Robert W. Baird Lowers Blackline (BL) Price Target to $55.00

Blackline (NASDAQ:BL) had its target price reduced by stock analysts at Robert W. Baird from $60.00 to $55.00 in a research report issued on Friday. The firm presently has an “outperform” rating on the technology company’s stock. Robert W. Baird’s target price suggests a potential upside of 29.38% from the company’s current price.

A number of other research firms have also weighed in on BL. Zacks Investment Research raised shares of Blackline from a “sell” rating to a “hold” rating in a research report on Thursday, September 27th. KeyCorp boosted their target price on shares of Blackline from $52.00 to $65.00 and gave the company an “overweight” rating in a report on Tuesday, September 18th. BidaskClub upgraded shares of Blackline from a “buy” rating to a “strong-buy” rating in a report on Thursday, September 6th. Oppenheimer assumed coverage on shares of Blackline in a report on Friday, October 19th. They issued a “market perform” rating for the company. Finally, CIBC assumed coverage on shares of Blackline in a report on Friday, October 19th. They issued a “market perform” rating for the company. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $47.00.

Shares of NASDAQ:BL traded down $4.50 during trading on Friday, reaching $42.51. The stock had a trading volume of 2,089,177 shares, compared to its average volume of 426,401. The firm has a market cap of $2.29 billion, a PE ratio of -114.89 and a beta of 1.01. Blackline has a fifty-two week low of $31.53 and a fifty-two week high of $58.11.

Blackline (NASDAQ:BL) last posted its quarterly earnings data on Thursday, November 1st. The technology company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.15. The business had revenue of $58.70 million during the quarter, compared to analyst estimates of $57.64 million. Blackline had a negative net margin of 12.02% and a negative return on equity of 3.62%. The company’s revenue was up 29.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.01) earnings per share. Equities analysts expect that Blackline will post -0.32 earnings per share for the current year.

In other Blackline news, CEO Therese Tucker sold 24,308 shares of the business’s stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $47.17, for a total transaction of $1,146,608.36. Following the completion of the sale, the chief executive officer now directly owns 63,672 shares in the company, valued at $3,003,408.24. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Morgan Karole Prager sold 35,628 shares of the business’s stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $47.68, for a total transaction of $1,698,743.04. Following the sale, the insider now owns 49,220 shares of the company’s stock, valued at $2,346,809.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 281,829 shares of company stock valued at $13,473,883. 18.60% of the stock is owned by insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Financial Architects Inc purchased a new stake in Blackline during the second quarter worth approximately $102,000. Great West Life Assurance Co. Can lifted its position in shares of Blackline by 129.4% during the second quarter. Great West Life Assurance Co. Can now owns 3,211 shares of the technology company’s stock worth $139,000 after purchasing an additional 1,811 shares in the last quarter. BB&T Corp acquired a new position in shares of Blackline during the third quarter worth $212,000. Public Employees Retirement Association of Colorado acquired a new position in shares of Blackline during the third quarter worth $236,000. Finally, Los Angeles Capital Management & Equity Research Inc. acquired a new position in shares of Blackline during the second quarter worth $206,000. Institutional investors own 82.97% of the company’s stock.

About Blackline

BlackLine, Inc provides financial accounting close solutions delivered as a Software as a Service in the United States and internationally. Its solutions enables its customers to address various aspects of their financial closing process, including account reconciliations, variance analysis of account balances, and journal entry capabilities, as well as a range of data matching capabilities.

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