Municipal Employees Retirement System of Michigan Boosts Position in Blackbaud, Inc. (BLKB)
Municipal Employees Retirement System of Michigan raised its position in shares of Blackbaud, Inc. (NASDAQ:BLKB) by 1.0% during the first quarter, Holdings Channel reports. The firm owned 10,840 shares of the technology company’s stock after buying an additional 110 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Blackbaud were worth $831,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. increased its position in shares of Blackbaud by 18.1% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,498 shares of the technology company’s stock worth $115,000 after buying an additional 230 shares during the last quarter. Fortaleza Asset Management Inc. purchased a new position in shares of Blackbaud during the fourth quarter worth about $129,000. Pacad Investment Ltd. purchased a new position in shares of Blackbaud during the fourth quarter worth about $173,000. Foundry Partners LLC purchased a new position in shares of Blackbaud during the first quarter worth about $201,000. Finally, Flinton Capital Management LLC purchased a new position in shares of Blackbaud during the fourth quarter worth about $210,000.
Blackbaud, Inc. (NASDAQ BLKB) traded up 1.13% during mid-day trading on Friday, reaching $86.61. 350,631 shares of the company were exchanged. Blackbaud, Inc. has a 1-year low of $55.88 and a 1-year high of $89.66. The stock has a 50-day moving average of $82.64 and a 200 day moving average of $73.69. The firm has a market capitalization of $4.03 billion, a P/E ratio of 87.57 and a beta of 0.73.
Blackbaud (NASDAQ:BLKB) last issued its quarterly earnings results on Monday, May 1st. The technology company reported $0.46 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.47 by $0.01. Blackbaud had a return on equity of 31.13% and a net margin of 6.11%. The company had revenue of $183.62 million for the quarter, compared to analyst estimates of $182.95 million. During the same period in the prior year, the business earned $0.42 earnings per share. Blackbaud’s revenue for the quarter was up 7.4% compared to the same quarter last year. Equities research analysts forecast that Blackbaud, Inc. will post $2.13 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Friday, May 26th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend was Wednesday, May 24th. Blackbaud’s dividend payout ratio (DPR) is currently 50.00%.
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A number of brokerages have recently issued reports on BLKB. B. Riley downgraded shares of Blackbaud to a “neutral” rating and set a $78.00 price objective on the stock. in a research report on Monday, May 8th. Zacks Investment Research downgraded shares of Blackbaud from a “hold” rating to a “sell” rating in a research report on Thursday, May 4th. Benchmark Co. reaffirmed a “buy” rating and issued a $90.00 price objective (up previously from $85.00) on shares of Blackbaud in a research report on Tuesday, May 2nd. Stifel Nicolaus lifted their price objective on shares of Blackbaud from $79.00 to $83.00 and gave the stock a “buy” rating in a research report on Monday, May 1st. Finally, Raymond James Financial, Inc. began coverage on shares of Blackbaud in a research report on Wednesday, April 19th. They issued an “outperform” rating and a $90.00 price objective on the stock. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $75.44.
In other Blackbaud news, EVP John J. Mistretta sold 4,016 shares of the firm’s stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $83.00, for a total value of $333,328.00. Following the completion of the sale, the executive vice president now owns 87,165 shares of the company’s stock, valued at $7,234,695. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Sarah E. Nash sold 825 shares of the firm’s stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $78.67, for a total value of $64,902.75. Following the completion of the sale, the director now directly owns 20,652 shares of the company’s stock, valued at approximately $1,624,692.84. The disclosure for this sale can be found here. In the last three months, insiders sold 16,724 shares of company stock valued at $1,347,915. 2.74% of the stock is owned by corporate insiders.
Blackbaud Company Profile
Blackbaud, Inc is a cloud software company. The Company offers a range of cloud and on-premise solutions, as well as a resource network that empowers and connects organizations of all sizes. Its segments include the General Markets Business Unit (the GMBU), the Enterprise Customer Business Unit (the ECBU) and the International Business Unit (the IBU).
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