Blackbaud (NASDAQ:BLKB) Updates FY 2024 Earnings Guidance

Blackbaud (NASDAQ:BLKB) updated its FY 2024 earnings guidance on Wednesday. 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.

Analysts Set New Price Targets

BLKB has been the subject of a number of recent research reports. Robert W. Baird lowered Blackbaud from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $92.00 to $80.00 in a research note on Thursday. Baird R W lowered Blackbaud from a “strong-buy” rating to a “hold” rating in a research report on Thursday. Evercore ISI upgraded Blackbaud to a “hold” rating in a research report on Thursday, August 1st. Stifel Nicolaus boosted their target price on shares of Blackbaud from $80.00 to $85.00 and gave the company a “hold” rating in a research note on Thursday, September 26th. Finally, Raymond James decreased their target price 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 analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Blackbaud has a consensus rating of “Hold” and an average price target of $86.67.

Blackbaud Price Performance

BLKB stock traded up $2.21 during mid-day trading on Friday, reaching $77.72. 386,737 shares of the company’s stock were exchanged, compared to its average volume of 229,712. The company has a debt-to-equity ratio of 1.79, a current ratio of 0.68 and a quick ratio of 0.80. The company has a market cap of $4.01 billion, a price-to-earnings ratio of 74.03 and a beta of 1.02. The stock’s 50 day moving average is $83.38 and its 200 day moving average is $79.56. 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 EPS for the quarter, topping the consensus estimate of $1.04 by $0.04. Blackbaud had a net margin of 4.61% and a return on equity of 20.34%. The company had revenue of $287.29 million during the quarter, compared to analyst estimates of $289.26 million. During the same quarter in the previous year, the firm earned $0.49 EPS. The firm’s revenue was up 6.0% compared to the same quarter last year. On average, research analysts expect that Blackbaud will post 2.45 EPS for the current year.

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

Insider Activity at Blackbaud

In related news, SVP Jon W. Olson sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was sold at an average price of $76.00, for a total transaction of $304,000.00. Following the completion of the sale, the senior vice president now directly owns 29,628 shares in the company, valued at approximately $2,251,728. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Jon W. Olson sold 4,000 shares of the company’s stock in a transaction dated 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 sale, the senior vice president now owns 29,628 shares of the company’s stock, valued at approximately $2,251,728. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Jon W. Olson sold 3,603 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $77.90, for a total transaction of $280,673.70. Following the completion of the transaction, the senior vice president now directly owns 26,025 shares in the company, valued at $2,027,347.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, 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.