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Blackbaud Inc - Stock Quote BLKB

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Morningstar's Blackbaud Inc Stock Analysis

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Solid Quarter as Blackbaud Progresses Toward Rule of 40 Goals; FVE Down to $74

Dan Romanoff, CPA Senior Equity Analyst

Analyst Note

| Dan Romanoff, CPA |

Wide-moat Blackbaud reported solid overall first-quarter results that were mixed compared with our expectations. Given the firm provides only annual guidance, we think the quarter was generally in line with investor expectations, with growth a bit better and profitability a bit light, and we see the company as progressing toward its full-year outlook, which was reiterated. Based on results and the outlook, we are modestly lowering our profitability outlook through the medium term, thus we are lowering our fair value estimate to $74 per share, from $77. We still see shares as attractive. We continue to believe in the roadmap for margin expansion and organic revenue growth over the next five years based on a combination of price increases, revenue and cost synergies from the EVERFI acquisition, improved salesforce productivity as a result of an increased focus on digital, and the elimination of duplicative costs as Blackbaud moves its solutions to the public cloud.

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Blackbaud Inc's Company Profile

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
Sector Technology
Industry Software - Application
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Slow Growth
Employees 3,600

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