Blackbaud (NASDAQ:BLKB) Issues Earnings Results

Blackbaud (NASDAQ:BLKB) released its quarterly earnings data on Tuesday. The technology company reported $1.08 EPS for the quarter, beating the consensus estimate of $1.04 by $0.04, Briefing.com reports. Blackbaud had a return on equity of 16.66% and a net margin of 1.94%. The firm had revenue of $287.29 million during the quarter, compared to the consensus estimate of $289.26 million. During the same quarter in the previous year, the company posted $0.49 earnings per share. The company’s quarterly revenue was up 6.0% on a year-over-year basis. Blackbaud updated its FY24 guidance to $4.12-4.38 EPS and its FY 2024 guidance to 4.120-4.380 EPS.

Blackbaud Price Performance

Shares of Blackbaud stock traded down $0.98 during trading on Wednesday, hitting $79.38. 290,241 shares of the stock traded hands, compared to its average volume of 252,277. The stock has a market cap of $4.10 billion, a price-to-earnings ratio of 193.61 and a beta of 1.01. Blackbaud has a 52 week low of $64.32 and a 52 week high of $88.56. The firm’s fifty day moving average is $77.25 and its 200-day moving average is $76.41. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 1.91.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Blackbaud from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th.

Insiders Place Their Bets

In related news, EVP David J. Benjamin sold 16,700 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $77.81, for a total transaction of $1,299,427.00. Following the completion of the transaction, the executive vice president now owns 74,458 shares of the company’s stock, valued at approximately $5,793,576.98. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP David J. Benjamin sold 16,700 shares of Blackbaud stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $77.81, for a total value of $1,299,427.00. Following the sale, the executive vice president now directly owns 74,458 shares of the company’s stock, valued at $5,793,576.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Anthony W. Boor sold 1,106 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $78.86, for a total value of $87,219.16. Following the transaction, the chief financial officer now directly owns 150,262 shares in the company, valued at approximately $11,849,661.32. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,476 shares of company stock worth $2,547,161. 1.95% of the stock is currently owned by company insiders.

About Blackbaud

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.