Blackline Inc (BL) Cut to “Hold” at Zacks Investment Research

Blackline Inc (NASDAQ:BL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, August 28th.

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 firms have also issued reports on BL. JMP Securities initiated coverage on shares of Blackline in a report on Monday, June 26th. They issued a “market perform” rating for the company. William Blair reaffirmed an “outperform” rating on shares of Blackline in a report on Monday, May 8th. SunTrust Banks, Inc. started coverage on shares of Blackline in a report on Monday, June 26th. They set a “buy” rating and a $43.00 price objective for the company. Finally, ValuEngine raised shares of Blackline from a “sell” rating to a “hold” rating in a report on Tuesday, June 20th. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. Blackline presently has an average rating of “Buy” and an average price target of $34.78.

Shares of Blackline (NASDAQ BL) traded down 2.28% during trading on Monday, reaching $33.88. 881,490 shares of the company traded hands. The company’s market capitalization is $1.78 billion. Blackline has a 52 week low of $21.66 and a 52 week high of $36.53. The company’s 50-day moving average price is $34.88 and its 200-day moving average price is $32.16.

Blackline (NASDAQ:BL) last issued its quarterly earnings data on Thursday, August 3rd. The technology company reported ($0.03) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.12. Blackline had a negative net margin of 23.91% and a negative return on equity of 13.96%. The firm had revenue of $42.30 million for the quarter, compared to analysts’ expectations of $41.45 million. The company’s revenue for the quarter was up 45.9% compared to the same quarter last year. Equities research analysts forecast that Blackline will post ($0.17) EPS for the current fiscal year.

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In related news, CEO Therese Tucker sold 20,000 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $29.12, for a total value of $582,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Mario Spanicciati sold 4,250 shares of the firm’s stock in a transaction on Friday, July 28th. The stock was sold at an average price of $40.00, for a total value of $170,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 151,750 shares of company stock valued at $5,067,935.

About Blackline

BlackLine, Inc is a holding company. The Company provides cloud-based software platform that is designed to automate and streamline accounting and finance operations. Its platform supports accounting processes, such as the financial close, account reconciliation, intercompany accounting and controls assurance.

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