State of Michigan Retirement System Sells 200 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

State of Michigan Retirement System lessened its stake in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 2.1% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 9,248 shares of the technology company’s stock after selling 200 shares during the quarter. State of Michigan Retirement System’s holdings in Blackbaud were worth $684,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Bank of New York Mellon Corp boosted its position in shares of Blackbaud by 41.0% in the fourth quarter. Bank of New York Mellon Corp now owns 482,561 shares of the technology company’s stock valued at $35,671,000 after acquiring an additional 140,273 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in shares of Blackbaud in the 4th quarter valued at $216,000. Handelsbanken Fonder AB boosted its holdings in shares of Blackbaud by 8.3% in the 4th quarter. Handelsbanken Fonder AB now owns 11,730 shares of the technology company’s stock valued at $867,000 after purchasing an additional 900 shares in the last quarter. New York State Common Retirement Fund increased its stake in shares of Blackbaud by 63.5% in the 4th quarter. New York State Common Retirement Fund now owns 282,250 shares of the technology company’s stock valued at $20,864,000 after purchasing an additional 109,630 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D raised its holdings in shares of Blackbaud by 4.1% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 25,140 shares of the technology company’s stock worth $1,858,000 after buying an additional 988 shares in the last quarter. Institutional investors own 94.21% of the company’s stock.

Analyst Ratings Changes

Separately, Robert W. Baird reduced their price objective on Blackbaud from $80.00 to $76.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 19th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $85.33.

Blackbaud Stock Performance

NASDAQ BLKB opened at $65.73 on Monday. The firm’s fifty day moving average price is $74.03 and its two-hundred day moving average price is $79.41. The stock has a market cap of $3.24 billion, a PE ratio of -11.14 and a beta of 1.08. The company has a debt-to-equity ratio of 7.40, a quick ratio of 0.68 and a current ratio of 0.78. Blackbaud, Inc. has a fifty-two week low of $63.69 and a fifty-two week high of $88.95.

Blackbaud (NASDAQ:BLKB) last released its quarterly earnings data on Tuesday, February 18th. The technology company reported $0.58 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.50). Blackbaud had a negative net margin of 24.83% and a positive return on equity of 26.30%. The firm had revenue of $302.23 million for the quarter, compared to analyst estimates of $303.41 million. On average, equities analysts expect that Blackbaud, Inc. will post 3.05 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.