Blackline (NASDAQ:BL) had its price objective lifted by stock analysts at Goldman Sachs Group from $54.00 to $71.00 in a note issued to investors on Monday, The Fly reports. Goldman Sachs Group’s price objective suggests a potential downside of 14.36% from the company’s previous close.
A number of other analysts have also weighed in on the stock. Piper Sandler upped their target price on shares of Blackline from $69.00 to $78.00 and gave the stock an “overweight” rating in a report on Thursday, May 28th. Oppenheimer upped their price target on shares of Blackline from $63.00 to $70.00 and gave the stock an “outperform” rating in a report on Thursday, May 14th. BidaskClub upgraded Blackline from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 20th. Robert W. Baird boosted their target price on Blackline from $70.00 to $90.00 and gave the stock an “outperform” rating in a research report on Thursday, June 18th. Finally, Zacks Investment Research cut Blackline from a “buy” rating to a “hold” rating in a report on Thursday, June 25th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Blackline presently has an average rating of “Buy” and a consensus target price of $71.89.
NASDAQ:BL opened at $82.91 on Monday. The business’s fifty day moving average is $73.62 and its 200 day moving average is $61.35. The firm has a market cap of $4.67 billion, a price-to-earnings ratio of -127.55 and a beta of 0.93. The company has a debt-to-equity ratio of 1.01, a quick ratio of 3.61 and a current ratio of 3.61. Blackline has a 52-week low of $38.32 and a 52-week high of $84.99.
Blackline (NASDAQ:BL) last posted its earnings results on Thursday, April 30th. The technology company reported $0.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.05. Blackline had a negative return on equity of 2.61% and a negative net margin of 11.87%. The business had revenue of $82.60 million during the quarter, compared to analyst estimates of $79.54 million. During the same quarter in the previous year, the firm earned $0.02 EPS. The company’s quarterly revenue was up 28.9% compared to the same quarter last year. Equities analysts predict that Blackline will post -0.28 EPS for the current fiscal year.
In other Blackline news, Director Mario Spanicciati sold 66,356 shares of the business’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $58.07, for a total value of $3,853,292.92. Following the completion of the sale, the director now directly owns 18,347 shares of the company’s stock, valued at $1,065,410.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Patrick Villanova sold 32,750 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $60.98, for a total transaction of $1,997,095.00. Following the sale, the chief accounting officer now owns 20,680 shares of the company’s stock, valued at $1,261,066.40. The disclosure for this sale can be found here. Insiders have sold a total of 125,926 shares of company stock worth $7,743,589 over the last quarter. Corporate insiders own 13.44% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC grew its holdings in shares of Blackline by 47.1% in the first quarter. FMR LLC now owns 1,130,651 shares of the technology company’s stock worth $52,372,000 after purchasing an additional 361,839 shares during the last quarter. State Street Corp boosted its position in Blackline by 4.6% during the 4th quarter. State Street Corp now owns 925,199 shares of the technology company’s stock valued at $47,703,000 after buying an additional 40,538 shares during the period. Victory Capital Management Inc. grew its holdings in Blackline by 6.6% in the 4th quarter. Victory Capital Management Inc. now owns 7,396 shares of the technology company’s stock worth $381,000 after acquiring an additional 458 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Blackline by 4.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 290,537 shares of the technology company’s stock valued at $14,981,000 after acquiring an additional 11,112 shares during the period. Finally, Rafferty Asset Management LLC bought a new position in shares of Blackline during the fourth quarter valued at about $334,000. 91.56% of the stock is owned by 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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