Blackbaud (NASDAQ:BLKB) Issues 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.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BLKB. Baird R W downgraded Blackbaud from a “strong-buy” rating to a “hold” rating in a research report on Thursday. Stifel Nicolaus boosted their price target on shares of Blackbaud from $80.00 to $85.00 and gave the stock a “hold” rating in a research report on Thursday, September 26th. Evercore ISI upgraded Blackbaud to a “hold” rating in a report on Thursday, August 1st. Robert W. Baird downgraded shares of Blackbaud from an “outperform” rating to a “neutral” rating and cut their price target for the company from $92.00 to $80.00 in a report on Thursday. Finally, 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 research note on Monday, October 7th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $86.67.

Blackbaud Trading Up 2.9 %

Shares of Blackbaud stock traded up $2.21 on Friday, reaching $77.72. The company had a trading volume of 386,737 shares, compared to its average volume of 229,712. Blackbaud has a 52-week low of $66.47 and a 52-week high of $88.56. The firm’s 50 day moving average price is $83.30 and its two-hundred day moving average price is $79.55. The firm has a market cap of $4.01 billion, a PE ratio of 76.20 and a beta of 1.02. The company has a debt-to-equity ratio of 1.79, a quick ratio of 0.80 and a current ratio of 0.68.

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

Blackbaud declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, July 30th that permits the company to buyback $800.00 million in outstanding shares. This buyback authorization permits the technology company to reacquire up to 18.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Insider Activity

In related news, SVP Jon W. Olson sold 2,000 shares of the stock in a transaction on Monday, September 16th. The stock was 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Kevin Mcdearis sold 2,261 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $85.12, for a total transaction of $192,456.32. Following the completion of the transaction, the executive vice president now directly owns 60,129 shares in the company, valued at approximately $5,118,180.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Jon W. Olson sold 2,000 shares of the stock in a transaction dated 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 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 over the last quarter. Company insiders own 1.95% of the company’s stock.

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.