CHARLESTON, S.C. - Blackbaud (NASDAQ: NASDAQ:BLKB), a prominent software provider for social impact, has reached a settlement with the U.S. Federal Trade Commission concerning a security breach that occurred in 2020. The company, which has not been fined nor required to make any payments as part of the agreement, announced the resolution of the matter that had been previously disclosed.
The settlement, once finalized, will put to rest the FTC's investigation into the incident. Blackbaud's President and CEO, Mike Gianoni, expressed satisfaction with the resolution and emphasized the company's commitment to bolstering cybersecurity and compliance efforts. Despite the settlement, Blackbaud has neither admitted nor denied the FTC's allegations.
Details of the settlement have been filed with the Securities and Exchange Commission in Blackbaud's Form 8-K.
This article is based on a press release statement from Blackbaud.
InvestingPro Insights
Amidst the backdrop of Blackbaud's recent settlement with the FTC, investors and stakeholders may be curious about the company's financial health and market performance. According to real-time data from InvestingPro, Blackbaud holds a market capitalization of approximately $4.32 billion USD. The company's revenue has shown growth over the last twelve months as of Q3 2023, with a 5.23% increase, and a more pronounced quarterly growth rate of 6.25%. This financial stamina is further underscored by a gross profit margin of 54.21%, reflecting a robust ability to manage costs relative to its revenue.
However, the company's P/E ratio stands at a negative -173.39, though adjusted figures for the last twelve months indicate a P/E of 96.97. This suggests a market expectation of future profitability, aligning with an InvestingPro Tip that predicts Blackbaud will be profitable this year. Additionally, the company has experienced a strong return over the last three months, with a 15.08% price total return, showcasing a rebound in investor confidence.
InvestingPro Tips also reveal that Blackbaud does not pay a dividend, which may be relevant for income-focused investors. Furthermore, while the stock generally trades with low price volatility, analysts have revised their earnings downwards for the upcoming period, indicating potential challenges ahead.
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