California Public Employees Retirement System Sells 8,032 Shares of Blackbaud, Inc. (NASDAQ:BLKB)

California Public Employees Retirement System trimmed its holdings in Blackbaud, Inc. (NASDAQ:BLKB) by 3.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 222,593 shares of the technology company’s stock after selling 8,032 shares during the period. California Public Employees Retirement System owned approximately 0.45% of Blackbaud worth $16,454,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of BLKB. Vestcor Inc purchased a new stake in shares of Blackbaud in the fourth quarter worth about $75,000. TD Private Client Wealth LLC boosted its holdings in Blackbaud by 42.0% in the 3rd quarter. TD Private Client Wealth LLC now owns 1,174 shares of the technology company’s stock valued at $99,000 after purchasing an additional 347 shares during the period. KBC Group NV grew its position in shares of 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 purchasing an additional 424 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of Blackbaud by 20.9% in the fourth quarter. Blue Trust Inc. now owns 1,930 shares of the technology company’s stock worth $143,000 after purchasing an additional 333 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Blackbaud by 31.8% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,069 shares of the technology company’s stock worth $154,000 after buying an additional 499 shares in the last quarter. Institutional investors own 94.21% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Robert W. Baird decreased their target price 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 company. According to data from MarketBeat, Blackbaud currently has a consensus rating of “Hold” and a consensus price target of $85.33.

Blackbaud Stock Performance

Blackbaud stock opened at $62.20 on Friday. Blackbaud, Inc. has a fifty-two week low of $61.17 and a fifty-two week high of $88.95. The firm’s fifty day moving average price is $69.18 and its 200-day moving average price is $76.84. The stock has a market cap of $3.06 billion, a P/E ratio of -10.54 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 (NASDAQ:BLKB) last issued its quarterly earnings results on Tuesday, February 18th. The technology company reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.50). The firm had revenue of $302.23 million for the quarter, compared to the consensus estimate of $303.41 million. Blackbaud had a positive return on equity of 26.30% and a negative net margin of 24.83%. On average, equities research analysts expect that Blackbaud, Inc. will post 3.05 earnings per share 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.