We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Blackbaud (BLKB) Reaches Settlement With States, to Pay $49.5M
Read MoreHide Full Article
Blackbaud (BLKB - Free Report) recently announced that it has reached a settlement with 49 state Attorneys General and the District of Columbia pertaining to its 2020 security breach incident.
The company anticipates paying off $49.5 million in damages to 49 states and District of Columbia out of its existing liquidity in October 2023. The amount is fully accrued as a contingent liability in the company's financial statements as of Jun 30, 2023.
Blackbaud further added that it was constantly bolstering its cybersecurity infrastructure to safeguard data amid a rapidly evolving threat scenario.
The settlement will not have any impact on its guidance for 2023, noted management. Blackbaud expects non-GAAP revenues to be between $1.095 billion and $1.125 billion. Non-GAAP adjusted EBITDA margin is projected in the range of 30.5-31.5%. Non-GAAP earnings per share are anticipated to be between $3.63 and $3.94. Non-GAAP adjusted free cash flow for the year is forecast in the $190-$210 million band.
Blackbaud is a cloud software company that offers a full spectrum of cloud-based and on-premise software solutions, and related services for organizations of all sizes, especially social good organizations. It continues to invest heavily in cloud-based applications and software, which is expected to bolster long-term growth.
The company’s performance is being driven by momentum in transactional revenue owing to solid demand for the JustGiving platform coupled with rising volumes across other payment solutions. Frequent product launches along with rising customer renewal rates and bookings bode well. Going ahead,
BLKB is likely to benefit from cost cutting actions and its new contractual pricing approach. Also, its efforts toward rolling out AI-enabled capabilities across portfolio to help clients to upgrade fundraising are positives.
However, uncertainty prevailing over global macroeconomic conditions and unfavorable foreign currency movement are likely to weigh down on its performance in the near term. Leveraged balance sheet and stiff competition are added concerns.
BLKB currently carries a Zacks Rank #2 (Buy).
In the past year, the stock has gained 17.5% compared with the Zacks sub-industry’s growth of 33.7%.
The Zacks Consensus Estimate for Asure Software’s 2023 EPS has increased 35% in the past 60 days to 54 cents.
Asure Software’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average surprise being 676.4%. Shares of ASUR have surged 76.3% in the past year.
The Zacks Consensus Estimate for Synopsys’ fiscal 2023 EPS has gained 2.5% in the past 60 days to $11.09. SNPS’ long-term earnings growth rate is 16.4%. Shares of SNPS have climbed 49.8% in the past year.
The Zacks Consensus Estimate for VMware’s fiscal 2024 EPS has improved 5.9% in the past 60 days to $7.23.
VMware’s earnings outpaced the Zacks Consensus Estimate in two of the last four quarters, while missing it in the remaining quarters. The average earnings surprise stands at 1.2%. Shares of VMW have jumped 50.9% in the past year.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Blackbaud (BLKB) Reaches Settlement With States, to Pay $49.5M
Blackbaud (BLKB - Free Report) recently announced that it has reached a settlement with 49 state Attorneys General and the District of Columbia pertaining to its 2020 security breach incident.
The company anticipates paying off $49.5 million in damages to 49 states and District of Columbia out of its existing liquidity in October 2023. The amount is fully accrued as a contingent liability in the company's financial statements as of Jun 30, 2023.
Blackbaud further added that it was constantly bolstering its cybersecurity infrastructure to safeguard data amid a rapidly evolving threat scenario.
The settlement will not have any impact on its guidance for 2023, noted management. Blackbaud expects non-GAAP revenues to be between $1.095 billion and $1.125 billion. Non-GAAP adjusted EBITDA margin is projected in the range of 30.5-31.5%. Non-GAAP earnings per share are anticipated to be between $3.63 and $3.94. Non-GAAP adjusted free cash flow for the year is forecast in the $190-$210 million band.
Blackbaud, Inc. Price and Consensus
Blackbaud, Inc. price-consensus-chart | Blackbaud, Inc. Quote
Blackbaud is a cloud software company that offers a full spectrum of cloud-based and on-premise software solutions, and related services for organizations of all sizes, especially social good organizations. It continues to invest heavily in cloud-based applications and software, which is expected to bolster long-term growth.
The company’s performance is being driven by momentum in transactional revenue owing to solid demand for the JustGiving platform coupled with rising volumes across other payment solutions. Frequent product launches along with rising customer renewal rates and bookings bode well. Going ahead,
BLKB is likely to benefit from cost cutting actions and its new contractual pricing approach. Also, its efforts toward rolling out AI-enabled capabilities across portfolio to help clients to upgrade fundraising are positives.
However, uncertainty prevailing over global macroeconomic conditions and unfavorable foreign currency movement are likely to weigh down on its performance in the near term. Leveraged balance sheet and stiff competition are added concerns.
BLKB currently carries a Zacks Rank #2 (Buy).
In the past year, the stock has gained 17.5% compared with the Zacks sub-industry’s growth of 33.7%.
Image Source: Zacks Investment Research
Other Key Picks
Some other top-ranked stocks in the broader technology space are Asure Software (ASUR - Free Report) , Synopsys (SNPS - Free Report) and VMware . Each stock is sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Asure Software’s 2023 EPS has increased 35% in the past 60 days to 54 cents.
Asure Software’s earnings beat the Zacks Consensus Estimate in all the last four quarters, the average surprise being 676.4%. Shares of ASUR have surged 76.3% in the past year.
The Zacks Consensus Estimate for Synopsys’ fiscal 2023 EPS has gained 2.5% in the past 60 days to $11.09. SNPS’ long-term earnings growth rate is 16.4%. Shares of SNPS have climbed 49.8% in the past year.
The Zacks Consensus Estimate for VMware’s fiscal 2024 EPS has improved 5.9% in the past 60 days to $7.23.
VMware’s earnings outpaced the Zacks Consensus Estimate in two of the last four quarters, while missing it in the remaining quarters. The average earnings surprise stands at 1.2%. Shares of VMW have jumped 50.9% in the past year.