Blackbaud (NASDAQ:BLKB) Releases FY24 Earnings Guidance

Blackbaud (NASDAQ:BLKB - Get Free Report) updated 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 Price Performance

Shares of NASDAQ:BLKB traded down $13.01 during trading hours on Wednesday, hitting $74.47. 396,309 shares of the company's stock traded hands, compared to its average volume of 228,522. The company has a market cap of $3.84 billion, a price-to-earnings ratio of 186.88 and a beta of 1.02. Blackbaud has a 52 week low of $64.74 and a 52 week high of $88.56. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.80 and a current ratio of 0.80. The company's fifty day simple moving average is $83.56 and its two-hundred day simple moving average is $79.61.

Blackbaud (NASDAQ:BLKB - Get Free Report) last posted its quarterly earnings data on Tuesday, July 30th. The technology company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.04. Blackbaud had a net margin of 3.64% and a return on equity of 18.54%. The firm had revenue of $287.29 million for the quarter, compared to analysts' expectations of $289.26 million. During the same period in the previous year, the company posted $0.49 EPS. The company's quarterly revenue was up 6.0% compared to the same quarter last year. As a group, equities analysts anticipate that Blackbaud will post 2.45 EPS for the current fiscal year.

Blackbaud announced that its board has initiated 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 purchase up to 18.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on BLKB shares. Stifel Nicolaus boosted their price objective on shares of Blackbaud from $80.00 to $85.00 and gave the stock a "hold" rating in a research note on Thursday, September 26th. Raymond James lowered their price target on 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 upgraded shares of Blackbaud to a "hold" rating in a research note on Thursday, August 1st. Finally, Robert W. Baird upped their price objective on Blackbaud from $88.00 to $92.00 and gave the company an "outperform" rating in a research note on Thursday, August 1st. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $90.67.

Insider Buying and Selling at Blackbaud

In other news, EVP Kevin Mcdearis sold 3,210 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $85.16, for a total value of $273,363.60. Following the transaction, the executive vice president now owns 63,802 shares of the company's stock, valued at $5,433,378.32. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Blackbaud news, SVP Jon W. Olson sold 2,000 shares of the firm's stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $85.00, for a total transaction of $170,000.00. Following the sale, the senior vice president now directly owns 24,025 shares in the company, valued at approximately $2,042,125. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Kevin Mcdearis sold 3,210 shares of the company's stock in a transaction on Monday, September 16th. The stock was sold at an average price of $85.16, for a total transaction of $273,363.60. Following the completion of the transaction, the executive vice president now directly owns 63,802 shares of the company's stock, valued at approximately $5,433,378.32. The trade was 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 worth $4,483,193. Company 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.