State of Alaska Department of Revenue Reduces Stock Position in Blackbaud, Inc. (NASDAQ:BLKB)

State of Alaska Department of Revenue trimmed its holdings in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 3.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,469 shares of the technology company’s stock after selling 165 shares during the quarter. State of Alaska Department of Revenue’s holdings in Blackbaud were worth $330,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. TD Private Client Wealth LLC lifted its position in shares of Blackbaud by 42.0% during the third quarter. TD Private Client Wealth LLC now owns 1,174 shares of the technology company’s stock worth $99,000 after purchasing an additional 347 shares during the last quarter. Blue Trust Inc. lifted its holdings in Blackbaud by 190.4% during the 3rd quarter. Blue Trust Inc. now owns 1,597 shares of the technology company’s stock valued at $135,000 after buying an additional 1,047 shares in the last quarter. KBC Group NV lifted its holdings in Blackbaud by 33.9% during the 4th 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 in the last quarter. Meeder Asset Management Inc. purchased a new stake in Blackbaud in the 3rd quarter valued at about $142,000. Finally, Heritage Family Offices LLP grew its stake in Blackbaud by 5.9% in the 4th quarter. Heritage Family Offices LLP now owns 2,985 shares of the technology company’s stock worth $221,000 after acquiring an additional 166 shares in the last quarter. Institutional investors own 94.21% of the company’s stock.

Insider Activity

In other news, Director Sarah E. Nash sold 1,600 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $83.46, for a total value of $133,536.00. Following the completion of the transaction, the director now directly owns 22,123 shares in the company, valued at $1,846,385.58. This trade represents a 6.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Michael P. Gianoni sold 800 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $83.15, for a total value of $66,520.00. Following the completion of the transaction, the chief executive officer now directly owns 373,293 shares of the company’s stock, valued at $31,039,312.95. The trade was a 0.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,204 shares of company stock worth $2,909,997. Corporate insiders own 1.95% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on BLKB shares. Robert W. Baird downgraded shares of Blackbaud from an “outperform” rating to a “neutral” rating and decreased their price target for the company from $92.00 to $80.00 in a research note on Thursday, October 31st. Baird R W lowered Blackbaud from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 31st. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $86.67.

Blackbaud Trading Down 1.1 %

NASDAQ BLKB opened at $79.88 on Friday. Blackbaud, Inc. has a one year low of $66.47 and a one year high of $88.95. 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 capitalization of $3.93 billion, a price-to-earnings ratio of 78.31 and a beta of 1.08. The company’s 50-day simple moving average is $77.03 and its two-hundred day simple moving average is $80.39.

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.