Blackline (BL) Stock Price Down 9.6% on Analyst Downgrade

Blackline Inc (NASDAQ:BL) shares traded down 9.6% on Friday after Robert W. Baird lowered their price target on the stock from $60.00 to $55.00. Robert W. Baird currently has an outperform rating on the stock. Blackline traded as low as $41.65 and last traded at $42.51. 1,990,307 shares changed hands during trading, an increase of 331% from the average session volume of 461,420 shares. The stock had previously closed at $47.01.

A number of other research analysts have also recently commented on BL. CIBC began coverage on Blackline in a report on Friday, October 19th. They issued a “market perform” rating on the stock. Oppenheimer began coverage on Blackline in a report on Friday, October 19th. They issued a “market perform” rating on the stock. BidaskClub cut Blackline from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 9th. Zacks Investment Research raised Blackline from a “sell” rating to a “hold” rating in a report on Wednesday, October 3rd. Finally, KeyCorp boosted their price target on Blackline from $52.00 to $65.00 and gave the stock an “overweight” rating in a report on Tuesday, September 18th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. Blackline presently has a consensus rating of “Hold” and a consensus target price of $47.00.

In other news, CEO Therese Tucker sold 15,636 shares of the company’s stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $47.04, for a total transaction of $735,517.44. Following the sale, the chief executive officer now directly owns 63,672 shares of the company’s stock, valued at approximately $2,995,130.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mark Partin sold 25,135 shares of the company’s stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $48.91, for a total value of $1,229,352.85. Following the sale, the chief financial officer now directly owns 52,407 shares in the company, valued at $2,563,226.37. The disclosure for this sale can be found here. Insiders have sold a total of 281,829 shares of company stock worth $13,473,883 over the last ninety days. Insiders own 18.60% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers grew its position in Blackline by 21.0% in the 2nd quarter. Rhumbline Advisers now owns 31,127 shares of the technology company’s stock valued at $1,352,000 after acquiring an additional 5,403 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in Blackline by 16.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 189,417 shares of the technology company’s stock valued at $8,227,000 after acquiring an additional 26,504 shares during the last quarter. Great West Life Assurance Co. Can grew its position in Blackline by 129.4% in the 2nd quarter. Great West Life Assurance Co. Can now owns 3,211 shares of the technology company’s stock valued at $139,000 after acquiring an additional 1,811 shares during the last quarter. BlackRock Inc. grew its position in Blackline by 28.3% in the 2nd quarter. BlackRock Inc. now owns 2,313,609 shares of the technology company’s stock valued at $100,480,000 after acquiring an additional 510,750 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of Blackline by 16.2% in the 2nd quarter. Wells Fargo & Company MN now owns 1,001,067 shares of the technology company’s stock worth $43,477,000 after buying an additional 139,885 shares during the period. 82.97% of the stock is currently owned by hedge funds and other institutional investors.

Blackline (NASDAQ:BL) last issued its earnings results on Thursday, November 1st. The technology company reported $0.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.15. Blackline had a negative return on equity of 3.62% and a negative net margin of 12.02%. The business had revenue of $58.70 million during the quarter, compared to analysts’ expectations of $57.64 million. During the same period in the prior year, the business earned ($0.01) EPS. The business’s revenue for the quarter was up 29.3% compared to the same quarter last year. Sell-side analysts expect that Blackline Inc will post -0.32 EPS for the current fiscal year.

Blackline Company Profile (NASDAQ:BL)

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.

Featured Story: Using the New Google Finance Tool

Receive News & Ratings for Blackline Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Blackline and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply