Zacks Investment Research upgraded shares of Blackline (NASDAQ:BL) from a hold rating to a buy rating in a research note released on Tuesday, Zacks.com reports. Zacks Investment Research currently has $54.00 target price on the technology company’s stock.
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. “
Several other research analysts also recently weighed in on BL. BidaskClub downgraded Blackline from a buy rating to a hold rating in a research note on Saturday, March 16th. KeyCorp reiterated a buy rating and issued a $56.00 target price on shares of Blackline in a research note on Thursday, February 14th. Goldman Sachs Group reiterated a buy rating and issued a $53.00 target price on shares of Blackline in a research note on Friday, February 1st. Finally, Raymond James downgraded Blackline from an outperform rating to a market perform rating in a research note on Tuesday, January 22nd. They noted that the move was a valuation call. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. Blackline currently has a consensus rating of Buy and a consensus target price of $54.50.
NASDAQ:BL opened at $48.86 on Tuesday. The company has a market cap of $2.65 billion, a P/E ratio of -187.92 and a beta of 1.02. Blackline has a 52-week low of $34.01 and a 52-week high of $58.11.
Blackline (NASDAQ:BL) last released its quarterly earnings results on Thursday, February 14th. The technology company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.12. The firm had revenue of $62.32 million for the quarter, compared to the consensus estimate of $61.65 million. Blackline had a negative return on equity of 4.52% and a negative net margin of 12.21%. The firm’s quarterly revenue was up 24.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.06 EPS. As a group, analysts expect that Blackline will post -0.29 earnings per share for the current fiscal year.
In other news, CEO Therese Tucker sold 500,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $48.16, for a total value of $24,080,000.00. Following the completion of the sale, the chief executive officer now directly owns 63,672 shares of the company’s stock, valued at approximately $3,066,443.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mario Spanicciati sold 400,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $48.16, for a total value of $19,264,000.00. Following the completion of the sale, the insider now directly owns 11,812 shares of the company’s stock, valued at $568,865.92. The disclosure for this sale can be found here. 15.77% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of the stock. Rehmann Capital Advisory Group purchased a new position in Blackline during the third quarter worth $1,123,000. Bank of New York Mellon Corp grew its position in shares of Blackline by 17.5% in the third quarter. Bank of New York Mellon Corp now owns 204,592 shares of the technology company’s stock valued at $11,553,000 after purchasing an additional 30,427 shares during the period. GSA Capital Partners LLP purchased a new stake in shares of Blackline in the third quarter valued at $213,000. IFP Advisors Inc grew its position in shares of Blackline by 62.5% in the fourth quarter. IFP Advisors Inc now owns 14,647 shares of the technology company’s stock valued at $590,000 after purchasing an additional 5,633 shares during the period. Finally, We Are One Seven LLC purchased a new stake in shares of Blackline in the fourth quarter valued at $131,000. 85.80% of the stock is owned by hedge funds and other institutional investors.
BlackLine, Inc provides financial accounting close solutions delivered primarily as Software as a Service in the United States and internationally. Its solutions enable its customers to address various aspects of their financial closing process, including account reconciliations, variance analysis of account balances, journal entry capabilities, and range of data matching capabilities.
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