Blackbaud Inc Stock Price, News & Analysis

Blackbaud (NASDAQ: BLKB) announced that Carrie Cobb has been named co-chair of the Giving USA Foundation Advisory Council on Methodology. The council evaluates the methodologies used in the Giving USA Annual Report, a key resource in charitable giving data. Cobb, who leads Blackbaud's data intelligence practice, aims to enhance the report's reliability for the social good community. Blackbaud is a leader in cloud software for social good, serving various organizations to amplify their impact through tailored software solutions.

Blackbaud (NASDAQ: BLKB) has announced its first featured speakers for the bbcon 2020 Virtual event taking place from October 6-8, 2020. Notable speakers include Dr. Cornel West, Justin Dillon, Alice L. Ferris, and Meico Marquette Whitlock. The event has already attracted nearly 15,000 registrants globally, indicating strong interest in the topics to be covered. A preview of 100 session topics has been released, promising a range of discussions aimed at empowering and connecting the social good community.

Blackbaud (NASDAQ: BLKB) hosted its first virtual innovation marathon, Off the Grid, engaging over 400 global employees and customers. This event, held on Aug. 14, 2020, generated 72 new project ideas, focusing on solutions for the social good community. Highlights included an app to track philanthropy, video streaming integration for church management, and an immersive experience to understand beneficiary needs. Additionally, nearly 100 children of employees participated in STEM projects, marking a successful blend of innovation and community engagement.

Blackbaud (NASDAQ: BLKB) has launched its new Prayer Wall technology, enabling congregants to share and support prayer requests online. This feature was rapidly developed during the COVID-19 pandemic to assist churches transitioning to virtual formats. Key functionalities include anonymous prayer sharing, privacy options, and a tally feature to track support. The capability is included at no extra cost with Blackbaud Church Management. Quick adoption indicates strong demand for this technology, which enhances community connection and engagement.

Blackbaud (NASDAQ: BLKB) has announced the promotion of Brandon Sharrett to president and general manager of Blackbaud Faith Solutions™. Sharrett, who joined Blackbaud in 2019, previously served as the director of sales and interim president for the faith solutions vertical. His extensive experience includes leadership roles at Fiserv and SEI Investments. Blackbaud continues to enhance its offerings for faith communities, having launched Blackbaud Church Management™ to streamline church operations by integrating various systems. The leadership change aims to drive growth in this vital business sector.

The Blackbaud Institute has released a new report titled The State of the Social Sector: Navigating in a Time of Uncertainty, which aims to help social good organizations adapt to the changing landscape of 2020. The report highlights that despite widespread changes, philanthropy trends are positive, with individual giving continuing to dominate charitable contributions, showing a 1.2% increase compared to June 2019. The report provides insights into how past events impact giving behavior and aims to equip organizations with data-driven strategies for resilience.

Blackbaud (BLKB) reported Q2 2020 financial results, revealing a total GAAP revenue of $232.0 million, a 2.8% increase year-over-year. Recurring revenue reached $216.3 million, making up 93.2% of total revenue. GAAP net income rose to $11.8 million, with diluted earnings per share at $0.24. Non-GAAP income from operations stood at $54.5 million, with a non-GAAP diluted EPS of $0.85. Although the company maintains a positive outlook, it cautioned that current market uncertainties might pressure near-term revenue growth.