Texas Permanent School Fund Corp Raises Stock Position in Blackbaud, Inc. (NASDAQ:BLKB)

Texas Permanent School Fund Corp increased its holdings in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 8.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,915 shares of the technology company’s stock after purchasing an additional 3,152 shares during the period. Texas Permanent School Fund Corp owned approximately 0.08% of Blackbaud worth $3,040,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in Blackbaud in the fourth quarter valued at $43,589,000. Public Employees Retirement Association of Colorado increased its holdings in Blackbaud by 1,371.9% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 340,098 shares of the technology company’s stock valued at $29,486,000 after buying an additional 316,992 shares in the last quarter. Clearbridge Investments LLC purchased a new position in Blackbaud in the fourth quarter valued at $23,010,000. Geneva Capital Management LLC increased its holdings in Blackbaud by 12.7% in the first quarter. Geneva Capital Management LLC now owns 1,195,891 shares of the technology company’s stock valued at $88,663,000 after buying an additional 135,103 shares in the last quarter. Finally, Wellington Management Group LLP grew its position in shares of Blackbaud by 20.4% in the fourth quarter. Wellington Management Group LLP now owns 456,432 shares of the technology company’s stock valued at $39,573,000 after purchasing an additional 77,348 shares during the period. Hedge funds and other institutional investors own 94.21% of the company’s stock.

Blackbaud Stock Up 3.3 %

Shares of NASDAQ BLKB opened at $84.77 on Monday. The company’s 50-day simple moving average is $78.99 and its 200-day simple moving average is $76.88. Blackbaud, Inc. has a 52-week low of $64.32 and a 52-week high of $88.56. The firm has a market cap of $4.38 billion, a price-to-earnings ratio of 206.76 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.

Blackbaud (NASDAQ:BLKB) last posted its quarterly earnings results on Tuesday, July 30th. The technology company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04. The firm had revenue of $287.29 million for the quarter, compared to analyst estimates 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 period in the previous year, the business posted $0.49 earnings per share. Equities analysts predict that Blackbaud, Inc. will post 2.38 EPS for the current fiscal year.

Analyst Ratings Changes

BLKB has been the topic of several research analyst reports. Robert W. Baird lifted their target price 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. Evercore ISI upgraded shares of Blackbaud to a “hold” rating in a research report on Thursday, August 1st.

Insider Buying and Selling

In related news, EVP Kevin Mcdearis sold 18,996 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $83.00, for a total transaction of $1,576,668.00. Following the transaction, the executive vice president now directly owns 67,012 shares in the company, valued at $5,561,996. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Blackbaud news, SVP Jon W. Olson sold 4,000 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $76.00, for a total value of $304,000.00. Following the transaction, the senior vice president now directly owns 29,628 shares in the company, valued at approximately $2,251,728. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kevin Mcdearis sold 18,996 shares of the business’s stock in a transaction dated Friday, August 30th. The shares were sold at an average price of $83.00, for a total transaction of $1,576,668.00. Following the completion of the transaction, the executive vice president now owns 67,012 shares in the company, valued at $5,561,996. The disclosure for this sale can be found here. Over the last three months, insiders have sold 47,938 shares of company stock worth $3,847,373. 1.95% of the stock is owned by insiders.

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.