BidaskClub cut shares of BlackLine (NASDAQ:BL) from a buy rating to a hold rating in a report published on Wednesday, March 14th.
A number of other research firms have also weighed in on BL. KeyCorp upped their target price on shares of BlackLine from $46.00 to $52.00 and gave the stock an overweight rating in a report on Monday, March 12th. Zacks Investment Research downgraded shares of BlackLine from a hold rating to a sell rating in a report on Thursday, February 22nd. JMP Securities upgraded shares of BlackLine from a market perform rating to an outperform rating in a research note on Thursday, November 16th. Robert W. Baird reiterated a buy rating on shares of BlackLine in a research note on Friday, February 16th. Finally, JPMorgan Chase cut shares of BlackLine from a neutral rating to an underweight rating and set a $27.00 price objective on the stock. in a research report on Thursday, January 25th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. BlackLine currently has an average rating of Hold and an average price target of $39.12.
Shares of NASDAQ BL traded down $0.45 during mid-day trading on Wednesday, hitting $38.33. The company had a trading volume of 956,687 shares, compared to its average volume of 584,181. BlackLine has a one year low of $28.79 and a one year high of $45.19. The stock has a market capitalization of $2,070.44, a price-to-earnings ratio of -103.59 and a beta of -0.41.
BlackLine (NASDAQ:BL) last announced its quarterly earnings data on Thursday, February 15th. The technology company reported $0.03 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 6.53%. The business had revenue of $50.23 million during the quarter, compared to the consensus estimate of $47.69 million. During the same period in the previous year, the business earned ($0.08) earnings per share. The company’s revenue was up 42.1% on a year-over-year basis. sell-side analysts anticipate that BlackLine will post -0.28 earnings per share for the current fiscal year.
In other news, major shareholder Iconiq Strategic Partners, L.P sold 2,000,000 shares of the business’s stock in a transaction that occurred on Thursday, March 15th. The shares were sold at an average price of $40.75, for a total transaction of $81,500,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO Chris Murphy sold 50,000 shares of the business’s stock in a transaction that occurred 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 transaction, the executive now directly owns 68,872 shares of the company’s stock, valued at $2,727,331.20. The disclosure for this sale can be found here. Insiders have sold 3,090,000 shares of company stock worth $125,860,000 in the last three months. 22.35% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the business. Rhumbline Advisers raised its stake in BlackLine by 20.3% during the third quarter. Rhumbline Advisers now owns 15,254 shares of the technology company’s stock valued at $520,000 after purchasing an additional 2,570 shares in the last quarter. American International Group Inc. raised its stake in BlackLine by 53.5% during the third quarter. American International Group Inc. now owns 10,455 shares of the technology company’s stock valued at $357,000 after purchasing an additional 3,646 shares in the last quarter. Lisanti Capital Growth LLC raised its stake in BlackLine by 33.1% during the fourth quarter. Lisanti Capital Growth LLC now owns 20,725 shares of the technology company’s stock valued at $680,000 after purchasing an additional 5,155 shares in the last quarter. Metropolitan Life Insurance Co. NY purchased a new stake in BlackLine during the fourth quarter valued at $175,000. Finally, California State Teachers Retirement System raised its stake in BlackLine by 28.8% during the third quarter. California State Teachers Retirement System now owns 24,995 shares of the technology company’s stock valued at $853,000 after purchasing an additional 5,595 shares in the last quarter. Institutional investors and hedge funds own 79.54% of the company’s stock.
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BlackLine Company Profile
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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