BlackLine (NASDAQ:BL) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of BlackLine (NASDAQ:BLGet Rating) from a sell rating to a hold rating in a research report released on Friday morning.

A number of other research analysts also recently commented on the company. TheStreet downgraded BlackLine from a c- rating to a d+ rating in a research note on Friday, February 11th. Piper Sandler dropped their price objective on shares of BlackLine from $130.00 to $112.00 and set an overweight rating for the company in a research note on Friday, February 11th. BTIG Research dropped their price objective on shares of BlackLine from $115.00 to $95.00 in a research note on Friday. Citigroup began coverage on shares of BlackLine in a research note on Tuesday, February 1st. They issued a hold rating and a $92.00 price objective for the company. Finally, JMP Securities dropped their price objective on shares of BlackLine from $145.00 to $112.00 and set a market outperform rating for the company in a research note on Wednesday, April 20th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, BlackLine has an average rating of Buy and an average price target of $102.56.

Shares of BL traded down $1.05 during midday trading on Friday, reaching $60.94. 868,203 shares of the stock were exchanged, compared to its average volume of 517,667. BlackLine has a twelve month low of $59.60 and a twelve month high of $135.00. The company has a quick ratio of 4.18, a current ratio of 4.18 and a debt-to-equity ratio of 3.43. The company has a market cap of $3.61 billion, a P/E ratio of -41.46 and a beta of 0.91. The stock’s 50 day simple moving average is $70.31 and its 200 day simple moving average is $91.28.

BlackLine (NASDAQ:BLGet Rating) last posted its quarterly earnings results on Thursday, May 5th. The technology company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.09. The business had revenue of $120.24 million during the quarter, compared to the consensus estimate of $119.57 million. BlackLine had a negative return on equity of 7.63% and a negative net margin of 27.05%. BlackLine’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.14) earnings per share. As a group, analysts predict that BlackLine will post -1.14 earnings per share for the current year.

In related news, Director Thomas Unterman sold 500 shares of BlackLine stock in a transaction on Monday, May 2nd. The shares were sold at an average price of $66.82, for a total transaction of $33,410.00. Following the completion of the transaction, the director now owns 45,801 shares of the company’s stock, valued at $3,060,422.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Peter Hirsch sold 3,427 shares of the firm’s stock in a transaction on Tuesday, February 22nd. The stock was sold at an average price of $71.13, for a total transaction of $243,762.51. The disclosure for this sale can be found here. Insiders have sold 4,927 shares of company stock valued at $349,413 in the last three months. 9.71% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Riverbridge Partners LLC grew its holdings in shares of BlackLine by 3.2% during the first quarter. Riverbridge Partners LLC now owns 2,234,988 shares of the technology company’s stock valued at $163,646,000 after buying an additional 69,791 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of BlackLine by 12.1% during the fourth quarter. Alliancebernstein L.P. now owns 1,471,318 shares of the technology company’s stock valued at $152,340,000 after buying an additional 159,265 shares during the last quarter. Conestoga Capital Advisors LLC grew its holdings in shares of BlackLine by 1.4% during the first quarter. Conestoga Capital Advisors LLC now owns 1,427,632 shares of the technology company’s stock valued at $104,531,000 after buying an additional 20,305 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in BlackLine by 2.1% during the fourth quarter. Baillie Gifford & Co. now owns 1,386,396 shares of the technology company’s stock worth $143,548,000 after purchasing an additional 28,993 shares during the last quarter. Finally, FMR LLC boosted its holdings in BlackLine by 47.1% during the first quarter. FMR LLC now owns 1,130,651 shares of the technology company’s stock worth $52,372,000 after purchasing an additional 361,839 shares during the last quarter.

About BlackLine (Get Rating)

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles high volumes of individual transactions; and task management to create and manage processes and task lists.

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