BlackLine (NASDAQ:BL) was downgraded by analysts at SunTrust Banks from a “buy” rating to a “hold” rating in a report issued on Monday. They presently have a $43.00 target price on the technology company’s stock. SunTrust Banks’ target price suggests a potential upside of 8.53% from the stock’s previous close. The analysts noted that the move was a valuation call.
BL has been the subject of several other reports. 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 report on Thursday, January 25th. BidaskClub cut shares of BlackLine from a “hold” rating to a “sell” rating in a report on Wednesday, January 3rd. KeyCorp boosted their price objective on shares of BlackLine from $46.00 to $52.00 and gave the company an “overweight” rating in a report on Monday, March 12th. Zacks Investment Research cut shares of BlackLine from a “hold” rating to a “sell” rating in a report on Thursday, February 22nd. Finally, Robert W. Baird reissued a “buy” rating on shares of BlackLine in a report on Friday, February 16th. Two analysts have rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. BlackLine currently has a consensus rating of “Hold” and a consensus price target of $39.12.
BlackLine stock opened at $39.62 on Monday. The stock has a market cap of $2,149.25, a PE ratio of -53.54 and a beta of -1.51. BlackLine has a twelve month low of $28.21 and a twelve month high of $45.19.
BlackLine (NASDAQ:BL) last issued its earnings results on Thursday, February 15th. The technology company reported $0.03 earnings per share (EPS) for the quarter, topping 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 6.53%. The business 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 company earned ($0.08) earnings per share. The business’s revenue for the quarter was up 42.1% compared to the same quarter last year. analysts predict that BlackLine will post -0.28 EPS for the current fiscal year.
In related news, CRO Chris Murphy sold 50,000 shares of the company’s stock in a transaction on Wednesday, March 14th. The shares were sold at an average price of $39.60, for a total transaction of $1,980,000.00. Following the completion of the transaction, the executive now owns 68,872 shares in the company, valued at $2,727,331.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Iconiq Strategic Partners, L.P sold 2,000,000 shares of the company’s stock in a transaction on Thursday, March 15th. The stock was sold at an average price of $40.75, for a total transaction of $81,500,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,090,000 shares of company stock valued at $125,860,000. 22.35% of the stock is owned by company insiders.
Several large investors have recently modified their holdings of BL. DF Dent & Co. Inc. raised its stake in BlackLine by 21.3% during the third quarter. DF Dent & Co. Inc. now owns 2,270,403 shares of the technology company’s stock valued at $77,466,000 after purchasing an additional 399,130 shares in the last quarter. Dragoneer Investment Group LLC raised its stake in BlackLine by 25.8% during the third quarter. Dragoneer Investment Group LLC now owns 1,422,115 shares of the technology company’s stock valued at $48,523,000 after purchasing an additional 291,694 shares in the last quarter. BlackRock Inc. raised its stake in BlackLine by 27.4% during the fourth quarter. BlackRock Inc. now owns 1,229,997 shares of the technology company’s stock valued at $40,344,000 after purchasing an additional 264,731 shares in the last quarter. TimesSquare Capital Management LLC raised its stake in BlackLine by 15.6% during the fourth quarter. TimesSquare Capital Management LLC now owns 896,725 shares of the technology company’s stock valued at $29,413,000 after purchasing an additional 120,895 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in BlackLine by 61.7% during the third quarter. Wells Fargo & Company MN now owns 859,886 shares of the technology company’s stock valued at $29,339,000 after purchasing an additional 328,004 shares in the last quarter. Hedge funds and other institutional investors own 79.54% of the company’s stock.
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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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