BlackLine (BL) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of BlackLine (NASDAQ:BL) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.

According to Zacks, “BlackLine, Inc. is a provider of cloud-based solutions for Finance & Accounting which centralize and streamline financial close operations and other key F&A processes for midsize and large organizations. BlackLine, Inc. is headquartered in Los Angeles, California. “

BL has been the subject of a number of other research reports. BidaskClub cut shares of BlackLine from a buy rating to a hold rating in a research note on Tuesday, June 26th. KeyCorp reaffirmed a buy rating and issued a $52.00 price objective on shares of BlackLine in a research note on Thursday, May 3rd. ValuEngine raised shares of BlackLine from a hold rating to a buy rating in a research note on Wednesday, May 2nd. Finally, SunTrust Banks cut shares of BlackLine from a buy rating to a hold rating and set a $43.00 price objective for the company. in a research note on Monday, March 19th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. The stock has an average rating of Hold and an average price target of $41.80.

BL opened at $44.74 on Wednesday. BlackLine has a 12-month low of $28.79 and a 12-month high of $50.31. The firm has a market capitalization of $2.39 billion, a PE ratio of -120.92 and a beta of -0.46.

BlackLine (NASDAQ:BL) last released its quarterly earnings results on Thursday, May 3rd. The technology company reported $0.01 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.03) by $0.04. BlackLine had a negative net margin of 19.09% and a negative return on equity of 6.01%. The business had revenue of $51.30 million during the quarter, compared to analysts’ expectations of $50.37 million. During the same quarter in the previous year, the company earned ($0.06) EPS. The business’s quarterly revenue was up 34.3% compared to the same quarter last year. sell-side analysts expect that BlackLine will post -0.26 EPS for the current fiscal year.

In related news, CRO Chris Murphy sold 15,000 shares of the company’s stock in a transaction on Monday, May 21st. The shares were sold at an average price of $41.27, for a total transaction of $619,050.00. Following the completion of the sale, the executive now directly owns 33,872 shares in the company, valued at approximately $1,397,897.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Sumeru (Gp) L.L.C. Slta sold 3,500,000 shares of the company’s stock in a transaction on Friday, May 25th. The shares were sold at an average price of $40.05, for a total transaction of $140,175,000.00. The disclosure for this sale can be found here. Insiders sold a total of 3,590,000 shares of company stock valued at $144,106,800 in the last ninety days. 18.60% of the stock is owned by corporate insiders.

Large investors have recently bought and sold shares of the stock. Metropolitan Life Insurance Co. NY bought a new position in BlackLine in the 4th quarter worth $175,000. Legal & General Group Plc raised its holdings in BlackLine by 47.8% in the 1st quarter. Legal & General Group Plc now owns 5,500 shares of the technology company’s stock worth $215,000 after purchasing an additional 1,779 shares in the last quarter. State Board of Administration of Florida Retirement System bought a new position in BlackLine in the 1st quarter worth $229,000. BNP Paribas Arbitrage SA raised its holdings in BlackLine by 82.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 5,831 shares of the technology company’s stock worth $229,000 after purchasing an additional 2,640 shares in the last quarter. Finally, Quantbot Technologies LP bought a new position in BlackLine in the 1st quarter worth $230,000. Institutional investors own 79.26% of the company’s stock.

About BlackLine

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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