BlackLine (BL) Rating Lowered to Hold at BidaskClub

BlackLine (NASDAQ:BL) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a report released on Wednesday.

Several other brokerages have also recently weighed in on BL. JPMorgan Chase cut BlackLine from a “neutral” rating to an “underweight” rating and set a $27.00 price target on the stock. in a research note on Thursday, January 25th. Zacks Investment Research cut BlackLine from a “hold” rating to a “sell” rating in a research note on Thursday, February 22nd. Robert W. Baird reaffirmed a “buy” rating on shares of BlackLine in a research note on Friday, February 16th. KeyCorp upped their price target on BlackLine from $46.00 to $52.00 and gave the stock an “overweight” rating in a research note on Monday, March 12th. Finally, ValuEngine raised BlackLine from a “hold” rating to a “buy” rating in a research note on Wednesday, May 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $41.80.

BlackLine opened at $39.52 on Wednesday, according to Marketbeat.com. BlackLine has a 52-week low of $39.52 and a 52-week high of $39.99.

BlackLine (NASDAQ:BL) last posted its earnings results on Thursday, May 3rd. The technology company reported $0.01 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.04. BlackLine had a negative return on equity of 6.01% and a negative net margin of 19.09%. The firm had revenue of $51.30 million for the quarter, compared to analysts’ expectations of $50.37 million. During the same period in the previous year, the firm earned ($0.06) earnings per share. The business’s revenue was up 34.3% compared to the same quarter last year. analysts predict that BlackLine will post -0.26 earnings per share for the current year.

In other news, CEO Therese Tucker sold 340,000 shares of the stock in a transaction on Thursday, March 15th. The stock was sold at an average price of $40.75, for a total value of $13,855,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CRO Chris Murphy sold 50,000 shares of the stock in a transaction on Wednesday, March 14th. The stock was sold at an average price of $39.60, for a total value of $1,980,000.00. Following the completion of the sale, the executive now directly owns 68,872 shares in the company, valued at $2,727,331.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,090,000 shares of company stock worth $125,860,000. 18.60% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Conestoga Capital Advisors LLC grew its stake in shares of BlackLine by 27.1% in the fourth quarter. Conestoga Capital Advisors LLC now owns 810,030 shares of the technology company’s stock worth $26,569,000 after acquiring an additional 172,855 shares during the last quarter. Huntington National Bank purchased a new stake in shares of BlackLine in the fourth quarter worth $1,237,000. Schwab Charles Investment Management Inc. grew its stake in shares of BlackLine by 16.6% in the third quarter. Schwab Charles Investment Management Inc. now owns 55,502 shares of the technology company’s stock worth $1,894,000 after acquiring an additional 7,884 shares during the last quarter. Clearbridge LLC grew its stake in shares of BlackLine by 10.0% in the fourth quarter. Clearbridge LLC now owns 659,320 shares of the technology company’s stock worth $21,626,000 after acquiring an additional 59,800 shares during the last quarter. Finally, Barton Investment Management purchased a new stake in shares of BlackLine in the fourth quarter worth $4,766,000. 83.52% of the stock is currently owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for BlackLine (NASDAQ:BL)

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