Blackbaud (NASDAQ:BLKB) Updates FY24 Earnings Guidance

Blackbaud (NASDAQ:BLKB) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $4.12-4.38 for the period, compared to the consensus estimate of $4.24. Blackbaud also updated its FY 2024 guidance to 4.120-4.380 EPS.

Wall Street Analysts Forecast Growth

BLKB has been the topic of several recent analyst reports. StockNews.com raised shares of Blackbaud from a hold rating to a buy rating in a research report on Saturday. Robert W. Baird lowered their price target on shares of Blackbaud from $95.00 to $88.00 and set an outperform rating on the stock in a report on Wednesday, February 14th.

Blackbaud Trading Down 1.2 %

Shares of NASDAQ:BLKB traded down $0.98 during midday trading on Tuesday, hitting $77.92. 344,706 shares of the stock traded hands, compared to its average volume of 275,987. The business’s 50 day moving average is $73.20 and its two-hundred day moving average is $76.54. The stock has a market capitalization of $4.02 billion, a PE ratio of 2,597.33 and a beta of 1.04. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.94. Blackbaud has a one year low of $64.32 and a one year high of $88.56.

Blackbaud (NASDAQ:BLKB) last released its earnings results on Tuesday, February 13th. The technology company reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.09. Blackbaud had a return on equity of 14.59% and a net margin of 0.16%. The firm had revenue of $295.01 million for the quarter, compared to analysts’ expectations of $299.04 million. During the same period in the prior year, the firm posted $0.28 earnings per share. The company’s quarterly revenue was up 7.4% on a year-over-year basis. As a group, research analysts forecast that Blackbaud will post 2.35 earnings per share for the current year.

Insider Buying and Selling at Blackbaud

In related news, CEO Michael P. Gianoni sold 25,354 shares of Blackbaud stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $68.77, for a total transaction of $1,743,594.58. Following the transaction, the chief executive officer now owns 357,104 shares in the company, valued at approximately $24,558,042.08. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, COO Kevin P. Gregoire sold 3,000 shares of Blackbaud stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $74.00, for a total value of $222,000.00. Following the completion of the transaction, the chief operating officer now owns 133,641 shares in the company, valued at $9,889,434. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Michael P. Gianoni sold 25,354 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $68.77, for a total value of $1,743,594.58. Following the completion of the sale, the chief executive officer now owns 357,104 shares in the company, valued at $24,558,042.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,897 shares of company stock worth $4,377,015. Insiders own 1.89% 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.