Blackbaud (NASDAQ:BLKB) Releases FY24 Earnings Guidance

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

Blackbaud Trading Up 2.9 %

BLKB stock traded up $2.21 during mid-day trading on Friday, reaching $77.72. The company’s stock had a trading volume of 386,737 shares, compared to its average volume of 229,712. The company has a current ratio of 0.68, a quick ratio of 0.80 and a debt-to-equity ratio of 1.79. Blackbaud has a 12 month low of $66.47 and a 12 month high of $88.56. The business’s 50 day moving average price is $83.30 and its 200 day moving average price is $79.55. The company has a market cap of $4.01 billion, a price-to-earnings ratio of 76.20 and a beta of 1.02.

Blackbaud (NASDAQ:BLKB) last announced its quarterly earnings results on Tuesday, July 30th. The technology company reported $1.08 earnings per share 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 analysts’ expectations of $289.26 million. Blackbaud had a net margin of 4.61% and a return on equity of 20.34%. The firm’s revenue for the quarter was up 6.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.49 EPS. On average, equities research analysts predict that Blackbaud will post 2.45 EPS for the current year.

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

Analyst Ratings Changes

A number of analysts have issued reports on BLKB shares. Baird R W downgraded Blackbaud from a “strong-buy” rating to a “hold” rating in a research report on Thursday. Evercore ISI raised Blackbaud to a “hold” rating in a report on Thursday, August 1st. Stifel Nicolaus upped their price objective on shares of Blackbaud from $80.00 to $85.00 and gave the company a “hold” rating in a report on Thursday, September 26th. Robert W. Baird downgraded shares of Blackbaud from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $92.00 to $80.00 in a research note on Thursday. Finally, Raymond James reduced their price objective 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 issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $86.67.

Insiders Place Their Bets

In other news, EVP Kevin Mcdearis sold 2,261 shares of the firm’s 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 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Jon W. Olson sold 4,000 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $76.00, for a total value of $304,000.00. Following the completion of the sale, the senior vice president now directly owns 29,628 shares of the company’s stock, valued at approximately $2,251,728. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Kevin Mcdearis sold 2,261 shares of the 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 directly owns 60,129 shares of the company’s stock, valued at approximately $5,118,180.48. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have 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.