The Manufacturers Life Insurance Company Cuts Stake in Blackbaud, Inc. (NASDAQ:BLKB)

The Manufacturers Life Insurance Company lowered its position in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 4.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,368 shares of the technology company’s stock after selling 2,390 shares during the period. The Manufacturers Life Insurance Company owned about 0.10% of Blackbaud worth $3,760,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. DT Investment Partners LLC purchased a new position in shares of Blackbaud during the second quarter valued at $33,000. Quest Partners LLC grew its stake in Blackbaud by 2,950.0% in the second quarter. Quest Partners LLC now owns 427 shares of the technology company’s stock valued at $33,000 after purchasing an additional 413 shares during the last quarter. YHB Investment Advisors Inc. purchased a new position in Blackbaud in the first quarter valued at about $54,000. EntryPoint Capital LLC grew its stake in Blackbaud by 447.8% in the first quarter. EntryPoint Capital LLC now owns 2,542 shares of the technology company’s stock valued at $188,000 after purchasing an additional 2,078 shares during the last quarter. Finally, Legacy Capital Wealth Partners LLC purchased a new position in Blackbaud in the second quarter valued at about $201,000. Hedge funds and other institutional investors own 94.21% of the company’s stock.

Insider Buying and Selling

In related news, EVP Kevin Mcdearis sold 2,261 shares of Blackbaud stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $85.12, for a total transaction of $192,456.32. Following the completion of the sale, the executive vice president now owns 60,129 shares of the company’s stock, valued at $5,118,180.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Kevin Mcdearis sold 2,261 shares of Blackbaud stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $85.12, for a total transaction of $192,456.32. Following the completion of the sale, the executive vice president now owns 60,129 shares of the company’s stock, valued at $5,118,180.48. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Jon W. Olson sold 2,000 shares of Blackbaud stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $85.00, for a total value of $170,000.00. Following the sale, the senior vice president now directly owns 24,025 shares of the company’s stock, valued at $2,042,125. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,409 shares of company stock valued at $4,483,193 over the last quarter. 1.95% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have issued reports on BLKB. Raymond James cut their target price on Blackbaud from $98.00 to $95.00 and set an “outperform” rating on the stock in a research note on Monday. Evercore ISI upgraded Blackbaud to a “hold” rating in a research note on Thursday, August 1st. Robert W. Baird lifted their target price on Blackbaud from $88.00 to $92.00 and gave the company an “outperform” rating in a research note on Thursday, August 1st. Finally, Stifel Nicolaus lifted their target price on Blackbaud from $80.00 to $85.00 and gave the company a “hold” rating in a research note on Thursday, September 26th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.67.

Blackbaud Price Performance

Shares of BLKB stock opened at $80.87 on Tuesday. Blackbaud, Inc. has a fifty-two week low of $64.32 and a fifty-two week high of $88.56. The firm has a market capitalization of $4.17 billion, a price-to-earnings ratio of 197.24 and a beta of 1.02. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.80 and a current ratio of 0.80. The stock’s 50-day simple moving average is $81.00 and its 200-day simple moving average is $78.22.

Blackbaud (NASDAQ:BLKB) last issued 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. Blackbaud had a return on equity of 18.54% and a net margin of 3.64%. The business had revenue of $287.29 million for the quarter, compared to analyst estimates of $289.26 million. During the same quarter in the previous year, the firm earned $0.49 earnings per share. The company’s revenue was up 6.0% on a year-over-year basis. As a group, equities analysts forecast that Blackbaud, Inc. will post 2.46 earnings per share for the current fiscal year.

Blackbaud declared that its Board of Directors has initiated a share buyback plan on Tuesday, July 30th that authorizes the company to repurchase $800.00 million in shares. This repurchase authorization authorizes the technology company to purchase up to 18.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Blackbaud 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.