Thrivent Financial for Lutherans Trims Holdings in Blackbaud, Inc. (NASDAQ:BLKB)

Thrivent Financial for Lutherans reduced its stake in Blackbaud, Inc. (NASDAQ:BLKB) by 4.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 9,377 shares of the technology company’s stock after selling 389 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Blackbaud were worth $794,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in BLKB. Natixis Advisors LLC boosted its position in shares of Blackbaud by 8.6% during the third quarter. Natixis Advisors LLC now owns 18,912 shares of the technology company’s stock worth $1,601,000 after buying an additional 1,492 shares during the period. Geneva Capital Management LLC boosted its holdings in Blackbaud by 0.4% during the 3rd quarter. Geneva Capital Management LLC now owns 1,175,493 shares of the technology company’s stock valued at $99,541,000 after acquiring an additional 4,122 shares during the period. State of New Jersey Common Pension Fund D increased its stake in Blackbaud by 0.6% during the third quarter. State of New Jersey Common Pension Fund D now owns 24,152 shares of the technology company’s stock worth $2,045,000 after purchasing an additional 151 shares during the period. Legacy Capital Wealth Partners LLC lifted its position in shares of Blackbaud by 94.9% during the third quarter. Legacy Capital Wealth Partners LLC now owns 5,153 shares of the technology company’s stock worth $436,000 after purchasing an additional 2,509 shares in the last quarter. Finally, First Personal Financial Services boosted its stake in shares of Blackbaud by 25.9% in the third quarter. First Personal Financial Services now owns 16,640 shares of the technology company’s stock valued at $1,409,000 after purchasing an additional 3,424 shares during the period. Hedge funds and other institutional investors own 94.21% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on BLKB. Raymond James cut their target price on shares of Blackbaud from $98.00 to $95.00 and set an “outperform” rating on the stock in a research note on Monday, October 7th. Baird R W downgraded Blackbaud from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 31st. Stifel Nicolaus increased their price target on Blackbaud from $80.00 to $85.00 and gave the company a “hold” rating in a research report on Thursday, September 26th. Finally, Robert W. Baird downgraded Blackbaud from an “outperform” rating to a “neutral” rating and lowered their price objective for the stock from $92.00 to $80.00 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. According to MarketBeat.com, Blackbaud presently has an average rating of “Hold” and a consensus target price of $86.67.

Insiders Place Their Bets

In related news, CEO Michael P. Gianoni sold 12,325 shares of Blackbaud stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $83.25, for a total transaction of $1,026,056.25. Following the sale, the chief executive officer now directly owns 389,539 shares in the company, valued at $32,429,121.75. This trade represents a 3.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jon W. Olson sold 2,000 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $85.00, for a total transaction of $170,000.00. Following the completion of the transaction, the senior vice president now owns 24,025 shares of the company’s stock, valued at $2,042,125. This represents a 7.68 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,394 shares of company stock valued at $4,373,270. 1.95% of the stock is owned by corporate insiders.

Blackbaud Stock Performance

NASDAQ:BLKB opened at $82.67 on Wednesday. The firm has a market capitalization of $4.19 billion, a PE ratio of 81.05 and a beta of 1.06. 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 business’s fifty day moving average price is $83.63 and its 200 day moving average price is $80.42. Blackbaud, Inc. has a 12 month low of $66.47 and a 12 month high of $88.95.

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