Blackbaud (NASDAQ:BLKB) Releases FY24 Earnings Guidance

Blackbaud (NASDAQ:BLKB) issued an update on its FY24 earnings guidance on Wednesday morning. 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.

Analysts Set New Price Targets

Several equities research analysts have recently commented on BLKB shares. 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. Robert W. Baird cut Blackbaud from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $92.00 to $80.00 in a report on Thursday. Baird R W lowered shares of Blackbaud from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Evercore ISI raised shares of Blackbaud to a “hold” rating in a research report on Thursday, August 1st. Finally, Raymond James cut their price objective on Blackbaud from $98.00 to $95.00 and set an “outperform” rating for the company in a report on Monday, October 7th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $86.67.

Blackbaud Price Performance

BLKB traded up $2.21 on Friday, reaching $77.72. The stock had a trading volume of 386,737 shares, compared to its average volume of 229,712. The firm has a 50-day moving average of $83.30 and a 200-day moving average of $79.55. Blackbaud has a fifty-two week low of $66.47 and a fifty-two week 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 company has a market capitalization of $4.01 billion, a price-to-earnings ratio of 76.20 and a beta of 1.02.

Blackbaud (NASDAQ:BLKB) last released its earnings results on Tuesday, July 30th. The technology company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.04. The business 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 revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.49 earnings per share. As a group, sell-side analysts anticipate that Blackbaud will post 2.45 EPS for the current year.

Blackbaud declared that its board has authorized a share repurchase plan on Tuesday, July 30th that allows the company to repurchase $800.00 million in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 18.1% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity at Blackbaud

In other Blackbaud news, EVP Kevin Mcdearis sold 2,261 shares of Blackbaud stock in a transaction dated 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 owns 60,129 shares of the company’s stock, valued at $5,118,180.48. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Blackbaud news, COO Kevin P. Gregoire sold 7,333 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $77.65, for a total transaction of $569,407.45. Following the transaction, the chief operating officer now owns 110,715 shares in the company, valued at approximately $8,597,019.75. 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 this hyperlink. Also, EVP Kevin Mcdearis sold 2,261 shares of the 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 owns 60,129 shares in the company, valued at $5,118,180.48. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 55,409 shares of company stock valued at $4,483,193 over the last ninety days. Corporate 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.