capitalization of $4.37 billion, a price-to-earnings ratio of 206.56 and a beta of 1.02.

Blackbaud (NASDAQ:BLKB) last posted its earnings results on Tuesday, July 30th. The technology company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.04 by $0.04. The company had revenue of $287.29 million for the quarter, compared to the consensus estimate of $289.26 million. Blackbaud had a return on equity of 18.54% and a net margin of 3.64%. The firm’s revenue for the quarter 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. Equities research analysts expect that Blackbaud, Inc. will post 2.38 EPS for the current year.

Blackbaud declared that its Board of Directors has approved a share buyback plan on Tuesday, July 30th that permits the company to repurchase $800.00 million in shares. This repurchase authorization permits the technology company to purchase up to 18.1% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other Blackbaud news, EVP David J. Benjamin sold 5,590 shares of the company’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $78.04, for a total transaction of $436,243.60. Following the completion of the sale, the executive vice president now directly owns 51,108 shares in the company, valued at $3,988,468.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Blackbaud news, EVP Kevin Mcdearis sold 2,261 shares of the company’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $85.12, for a total transaction of $192,456.32. Following the completion of the sale, the executive vice president now directly owns 60,129 shares in the company, valued at $5,118,180.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David J. Benjamin sold 5,590 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $78.04, for a total value of $436,243.60. Following the completion of the transaction, the executive vice president now owns 51,108 shares of the company’s stock, valued at $3,988,468.32. The disclosure for this sale can be found here. Insiders have sold 55,409 shares of company stock valued at $4,483,193 over the last 90 days. 1.95% of the stock is owned by corporate insiders.

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.