BLKB - Why Blackbaud Stock Is Plummeting Today
2024-02-13 15:36:20 ET
Blackbaud (NASDAQ: BLKB) stock is sinking Tuesday. The software specialist's share price was down 12.6% as of 3 p.m. ET, according to data from S&P Global Market Intelligence .
Blackbaud published its fourth-quarter results after the market closed yesterday. While the company's non-GAAP (adjusted) earnings per share of $1.14 beat the average analyst estimate's call for per-share earnings of $1.05, revenue for the period missed Wall Street's target. The company posted sales of roughly $295 million, while the average analyst estimate had called for sales of $298.7 million.
Blackbaud's sales grew roughly 7.4% year over year in Q4, and adjusted organic recurring revenue was up 8.4% in the period. Meanwhile, the company's adjusted earnings per share were up roughly 67.6% compared to the prior-year period. Adjusted free cash flow (FCF) for the quarter came in at $36.3 million, up $28.7 million compared to Q4 last year.
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Why Blackbaud Stock Is Plummeting Today