Blackbaud (NASDAQ:BLKB) Updates FY 2024 Earnings Guidance

Blackbaud (NASDAQ:BLKB) updated its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 3.980-4.160 for the period, compared to the consensus 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 topic of several research analyst reports. Robert W. Baird downgraded shares of Blackbaud from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $92.00 to $80.00 in a report on Thursday. Raymond James cut their price objective on Blackbaud from $98.00 to $95.00 and set an “outperform” rating for the company in a research report on Monday, October 7th. Baird R W lowered Blackbaud from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Evercore ISI raised Blackbaud to a “hold” rating in a report on Thursday, August 1st. Finally, Stifel Nicolaus upped their price objective on Blackbaud from $80.00 to $85.00 and gave the stock a “hold” rating in a report on Thursday, September 26th. Four 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 currently has a consensus rating of “Hold” and an average target price of $86.67.

Blackbaud Trading Up 2.9 %

Shares of NASDAQ:BLKB traded up $2.21 on Friday, hitting $77.72. 386,737 shares of the company’s stock were exchanged, compared to its average volume of 229,712. Blackbaud has a 12 month low of $66.47 and a 12 month high of $88.56. The stock has a market capitalization of $4.01 billion, a price-to-earnings ratio of 74.03 and a beta of 1.02. The business’s 50 day simple moving average is $83.38 and its two-hundred day simple moving average is $79.56. The company has a debt-to-equity ratio of 1.79, a current ratio of 0.68 and a quick ratio of 0.80.

Blackbaud (NASDAQ:BLKB) last posted 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 firm had revenue of $287.29 million during the quarter, compared to the consensus estimate of $289.26 million. Blackbaud had a net margin of 4.61% and a return on equity of 20.34%. The company’s revenue was up 6.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.49 earnings per share. Analysts anticipate that Blackbaud will post 2.45 EPS for the current fiscal year.

Blackbaud announced that its Board of Directors has authorized a stock repurchase program on Tuesday, July 30th that allows the company to repurchase $800.00 million in shares. This repurchase authorization allows the technology company to buy up to 18.1% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other Blackbaud news, SVP Jon W. Olson sold 4,000 shares of the company’s stock in a transaction 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 owns 29,628 shares in the company, valued at $2,251,728. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Sarah E. Nash sold 3,220 shares of the stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $76.18, for a total transaction of $245,299.60. Following the completion of the sale, the director now owns 26,823 shares of the company’s stock, valued at $2,043,376.14. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Jon W. Olson sold 4,000 shares of the company’s stock in a transaction on Monday, August 5th. The stock was sold at an average price of $76.00, for a total value of $304,000.00. Following the transaction, 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 55,409 shares of company stock worth $4,483,193. 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.