Blackbaud, Inc. (NASDAQ:BLKB) Shares Bought by Millennium Management LLC

Millennium Management LLC increased its position in Blackbaud, Inc. (NASDAQ:BLKB) by 2,240.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 63,411 shares of the technology company’s stock after acquiring an additional 60,702 shares during the period. Millennium Management LLC owned approximately 0.12% of Blackbaud worth $4,830,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Arizona State Retirement System lifted its position in shares of Blackbaud by 1.2% in the second quarter. Arizona State Retirement System now owns 11,977 shares of the technology company’s stock worth $912,000 after purchasing an additional 137 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in shares of Blackbaud by 6.2% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 3,140 shares of the technology company’s stock worth $239,000 after purchasing an additional 184 shares in the last quarter. Azzad Asset Management Inc. ADV lifted its position in shares of Blackbaud by 2.1% in the second quarter. Azzad Asset Management Inc. ADV now owns 11,164 shares of the technology company’s stock worth $850,000 after purchasing an additional 225 shares in the last quarter. Redmond Asset Management LLC lifted its position in shares of Blackbaud by 0.9% in the first quarter. Redmond Asset Management LLC now owns 43,172 shares of the technology company’s stock worth $3,201,000 after purchasing an additional 399 shares in the last quarter. Finally, Quest Partners LLC lifted its position in shares of Blackbaud by 2,950.0% in the second quarter. Quest Partners LLC now owns 427 shares of the technology company’s stock worth $33,000 after purchasing an additional 413 shares in the last quarter. Institutional investors and hedge funds own 94.21% of the company’s stock.

Blackbaud Trading Up 1.3 %

NASDAQ:BLKB opened at $83.52 on Friday. Blackbaud, Inc. has a 12 month low of $64.32 and a 12 month high of $88.56. 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 quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.73. The company’s 50 day moving average is $81.29 and its 200-day moving average is $78.48.

Blackbaud (NASDAQ:BLKB) last announced its quarterly earnings data on Tuesday, July 30th. The technology company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.04 by $0.04. The business had revenue of $287.29 million for the quarter, compared to the consensus estimate of $289.26 million. Blackbaud had a net margin of 3.64% and a return on equity of 18.54%. Blackbaud’s quarterly revenue was up 6.0% on a year-over-year basis. During the same quarter last year, the company posted $0.49 earnings per share. Equities analysts anticipate that Blackbaud, Inc. will post 2.45 EPS for the current year.

Blackbaud announced that its board has authorized a share buyback program on Tuesday, July 30th that permits the company to buyback $800.00 million in shares. This buyback authorization permits the technology company to reacquire up to 18.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BLKB. Raymond James cut their price objective 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. Stifel Nicolaus raised their price objective on shares of Blackbaud from $80.00 to $85.00 and gave the company a “hold” rating in a research report on Thursday, September 26th. Evercore ISI raised shares of Blackbaud to a “hold” rating in a research report on Thursday, August 1st. Finally, Robert W. Baird raised their price objective on shares of Blackbaud from $88.00 to $92.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Blackbaud has a consensus rating of “Moderate Buy” and a consensus target price of $90.67.

Insiders Place Their Bets

In related news, Director Sarah E. Nash sold 3,220 shares of Blackbaud stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $76.18, for a total value of $245,299.60. Following the completion of the transaction, the director now directly owns 26,823 shares of the company’s stock, valued at $2,043,376.14. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP Jon W. Olson sold 3,603 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $77.90, for a total transaction of $280,673.70. Following the sale, the senior vice president now owns 26,025 shares in the company, valued at $2,027,347.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Sarah E. Nash sold 3,220 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $76.18, for a total transaction of $245,299.60. Following the completion of the transaction, the director now owns 26,823 shares in the company, valued at approximately $2,043,376.14. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 55,409 shares of company stock worth $4,483,193 over the last 90 days. Corporate insiders own 1.95% of the company’s stock.

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.