Municipal Employees Retirement System of Michigan raised its position in Blackbaud, Inc. (NASDAQ:BLKB) by 4.7% during the second quarter, Holdings Channel reports. The fund owned 11,350 shares of the technology company’s stock after buying an additional 510 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Blackbaud were worth $973,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of BLKB. Northwestern Mutual Wealth Management Co. boosted 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. Foundry Partners LLC acquired a new position in shares of Blackbaud during the first quarter worth approximately $201,000. Cypress Wealth Advisors LLC acquired a new position in shares of Blackbaud during the first quarter worth approximately $208,000. LS Investment Advisors LLC boosted its position in shares of Blackbaud by 71.1% in the second quarter. LS Investment Advisors LLC now owns 2,822 shares of the technology company’s stock worth $242,000 after buying an additional 1,173 shares during the last quarter. Finally, Piedmont Investment Advisors LLC acquired a new position in shares of Blackbaud during the first quarter worth approximately $218,000.

Blackbaud, Inc. (NASDAQ:BLKB) opened at 84.61 on Friday. The company’s 50 day moving average is $88.52 and its 200-day moving average is $79.98. The stock has a market capitalization of $3.95 billion, a PE ratio of 81.43 and a beta of 0.77. Blackbaud, Inc. has a 1-year low of $55.88 and a 1-year high of $93.81.

Blackbaud (NASDAQ:BLKB) last issued its earnings results on Monday, July 31st. The technology company reported $0.39 EPS for the quarter, missing the Zacks’ consensus estimate of $0.51 by $0.12. The business had revenue of $192.50 million during the quarter, compared to analyst estimates of $193.66 million. Blackbaud had a net margin of 6.46% and a return on equity of 30.88%. Blackbaud’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the company earned $0.46 earnings per share. Analysts forecast that Blackbaud, Inc. will post $2.14 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Monday, August 28th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.57%. The ex-dividend date of this dividend is Thursday, August 24th. Blackbaud’s dividend payout ratio (DPR) is 47.06%.

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A number of brokerages have commented on BLKB. B. Riley cut shares of Blackbaud from a “buy” rating to a “neutral” rating and set a $78.00 price objective for the company. in a research note on Wednesday, May 3rd. Zacks Investment Research cut shares of Blackbaud from a “hold” rating to a “strong sell” rating in a research note on Monday, August 7th. 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 note on Monday, May 1st. Raymond James Financial, Inc. began coverage on shares of Blackbaud in a research note on Wednesday, April 19th. They issued an “outperform” rating and a $90.00 price objective for the company. Finally, Benchmark Co. reissued a “buy” rating and issued a $90.00 price objective (up from $85.00) on shares of Blackbaud in a research note on Tuesday, May 2nd. Two analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $81.71.

In other news, EVP Kevin W. Mooney sold 2,338 shares of the stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $88.00, for a total value of $205,744.00. Following the completion of the sale, the executive vice president now directly owns 83,638 shares in the company, valued at $7,360,144. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP John J. Mistretta sold 3,693 shares of the company’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $82.00, for a total transaction of $302,826.00. Following the completion of the sale, the executive vice president now directly owns 86,278 shares of the company’s stock, valued at approximately $7,074,796. The disclosure for this sale can be found here. Insiders sold 15,468 shares of company stock valued at $1,306,753 over the last quarter. Company insiders own 2.74% of the company’s stock.

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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Institutional Ownership by Quarter for Blackbaud (NASDAQ:BLKB)

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