Blackbaud (NASDAQ:BLKB) Issues FY 2024 Earnings Guidance

Blackbaud (NASDAQ:BLKB) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 3.980-4.160 for the period, compared to the consensus earnings per share estimate of 4.190. The company issued revenue guidance of $1.2 billion-$1.2 billion, compared to the consensus revenue estimate of $1.2 billion. Blackbaud also updated its FY24 guidance to $3.98-4.16 EPS.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on BLKB. Raymond James lowered their price objective on Blackbaud from $98.00 to $95.00 and set an “outperform” rating for the company in a research report on Monday, October 7th. Stifel Nicolaus lifted 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. Baird R W lowered shares of Blackbaud from a “strong-buy” rating to a “hold” rating in a report on Thursday. Robert W. Baird lowered shares of Blackbaud from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $92.00 to $80.00 in a report on Thursday. Finally, Evercore ISI raised Blackbaud to a “hold” rating in a research note on Thursday, August 1st. Four equities research 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 presently has an average rating of “Hold” and a consensus price target of $86.67.

Blackbaud Stock Performance

BLKB stock opened at $77.72 on Friday. Blackbaud has a 1-year low of $66.47 and a 1-year high of $88.56. 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 firm has a market cap of $4.01 billion, a PE ratio of 76.20 and a beta of 1.02. The business’s 50-day moving average price is $83.30 and its two-hundred day moving average price is $79.55.

Blackbaud (NASDAQ:BLKB) last announced its earnings results on Tuesday, July 30th. The technology company reported $1.08 EPS for the quarter, topping the consensus estimate of $1.04 by $0.04. The firm had revenue of $287.29 million for 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 business’s quarterly revenue was up 6.0% on a year-over-year basis. During the same period last year, the company posted $0.49 EPS. As a group, research analysts forecast that Blackbaud will post 2.45 earnings per share for the current year.

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

Insider Activity at Blackbaud

In related news, EVP Kevin Mcdearis sold 18,996 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $83.00, for a total value of $1,576,668.00. Following the completion of the transaction, the executive vice president now directly owns 67,012 shares of the company’s stock, valued at approximately $5,561,996. 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 this link. In other 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 transaction of $304,000.00. Following the completion of the transaction, the senior vice president now directly owns 29,628 shares of the company’s stock, valued at $2,251,728. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kevin Mcdearis sold 18,996 shares of the firm’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 completion of the transaction, the executive vice president now directly owns 67,012 shares of the company’s stock, valued at approximately $5,561,996. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 55,409 shares of company stock valued at $4,483,193. 1.95% of the stock is owned by corporate 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.