CHARLESTON, S.C.—Anthony W. Boor, Chief Financial Officer and Executive Vice President of Finance and Administration at Blackbaud Inc. (NASDAQ:BLKB), sold shares of the company valued at approximately $848,536, according to a recent SEC filing. The transactions, which took place on November 21, 2024, involved the sale of 10,000 shares of common stock at prices ranging from $84.28 to $85.01 per share.
Following these transactions, Boor retains direct ownership of 140,262 shares in the company. The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, which was established on August 21, 2024.
In other recent news, Blackbaud, a cloud software company, has reported a 6.6% increase in overall revenue and a 6.8% rise in contractual recurring revenue in its Third Quarter 2024 Earnings Conference Call. Despite a 26% drop in revenue from its EVERFI segment, the company adjusted its annual revenue guidance. The company's total revenue growth was primarily driven by its Social Sector. However, the revised annual revenue guidance of $1.150 billion to $1.160 billion reflects the impact of EVERFI's underperformance.
In light of these developments, Baird has adjusted its stance on Blackbaud, moving the rating from Outperform to Neutral and reducing the price target to $80 from the previous $92. This decision is a response to the company's moderated growth forecasts and the revised outlook for Blackbaud's core Social Sector.
Blackbaud continues its stock repurchase strategy, targeting up to 10% of its common stock by year-end, and is advised by Goldman Sachs (NYSE:GS) on strategic options for the EVERFI segment. The company also plans to focus on cost management, employee productivity, and strategic mergers and acquisitions.
InvestingPro Insights
As Blackbaud's CFO Anthony W. Boor reduces his stake in the company, investors might be curious about the current financial health and market position of the cloud software provider. According to InvestingPro data, Blackbaud boasts a market capitalization of $4.33 billion, reflecting its significant presence in the nonprofit technology sector.
Despite the recent insider sale, there are positive indicators for Blackbaud's financial performance. An InvestingPro Tip highlights that the company's net income is expected to grow this year, which could be a promising sign for investors. Additionally, Blackbaud has been profitable over the last twelve months, with a revenue of $1.15 billion and an EBITDA of $237.49 million for the same period.
However, it's worth noting that Blackbaud is trading at a high P/E ratio of 85.2, which may indicate that the stock is priced at a premium compared to its earnings. This valuation metric aligns with another InvestingPro Tip suggesting that the company is trading at a high earnings multiple.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips on Blackbaud, providing a deeper understanding of the company's financial position and market outlook.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.