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Blackbaud Inc BLKB Stock Quote

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Morningstar‘s Stock Analysis BLKB

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Blackbaud Reports Solid 2Q but Trims its Revenue and Margin Guidance

Dan Romanoff, CPA Senior Equity Analyst

Analyst Note

| Dan Romanoff, CPA |

Wide-moat Blackbaud reported solid overall second-quarter results that were mildly mixed compared with our expectations. Given that the firm provides only annual guidance, we think the quarter was generally in line with investor expectations, with revenue slightly light and profitability better. Management reined in its full-year outlook for both revenues and operating margins, mostly to account for worsening currency but also for a continued decline in one-time services and a modest slowdown in EVERFI bookings. While we think Blackbaud is obviously progressing toward its "rule of 40" goals, based on results and the outlook, we are modestly lowering our expectations for 2022 and 2023, which drives our fair value estimate to $70 per share, from $74. We still see shares as attractive for long-term investors but we view shares as more sensitive to a recession than most of our enterprise software stocks.

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Key Statistics BLKB

Company Profile BLKB

Business Description

Founded in 1981, Blackbaud provides a suite of software solutions targeted at the “social good” community, including nonprofits, foundations, corporations, education institutions, healthcare institutions, and individual activists. Through mergers, acquisitions, and organic product development, the company has also moved into related areas outside of core fundraising, notably into K-12 schools. Blackbaud enables more than $100 billion in donations annually across a customer base in excess of 40,000 customers in at least 50 countries.

65 Fairchild Street
Charleston, SC, 29492
T +1 843 216-6200
Industry Software - Application
Most Recent Earnings Jun 30, 2022
Fiscal Year End Dec 31, 2022
Stock Type Slow Growth
Employees 3,600

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