BlackLine, Inc. (NASDAQ:BL) Receives Average Recommendation of “Hold” from Brokerages

Shares of BlackLine, Inc. (NASDAQ:BL – Get Rating) have been assigned an average recommendation of “Hold” from the ten analysts that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $101.00.

Several research firms recently commented on BL. JMP Securities dropped their target price on BlackLine from $145.00 to $112.00 and set a “market outperform” rating on the stock in a report on Wednesday, April 20th. Robert W. Baird dropped their target price on BlackLine from $105.00 to $95.00 in a report on Friday, May 6th. JPMorgan Chase & Co. dropped their price objective on BlackLine from $75.00 to $70.00 in a report on Friday, May 6th. StockNews.com lowered BlackLine from a “hold” rating to a “sell” rating in a report on Monday, May 23rd. Finally, BTIG Research dropped their price objective on BlackLine from $115.00 to $95.00 in a report on Friday, May 6th.

In related news, Director Thomas Unterman sold 500 shares of BlackLine stock in a transaction that occurred on Monday, May 2nd. The stock was sold at an average price of $66.82, for a total transaction of $33,410.00. Following the transaction, the director now owns 45,801 shares in the company, valued at $3,060,422.82. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CTO Peter Hirsch sold 2,592 shares of BlackLine stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $71.77, for a total value of $186,027.84. Following the transaction, the chief technology officer now owns 38,391 shares in the company, valued at approximately $2,755,322.07. The disclosure for this sale can be found here. Insiders sold 4,092 shares of company stock worth $292,963 over the last ninety days. Corporate insiders own 9.71% of the company’s stock.

Large investors have recently bought and sold shares of the business. Riverbridge Partners LLC grew its stake in shares of BlackLine by 3.2% in 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 in the last quarter. Echo Street Capital Management LLC grew its stake in shares of BlackLine by 98.1% in the first quarter. Echo Street Capital Management LLC now owns 1,900,029 shares of the technology company’s stock valued at $139,120,000 after buying an additional 941,030 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of BlackLine by 12.1% in 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 in the last quarter. Conestoga Capital Advisors LLC grew its stake in shares of BlackLine by 1.4% in 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 in the last quarter. Finally, Baillie Gifford & Co. grew its stake in BlackLine by 2.1% during the 4th 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 in the last quarter.

Shares of NASDAQ:BL opened at $67.82 on Tuesday. BlackLine has a 52-week low of $49.66 and a 52-week high of $135.00. The stock has a market cap of $4.02 billion, a price-to-earnings ratio of -46.14 and a beta of 0.91. The company has a quick ratio of 3.45, a current ratio of 3.45 and a debt-to-equity ratio of 20.88. The business has a 50-day moving average price of $68.16 and a 200-day moving average price of $80.66.

BlackLine (NASDAQ:BL – Get Rating) last posted its earnings results on Thursday, May 5th. The technology company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.09. The firm had revenue of $120.24 million for the quarter, compared to analyst estimates of $119.57 million. BlackLine had a negative return on equity of 12.37% and a negative net margin of 19.28%. BlackLine’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same period last year, the company earned ($0.14) earnings per share. As a group, equities analysts anticipate that BlackLine will post -0.86 EPS for the current fiscal year.

BlackLine Company Profile (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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