Blackbaud (NASDAQ:BLKB) Releases Earnings Results

Blackbaud (NASDAQ:BLKB) posted its quarterly earnings results on Tuesday. The technology company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.04 by $0.04, Briefing.com reports. The business had revenue of $287.29 million during the quarter, compared to analyst estimates of $289.26 million. Blackbaud had a net margin of 3.64% and a return on equity of 17.65%. The company’s revenue was up 6.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.49 earnings per share. 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 BLKB stock traded down $1.00 during mid-day trading on Thursday, hitting $78.38. The company had a trading volume of 29,154 shares, compared to its average volume of 250,759. Blackbaud has a 52-week low of $64.32 and a 52-week high of $88.56. The stock’s 50 day moving average price is $77.25 and its 200-day moving average price is $76.41. The company has a debt-to-equity ratio of 1.91, a current ratio of 0.67 and a quick ratio of 0.67. The company has a market capitalization of $4.05 billion, a P/E ratio of 193.61 and a beta of 1.01.

Insider Transactions at Blackbaud

In related news, COO Kevin P. Gregoire sold 9,902 shares of the company’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $79.54, for a total transaction of $787,605.08. Following the sale, the chief operating officer now owns 118,739 shares of the company’s stock, valued at $9,444,500.06. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, COO Kevin P. Gregoire sold 9,902 shares of the company’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $79.54, for a total transaction of $787,605.08. Following the sale, the chief operating officer now owns 118,739 shares of the company’s stock, valued at $9,444,500.06. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Jon W. Olson sold 3,000 shares of the company’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $78.63, for a total transaction of $235,890.00. Following the sale, the senior vice president now directly owns 33,628 shares in the company, valued at approximately $2,644,169.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,476 shares of company stock valued at $2,547,161. 1.95% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. StockNews.com upgraded shares of Blackbaud from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Robert W. Baird boosted their target price on shares of Blackbaud from $88.00 to $92.00 and gave the stock an “outperform” rating in a report on Thursday.

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.