BlackLine (NASDAQ:BL) Releases Q3 2022 Earnings Guidance

BlackLine (NASDAQ:BLGet Rating) issued an update on its third quarter 2022 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $0.08-$0.10 for the period, compared to the consensus estimate of $0.04. The company issued revenue guidance of $133.00 million-$135.00 million, compared to the consensus revenue estimate of $135.38 million. BlackLine also updated its FY 2022 guidance to $0.25-$0.27 EPS.

BlackLine Trading Down 0.5 %

Shares of NASDAQ:BL traded down $0.35 during trading on Friday, reaching $67.27. The stock had a trading volume of 668,940 shares, compared to its average volume of 642,659. The business has a fifty day moving average price of $69.20 and a 200-day moving average price of $71.59. The company has a quick ratio of 3.45, a current ratio of 3.45 and a debt-to-equity ratio of 20.88. The stock has a market cap of $3.99 billion, a P/E ratio of -55.59 and a beta of 0.84. BlackLine has a fifty-two week low of $49.66 and a fifty-two week high of $135.00.

BlackLine (NASDAQ:BLGet Rating) last posted its quarterly earnings data on Thursday, August 4th. The technology company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.06. BlackLine had a negative net margin of 15.09% and a negative return on equity of 18.32%. The business had revenue of $128.48 million during the quarter, compared to analyst estimates of $126.54 million. During the same quarter in the previous year, the business posted ($0.08) earnings per share. The company’s revenue was up 25.8% on a year-over-year basis. As a group, analysts anticipate that BlackLine will post -0.86 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

BL has been the subject of several research reports. Robert W. Baird decreased their price objective on shares of BlackLine from $105.00 to $95.00 in a research note on Friday, May 6th. Bank of America downgraded shares of BlackLine from a neutral rating to an underperform rating and decreased their price objective for the stock from $75.00 to $64.00 in a research note on Monday, July 18th. They noted that the move was a valuation call. JPMorgan Chase & Co. decreased their price objective on shares of BlackLine from $75.00 to $70.00 in a research note on Friday, May 6th. JMP Securities decreased their price objective on shares of BlackLine from $145.00 to $112.00 and set a market outperform rating for the company in a research note on Wednesday, April 20th. Finally, BTIG Research decreased their price objective on shares of BlackLine from $115.00 to $95.00 in a research note on Friday, May 6th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $96.89.

Insiders Place Their Bets

In other BlackLine news, CTO Peter Hirsch sold 2,592 shares of the stock in a transaction on Monday, May 23rd. The shares were sold at an average price of $71.77, for a total transaction of $186,027.84. Following the sale, the chief technology officer now directly owns 38,391 shares of the company’s stock, valued at $2,755,322.07. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CTO Peter Hirsch sold 2,592 shares of the stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $71.77, for a total value of $186,027.84. Following the sale, the chief technology officer now owns 38,391 shares of the company’s stock, valued at approximately $2,755,322.07. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Thomas Unterman sold 500 shares of the stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $66.36, for a total transaction of $33,180.00. Following the completion of the sale, the director now directly owns 50,130 shares in the company, valued at approximately $3,326,626.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,092 shares of company stock valued at $287,268. Company insiders own 9.71% of the company’s stock.

Institutional Trading of BlackLine

A number of large investors have recently modified their holdings of BL. First Trust Advisors LP grew its position in BlackLine by 10.5% in the 1st quarter. First Trust Advisors LP now owns 424,380 shares of the technology company’s stock valued at $31,073,000 after buying an additional 40,453 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in BlackLine by 2.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 409,653 shares of the technology company’s stock valued at $29,995,000 after buying an additional 10,658 shares in the last quarter. Toronado Partners LLC grew its position in BlackLine by 49.7% in the 1st quarter. Toronado Partners LLC now owns 408,683 shares of the technology company’s stock valued at $29,924,000 after buying an additional 135,685 shares in the last quarter. Renaissance Technologies LLC bought a new position in BlackLine in the 1st quarter valued at about $14,271,000. Finally, Greenstone Partners & Co. LLC grew its position in BlackLine by 27.3% in the 1st quarter. Greenstone Partners & Co. LLC now owns 148,620 shares of the technology company’s stock valued at $10,882,000 after buying an additional 31,835 shares in the last quarter.

BlackLine Company Profile

(Get Rating)

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles high volumes of individual transactions; and task management to create and manage processes and task lists.

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