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Blackbaud (BLKB) Rewards Shareholders With Share Repurchase
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Blackbaud (BLKB - Free Report) announced that its board of directors had approved the repurchase of up to $500 million of the company's stock. This new authorization significantly increased the previous program, which allowed the repurchase of up to $250 million in common stock.
Blackbaud’s management’s decision to initiate its share buyback program reflects the company's robust cash flow and dedication to enhancing shareholder value. The repurchase program allows the company to buy back its common stock through open market transactions or private dealings.
Prior to the replenishment on Jan 17, 2024, the company repurchased $41.1 million of its stock through the stock repurchase program in December 2023 and January 2024. The company bought back $0.6 million on Jan 18, 2024, and Jan 19, 2024. The remaining funds under the company's stock repurchase program were $499.4 million as of Jan 19, 2024.
The company’s performance is being driven by robust organic growth and extensive cost-cutting measures. Momentum in both contractual and transactional recurring revenue streams coupled with rising volumes across its other payment solutions bode well.
Going ahead, the company is likely to benefit from its new contractual pricing approach. It is also working toward rolling out artificial intelligence (AI)-enabled capabilities across its portfolio to help clients optimize fundraising.
Expanding product portfolio, as well as frequent product launches, is a key catalyst. The company is focusing on providing cloud software solutions and data-driven decisions powered by AI, machine learning, cognitive technology, predictive analytics and other advanced technologies.
The company has reiterated its revenue guidance for 2023. The company continues to expect non-GAAP revenues between $1.095 billion and $1.125 billion. Non-GAAP earnings per share (EPS) are anticipated to be between $3.63 and $3.94.
BLKB currently carries a Zacks Rank #2 (Buy). In the past year, the stock has gained 30.6% compared with the Zacks sub-industry’s growth of 56.9%.
The Zacks Consensus Estimate for Woodward’s 2023 EPS has inched up 6% in the past 60 days to $4.94. WWD’s long-term earnings growth rate is 15.3%.
Woodward’s earnings beat the Zacks Consensus Estimate in three of the last four quarters, the average surprise being 14.7%. Shares of WWD have gained 24.7% in the past year.
The Zacks Consensus Estimate for 2023 is pegged at a loss of 9 cents per share for NETGEAR, which remained unchanged in the past 30 days.
NTGR’s earnings outpaced the Zacks Consensus Estimate in three of the last four quarters while missing once. The average surprise was 127.5%. Shares of NTGR have lost 29.5% in the past year.
The Zacks Consensus Estimate for Watts Water Technologies 2023 EPS has improved 3.9% in the past 60 days to $8.08.
WTS’ earnings surpassed the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 11.8%. Shares of WTS have soared 23.2% in the past year.
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Blackbaud (BLKB) Rewards Shareholders With Share Repurchase
Blackbaud (BLKB - Free Report) announced that its board of directors had approved the repurchase of up to $500 million of the company's stock. This new authorization significantly increased the previous program, which allowed the repurchase of up to $250 million in common stock.
Blackbaud’s management’s decision to initiate its share buyback program reflects the company's robust cash flow and dedication to enhancing shareholder value. The repurchase program allows the company to buy back its common stock through open market transactions or private dealings.
Prior to the replenishment on Jan 17, 2024, the company repurchased $41.1 million of its stock through the stock repurchase program in December 2023 and January 2024. The company bought back $0.6 million on Jan 18, 2024, and Jan 19, 2024. The remaining funds under the company's stock repurchase program were $499.4 million as of Jan 19, 2024.
Blackbaud, Inc. Price and Consensus
Blackbaud, Inc. price-consensus-chart | Blackbaud, Inc. Quote
Other Key Drivers
The company’s performance is being driven by robust organic growth and extensive cost-cutting measures. Momentum in both contractual and transactional recurring revenue streams coupled with rising volumes across its other payment solutions bode well.
Going ahead, the company is likely to benefit from its new contractual pricing approach. It is also working toward rolling out artificial intelligence (AI)-enabled capabilities across its portfolio to help clients optimize fundraising.
Expanding product portfolio, as well as frequent product launches, is a key catalyst. The company is focusing on providing cloud software solutions and data-driven decisions powered by AI, machine learning, cognitive technology, predictive analytics and other advanced technologies.
The company has reiterated its revenue guidance for 2023. The company continues to expect non-GAAP revenues between $1.095 billion and $1.125 billion. Non-GAAP earnings per share (EPS) are anticipated to be between $3.63 and $3.94.
BLKB currently carries a Zacks Rank #2 (Buy). In the past year, the stock has gained 30.6% compared with the Zacks sub-industry’s growth of 56.9%.
Image Source: Zacks Investment Research
Other Stocks to Consider
Some other top-ranked stocks worth considering in the broader technology space are Woodward (WWD - Free Report) , NETGEAR (NTGR - Free Report) and Watts Water Technologies (WTS - Free Report) . NETGEAR and Woodward sport a Zacks Rank #1 (Strong Buy), while Watts Water Technologies carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Woodward’s 2023 EPS has inched up 6% in the past 60 days to $4.94. WWD’s long-term earnings growth rate is 15.3%.
Woodward’s earnings beat the Zacks Consensus Estimate in three of the last four quarters, the average surprise being 14.7%. Shares of WWD have gained 24.7% in the past year.
The Zacks Consensus Estimate for 2023 is pegged at a loss of 9 cents per share for NETGEAR, which remained unchanged in the past 30 days.
NTGR’s earnings outpaced the Zacks Consensus Estimate in three of the last four quarters while missing once. The average surprise was 127.5%. Shares of NTGR have lost 29.5% in the past year.
The Zacks Consensus Estimate for Watts Water Technologies 2023 EPS has improved 3.9% in the past 60 days to $8.08.
WTS’ earnings surpassed the Zacks Consensus Estimate in each of the last four quarters, the average surprise being 11.8%. Shares of WTS have soared 23.2% in the past year.