Blackbaud (NASDAQ:BLKB) Updates FY24 Earnings Guidance

Blackbaud (NASDAQ:BLKB) updated its FY24 earnings guidance on Wednesday. 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.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BLKB shares. Stifel Nicolaus increased their price objective on shares of Blackbaud from $80.00 to $85.00 and gave the stock a “hold” rating in a research note on Thursday, September 26th. Baird R W cut shares of Blackbaud from a “strong-buy” rating to a “hold” rating in a research report on Thursday. Robert W. Baird downgraded Blackbaud from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $92.00 to $80.00 in a research report on Thursday. Evercore ISI upgraded Blackbaud to a “hold” rating in a research report on Thursday, August 1st. Finally, Raymond James lowered their price target on Blackbaud from $98.00 to $95.00 and set an “outperform” rating for the company in a research report on Monday, October 7th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Blackbaud has an average rating of “Hold” and a consensus target price of $86.67.

Blackbaud Stock Up 2.9 %

BLKB traded up $2.21 on Friday, hitting $77.72. The company had a trading volume of 386,737 shares, compared to its average volume of 229,712. The stock has a market capitalization of $4.01 billion, a price-to-earnings 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. The stock has a fifty day moving average price of $83.30 and a 200-day moving average price of $79.55. Blackbaud has a 12-month low of $66.47 and a 12-month high of $88.56.

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

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

Insiders Place Their Bets

In other Blackbaud news, EVP David J. Benjamin sold 5,590 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $78.04, for a total transaction of $436,243.60. Following the sale, the executive vice president now owns 51,108 shares of the company’s stock, valued at approximately $3,988,468.32. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, COO Kevin P. Gregoire sold 7,333 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $77.65, for a total value of $569,407.45. Following the completion of the transaction, the chief operating officer now owns 110,715 shares of the company’s stock, valued at $8,597,019.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP David J. Benjamin sold 5,590 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $78.04, for a total value of $436,243.60. Following the sale, the executive vice president now directly owns 51,108 shares in the company, valued at approximately $3,988,468.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,409 shares of company stock valued at $4,483,193. 1.95% of the stock is currently 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.