Blackline (NASDAQ:BL) was upgraded by BidaskClub from a “sell” rating to a “hold” rating in a research note issued on Wednesday.
A number of other equities analysts have also recently weighed in on the stock. JPMorgan Chase & Co. cut shares of Blackline from a “neutral” rating to an “underweight” rating and set a $27.00 price objective for the company. in a research report on Thursday, January 25th. SunTrust Banks restated a “buy” rating and set a $42.00 price objective on shares of Blackline in a research report on Friday, November 3rd. Robert W. Baird restated a “buy” rating on shares of Blackline in a research report on Friday, February 16th. JMP Securities upgraded shares of Blackline from a “market perform” rating to an “outperform” rating in a research report on Thursday, November 16th. Finally, KeyCorp restated a “buy” rating and set a $46.00 price objective on shares of Blackline in a research report on Thursday, February 15th. Two analysts have rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Blackline presently has an average rating of “Buy” and an average target price of $37.95.
Blackline (NASDAQ:BL) opened at $40.31 on Wednesday. Blackline has a 12 month low of $26.72 and a 12 month high of $41.47.
Blackline (NASDAQ:BL) last posted its earnings results on Thursday, February 15th. The technology company reported $0.03 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.12. Blackline had a negative net margin of 21.50% and a negative return on equity of 6.55%. The firm had revenue of $50.23 million during the quarter, compared to analysts’ expectations of $47.69 million. During the same period in the previous year, the business posted ($0.08) EPS. The business’s revenue was up 42.1% compared to the same quarter last year. equities research analysts expect that Blackline will post -0.36 earnings per share for the current fiscal year.
In other news, major shareholder Sumeru (Gp) L.L.C. Slta sold 2,649,698 shares of the company’s stock in a transaction on Thursday, December 7th. The shares were sold at an average price of $34.07, for a total transaction of $90,275,210.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mario Spanicciati sold 12,750 shares of the company’s stock in a transaction on Monday, December 4th. The stock was sold at an average price of $35.87, for a total transaction of $457,342.50. The disclosure for this sale can be found here. Insiders have sold 4,525,500 shares of company stock valued at $154,259,010 over the last 90 days. 22.35% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. Metropolitan Life Insurance Co. NY purchased a new stake in shares of Blackline during the fourth quarter worth $175,000. Fortaleza Asset Management Inc. grew its holdings in shares of Blackline by 98.2% during the third quarter. Fortaleza Asset Management Inc. now owns 6,215 shares of the technology company’s stock worth $212,000 after buying an additional 3,080 shares in the last quarter. Wolverine Trading LLC purchased a new stake in shares of Blackline during the third quarter worth $246,000. First Republic Investment Management Inc. purchased a new stake in shares of Blackline during the third quarter worth $257,000. Finally, MetLife Investment Advisors LLC purchased a new stake in shares of Blackline during the fourth quarter worth $248,000. 86.07% of the stock is owned by institutional investors and hedge funds.
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BlackLine, Inc is a holding company. The Company provides cloud-based software platform that is designed to automate and streamline accounting and finance operations. Its platform supports accounting processes, such as the financial close, account reconciliation, intercompany accounting and controls assurance.
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