Blackbaud (NASDAQ:BLKB) Releases FY24 Earnings Guidance

Blackbaud (NASDAQ:BLKB) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $3.98-4.16 for the period, compared to the consensus estimate of $4.19. The company issued revenue guidance of $1.150-1.160 billion, compared to the consensus revenue estimate of $1.17 billion. Blackbaud also updated its FY 2024 guidance to 3.980-4.160 EPS.

Analyst Ratings Changes

Several research firms recently commented on BLKB. Robert W. Baird cut shares of Blackbaud from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $92.00 to $80.00 in a report on Thursday. Raymond James decreased their price target on shares of Blackbaud from $98.00 to $95.00 and set an “outperform” rating for the company in a report on Monday, October 7th. Evercore ISI upgraded shares of Blackbaud to a “hold” rating in a report on Thursday, August 1st. Stifel Nicolaus raised their price target on shares of Blackbaud from $80.00 to $85.00 and gave the stock a “hold” rating in a report on Thursday, September 26th. Finally, Baird R W cut shares of Blackbaud from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $86.67.

Blackbaud Stock Up 2.9 %

NASDAQ BLKB traded up $2.21 during trading on Friday, reaching $77.72. The company’s stock had a trading volume of 386,737 shares, compared to its average volume of 229,712. The company has a current ratio of 0.68, a quick ratio of 0.80 and a debt-to-equity ratio of 1.79. The stock has a market capitalization of $4.01 billion, a PE ratio of 76.20 and a beta of 1.02. The business has a 50-day moving average price of $83.30 and a 200-day moving average price of $79.55. Blackbaud has a 1-year low of $66.47 and a 1-year high of $88.56.

Blackbaud (NASDAQ:BLKB) last posted its earnings results on Tuesday, July 30th. The technology company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. Blackbaud had a net margin of 4.61% and a return on equity of 20.34%. The firm had revenue of $287.29 million during the quarter, compared to analysts’ expectations of $289.26 million. During the same period in the previous year, the company earned $0.49 earnings per share. The company’s revenue was up 6.0% compared to the same quarter last year. On average, research analysts forecast that Blackbaud will post 2.45 earnings per share for the current fiscal year.

Blackbaud announced that its Board of Directors has authorized a share buyback program on Tuesday, July 30th that permits the company to repurchase $800.00 million in shares. This repurchase authorization permits the technology company to repurchase up to 18.1% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Blackbaud

In other news, SVP Jon W. Olson sold 2,000 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $85.00, for a total value of $170,000.00. Following the completion of the sale, the senior vice president now directly owns 24,025 shares in the company, valued at approximately $2,042,125. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Kevin Mcdearis sold 18,996 shares of the business’s stock in a transaction on 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 owns 67,012 shares of the company’s stock, valued at approximately $5,561,996. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Jon W. Olson sold 2,000 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $85.00, for a total transaction of $170,000.00. Following the transaction, the senior vice president now directly owns 24,025 shares in the company, valued at $2,042,125. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 55,409 shares of company stock worth $4,483,193. 1.95% of the stock is owned by insiders.

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.