Nisa Investment Advisors LLC Cuts Stake in Blackbaud, Inc. (NASDAQ:BLKB)

Nisa Investment Advisors LLC cut its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 26.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,977 shares of the technology company’s stock after selling 713 shares during the period. Nisa Investment Advisors LLC’s holdings in Blackbaud were worth $146,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Teachers Retirement System of The State of Kentucky grew its stake in Blackbaud by 52.0% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 56,336 shares of the technology company’s stock worth $4,770,000 after buying an additional 19,270 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Blackbaud by 3.2% in the third quarter. JPMorgan Chase & Co. now owns 225,634 shares of the technology company’s stock worth $19,107,000 after acquiring an additional 7,097 shares in the last quarter. Simcoe Capital Management LLC purchased a new position in Blackbaud in the third quarter valued at about $5,987,000. Millennium Management LLC grew its stake in 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 in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its holdings in Blackbaud by 20.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 320,058 shares of the technology company’s stock worth $27,103,000 after purchasing an additional 54,138 shares during the last quarter. Institutional investors and hedge funds own 94.21% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on BLKB shares. Raymond James reduced their target price on Blackbaud from $98.00 to $95.00 and set an “outperform” rating for the company in a research note on Monday, October 7th. Robert W. Baird downgraded shares of Blackbaud from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $92.00 to $80.00 in a research note on Thursday, October 31st. Finally, Baird R W downgraded shares of 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 issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $86.67.

Blackbaud Stock Performance

Shares of BLKB stock opened at $76.84 on Friday. Blackbaud, Inc. has a 12-month low of $66.47 and a 12-month high of $88.95. The company has a debt-to-equity ratio of 1.79, a current ratio of 0.68 and a quick ratio of 0.68. The firm has a market capitalization of $3.78 billion, a price-to-earnings ratio of 75.33 and a beta of 1.08. The business has a 50 day simple moving average of $78.14 and a 200 day simple moving average of $80.35.

Blackbaud (NASDAQ:BLKB) last released its quarterly earnings results on Wednesday, October 30th. The technology company reported $0.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.08). Blackbaud had a return on equity of 20.34% and a net margin of 4.61%. The business had revenue of $286.70 million during the quarter, compared to the consensus estimate of $293.74 million. During the same period in the previous year, the company posted $0.65 EPS. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. On average, equities research analysts anticipate that Blackbaud, Inc. will post 2.6 EPS for the current year.

Insider Buying and Selling at Blackbaud

In related 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 transaction of $133,536.00. Following the completion of the transaction, the director now owns 22,123 shares of the company’s stock, 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 filing with the SEC, which is available through the SEC website. Also, CEO Michael P. Gianoni sold 9,479 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $88.13, for a total transaction of $835,384.27. Following the completion of the sale, the chief executive officer now owns 344,079 shares in the company, valued at approximately $30,323,682.27. This trade represents a 2.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,923 shares of company stock valued at $3,737,450. Company 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.