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Jon W. Olson, Senior Vice President and General Counsel at Blackbaud Inc. (NASDAQ:BLKB), recently sold shares of the company, according to a Form 4 filing with the SEC. On February 24, Olson sold 3,700 shares at an average price of $68.51, totaling approximately $253,487. This transaction followed a series of acquisitions and forfeitures related to performance restricted stock units (PRSUs). The sale comes as Blackbaud, with a market capitalization of $3.32 billion, trades near its 52-week low of $66.07. InvestingPro analysis reveals that while management has been actively buying back shares, the company’s short-term obligations currently exceed its liquid assets.
In addition to the sale, Olson acquired a total of 8,148 shares of Blackbaud common stock over several transactions on February 21 and 22. These acquisitions were tied to the vesting of PRSUs granted in the previous year, with no monetary transaction involved as the shares were acquired at no cost.
Furthermore, on February 24, Olson forfeited 2,897 shares back to the company to cover tax liabilities associated with the vesting of PRSUs. These shares were valued at $68.24 per share, resulting in a total forfeiture value of $197,691.
Following these transactions, Olson holds 35,321 shares of Blackbaud common stock directly.
In other recent news, Blackbaud reported its fourth-quarter 2024 earnings, with an earnings per share (EPS) of $1.08, slightly beating analysts’ expectations of $1.06. However, the company’s revenue for the quarter was $302.2 million, which fell short of the projected $305.28 million. The company’s full-year 2024 revenue reached $1.155 billion, marking a 5.2% organic growth rate, and its adjusted EBITDA was $389 million. Looking ahead to 2025, Blackbaud has set its revenue guidance between $1.115 billion and $1.125 billion, which is below the anticipated $1.168 billion.
Evercore ISI initiated coverage on Blackbaud with an In Line rating and a price target of $80, acknowledging the company’s steady subscription and transactional businesses but noting no immediate catalysts for valuation change. Meanwhile, Raymond (NSE:RYMD) James maintained an Outperform rating with a $95 price target, despite recognizing Blackbaud’s revenue shortfall in the fourth quarter. The firm highlighted the acceleration in contractual recurring revenue, which grew 5% year-over-year.
Blackbaud is also focusing on AI-driven innovations, such as the BLKB Copilot, to enhance customer engagement and potentially drive long-term revenue growth. The company plans to continue its share repurchase program, aiming to reduce the outstanding share count by 3-5% in 2025. Additionally, strategic investments in India and other operational changes are expected to influence free cash flow dynamics in the coming years.
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