Blackline Inc (BL) Given Consensus Recommendation of “Buy” by Analysts

Shares of Blackline Inc (NASDAQ:BL) have earned an average recommendation of “Buy” from the nine analysts that are presently covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $54.67.

Several analysts recently commented on BL shares. KeyCorp reaffirmed a “buy” rating and issued a $56.00 price objective on shares of Blackline in a report on Thursday, February 14th. Goldman Sachs Group reaffirmed a “buy” rating and set a $53.00 price target on shares of Blackline in a research report on Friday, February 1st. BidaskClub cut Blackline from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 5th. Zacks Investment Research raised Blackline from a “hold” rating to a “buy” rating and set a $54.00 price target on the stock in a research report on Tuesday, April 16th. Finally, Raymond James cut Blackline from an “outperform” rating to a “market perform” rating in a research report on Tuesday, January 22nd. They noted that the move was a valuation call.

NASDAQ:BL traded down $1.00 during trading on Friday, reaching $47.60. The company’s stock had a trading volume of 525,335 shares, compared to its average volume of 397,573. Blackline has a 12 month low of $34.01 and a 12 month high of $58.11. The company has a market capitalization of $2.62 billion, a PE ratio of -183.08 and a beta of 1.02.

Blackline (NASDAQ:BL) last issued its quarterly earnings data on Thursday, February 14th. The technology company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.12. The business had revenue of $62.32 million for the quarter, compared to analysts’ expectations of $61.65 million. Blackline had a negative return on equity of 4.52% and a negative net margin of 12.21%. The firm’s quarterly revenue was up 24.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.06 EPS. On average, sell-side analysts forecast that Blackline will post -0.29 EPS for the current year.

In other news, insider Mario Spanicciati sold 400,000 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $48.16, for a total transaction of $19,264,000.00. Following the transaction, the insider now directly owns 11,812 shares in the company, valued at approximately $568,865.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Therese Tucker sold 500,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $48.16, for a total value of $24,080,000.00. Following the transaction, the chief executive officer now owns 63,672 shares in the company, valued at $3,066,443.52. The disclosure for this sale can be found here. 15.77% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. American International Group Inc. lifted its stake in shares of Blackline by 1.5% in the 4th quarter. American International Group Inc. now owns 24,204 shares of the technology company’s stock valued at $991,000 after purchasing an additional 350 shares during the period. Bronfman E.L. Rothschild L.P. raised its stake in Blackline by 73.1% during the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 1,156 shares of the technology company’s stock valued at $47,000 after buying an additional 488 shares during the last quarter. Parkside Financial Bank & Trust raised its stake in Blackline by 82.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,528 shares of the technology company’s stock valued at $63,000 after buying an additional 691 shares during the last quarter. Legal & General Group Plc raised its stake in Blackline by 7.3% during the fourth quarter. Legal & General Group Plc now owns 14,597 shares of the technology company’s stock valued at $598,000 after buying an additional 991 shares during the last quarter. Finally, Rehmann Capital Advisory Group purchased a new position in Blackline during the third quarter valued at $63,000. Institutional investors and hedge funds own 85.80% of the company’s stock.

Blackline Company Profile

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

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Analyst Recommendations for Blackline (NASDAQ:BL)

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