Blackbaud (NASDAQ:BLKB) Updates FY24 Earnings Guidance

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

BLKB has been the subject of several analyst reports. Robert W. Baird increased their price objective on Blackbaud from $88.00 to $92.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Evercore ISI raised Blackbaud to a “hold” rating in a report on Thursday, August 1st. Raymond James dropped their price target on Blackbaud from $98.00 to $95.00 and set an “outperform” rating on the stock in a research note on Monday, October 7th. Finally, Stifel Nicolaus increased their price objective on shares of Blackbaud from $80.00 to $85.00 and gave the company a “hold” rating in a research report on Thursday, September 26th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Blackbaud currently has a consensus rating of “Moderate Buy” and an average price target of $90.67.

Blackbaud Stock Performance

BLKB stock traded down $11.12 during midday trading on Wednesday, reaching $76.36. The stock had a trading volume of 15,833 shares, compared to its average volume of 226,710. The firm has a fifty day simple moving average of $83.56 and a two-hundred day simple moving average of $79.61. Blackbaud has a 52-week low of $64.74 and a 52-week high of $88.56. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market cap of $3.94 billion, a PE ratio of 186.88 and a beta of 1.02.

Blackbaud (NASDAQ:BLKB) last announced its quarterly earnings data on Tuesday, July 30th. The technology company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. Blackbaud had a return on equity of 18.54% and a net margin of 3.64%. The business had revenue of $287.29 million for the quarter, compared to analyst estimates of $289.26 million. During the same period in the prior year, the company earned $0.49 earnings per share. The company’s revenue was up 6.0% on a year-over-year basis. As a group, equities research analysts anticipate that Blackbaud will post 2.45 EPS for the current year.

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

Insiders Place Their Bets

In other news, EVP Kevin Mcdearis sold 2,261 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $85.12, for a total value of $192,456.32. Following the sale, the executive vice president now directly owns 60,129 shares of the company’s stock, valued at $5,118,180.48. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Blackbaud news, SVP Jon W. Olson sold 2,000 shares of Blackbaud stock in a transaction dated Monday, September 16th. The stock was 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 in the company, valued at approximately $2,042,125. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Kevin Mcdearis sold 2,261 shares of the business’s stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $85.12, for a total value of $192,456.32. Following the completion of the transaction, the executive vice president now directly owns 60,129 shares of the company’s stock, valued at approximately $5,118,180.48. 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 sold 55,409 shares of company stock valued at $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.