Blackbaud (NASDAQ:BLKB) Issues FY24 Earnings Guidance

Blackbaud (NASDAQ:BLKB) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $3.98-4.16 for the period, compared to the consensus EPS 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

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

Blackbaud Trading Up 2.9 %

Blackbaud stock opened at $77.72 on Friday. The stock has a 50-day moving average price of $83.30 and a 200 day moving average price of $79.55. Blackbaud has a 52 week low of $66.47 and a 52 week high of $88.56. The stock has a market cap of $4.01 billion, a PE ratio of 76.20 and a beta of 1.02. The company has a current ratio of 0.68, a quick ratio of 0.80 and a debt-to-equity ratio of 1.79.

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

Blackbaud declared that its Board of Directors has authorized a share repurchase program on Tuesday, July 30th that allows the company to buyback $800.00 million in outstanding shares. This buyback authorization allows the technology company to buy up to 18.1% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, SVP Jon W. Olson sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $76.00, for a total value of $304,000.00. Following the sale, the senior vice president now directly owns 29,628 shares of the company’s stock, valued at approximately $2,251,728. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Kevin Mcdearis sold 2,261 shares of the firm’s stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $85.12, for a total value of $192,456.32. Following the transaction, the executive vice president now directly owns 60,129 shares in the company, valued at $5,118,180.48. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Jon W. Olson sold 4,000 shares of the business’s stock in a transaction dated Monday, August 5th. The stock was sold at an average price of $76.00, for a total value of $304,000.00. Following the sale, the senior vice president now owns 29,628 shares of the company’s stock, valued at $2,251,728. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 55,409 shares of company stock valued at $4,483,193 in the last 90 days. 1.95% of the stock is currently owned by insiders.

About Blackbaud

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.