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

A number of brokerages recently issued reports on BLKB. Raymond James dropped their price target on shares of Blackbaud from $98.00 to $95.00 and set an “outperform” rating on the stock in a research note on Monday, October 7th. Evercore ISI raised shares of Blackbaud to a “hold” rating in a research report on Thursday, August 1st. Baird R W lowered shares of Blackbaud from a “strong-buy” rating to a “hold” rating in a report on Thursday. Robert W. Baird lowered shares of 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. Finally, Stifel Nicolaus increased their target price on Blackbaud from $80.00 to $85.00 and gave the company a “hold” rating in a research report on Thursday, September 26th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target 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 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 market capitalization of $4.01 billion, a price-to-earnings ratio of 74.03 and a beta of 1.02. The stock has a fifty day moving average price of $83.38 and a 200-day moving average price of $79.56. Blackbaud has a 12-month low of $66.47 and a 12-month high of $88.56.

Blackbaud (NASDAQ:BLKB) last released its earnings results on Tuesday, July 30th. The technology company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates 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 return on equity of 20.34% and a net margin of 4.61%. The company’s revenue was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.49 earnings per share. Analysts predict that Blackbaud will post 2.45 EPS for the current fiscal year.

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

Insider Activity

In other Blackbaud news, EVP Kevin Mcdearis sold 18,996 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $83.00, for a total transaction of $1,576,668.00. Following the transaction, the executive vice president now owns 67,012 shares of the company’s stock, valued at approximately $5,561,996. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP Kevin Mcdearis sold 18,996 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $83.00, for a total transaction of $1,576,668.00. Following the completion of the transaction, the executive vice president now directly owns 67,012 shares in the company, valued at $5,561,996. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Jon W. Olson sold 2,000 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $85.00, for a total value of $170,000.00. Following the completion of the sale, the senior vice president now directly owns 24,025 shares in the company, valued at $2,042,125. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 55,409 shares of company stock worth $4,483,193 over the last three months. 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.