Blackbaud (NASDAQ:BLKB) Updates FY24 Earnings Guidance

Blackbaud (NASDAQ:BLKB) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $4.12-4.38 for the period, compared to the consensus earnings per share estimate of $4.25. The company issued revenue guidance of $1.164-1.194 billion, compared to the consensus revenue estimate of $1.18 billion. Blackbaud also updated its FY 2024 guidance to 4.120-4.380 EPS.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. StockNews.com raised Blackbaud from a hold rating to a buy rating in a research report on Wednesday, May 8th. Robert W. Baird increased their price target on shares of Blackbaud from $88.00 to $92.00 and gave the company an outperform rating in a report on Thursday.

Blackbaud Stock Performance

NASDAQ:BLKB traded down $1.59 during trading hours on Friday, reaching $76.57. The company had a trading volume of 42,111 shares, compared to its average volume of 250,674. The firm has a market cap of $3.95 billion, a price-to-earnings ratio of 190.64 and a beta of 1.01. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 1.91. The firm’s 50 day moving average price is $77.22 and its 200-day moving average price is $76.42. Blackbaud has a 52 week low of $64.32 and a 52 week high of $88.56.

Blackbaud (NASDAQ:BLKB) last released its quarterly earnings results on Tuesday, July 30th. The technology company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.04. Blackbaud had a return on equity of 17.65% and a net margin of 3.64%. The business had revenue of $287.29 million during the quarter, compared to the consensus estimate of $289.26 million. During the same period in the previous year, the company posted $0.49 EPS. The business’s quarterly revenue was up 6.0% compared to the same quarter last year. On average, analysts forecast that Blackbaud will post 2.27 EPS for the current year.

Insider Transactions at Blackbaud

In other news, EVP David J. Benjamin sold 16,700 shares of the firm’s 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 transaction, the executive vice president now owns 74,458 shares of the company’s stock, valued at $5,793,576.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Jon W. Olson sold 3,000 shares of the stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $78.63, for a total transaction of $235,890.00. Following the completion of the sale, the senior vice president now owns 33,628 shares in the company, valued at $2,644,169.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP David J. Benjamin sold 16,700 shares of Blackbaud stock in a transaction that occurred on Tuesday, May 28th. The shares were 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 in the company, valued at approximately $5,793,576.98. The disclosure for this sale can be found here. Insiders sold 32,476 shares of company stock worth $2,547,161 in the last three months. Corporate insiders own 1.95% of the company’s stock.

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.