BlackLine (NASDAQ:BL) Updates Q3 2022 Earnings Guidance

BlackLine (NASDAQ:BLGet Rating) updated its third quarter 2022 earnings guidance on Thursday. 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.

Analysts Set New Price Targets

A number of analysts recently commented on BL shares. JMP Securities lowered their target price 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. BTIG Research cut their target price on shares of BlackLine from $115.00 to $95.00 in a report on Friday, May 6th. JPMorgan Chase & Co. cut their price target on shares of BlackLine from $75.00 to $70.00 in a report on Friday, May 6th. StockNews.com lowered shares of BlackLine from a hold rating to a sell rating in a report on Monday, May 23rd. Finally, Bank of America lowered shares of BlackLine from a neutral rating to an underperform rating and dropped their target price for the stock from $75.00 to $64.00 in a report on Monday, July 18th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, BlackLine presently has an average rating of Hold and a consensus target price of $96.89.

BlackLine Price Performance

BlackLine stock traded down $0.35 during midday trading on Friday, reaching $67.27. 668,940 shares of the company were exchanged, compared to its average volume of 642,659. The company has a market capitalization of $3.99 billion, a price-to-earnings ratio of -55.59 and a beta of 0.84. The firm’s 50-day simple moving average is $69.20 and its 200-day simple moving average is $71.59. BlackLine has a 1 year low of $49.66 and a 1 year high of $135.00. The company has a debt-to-equity ratio of 20.88, a quick ratio of 3.45 and a current ratio of 3.45.

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

Insider Activity

In other news, CTO Peter Hirsch sold 2,592 shares of the company’s stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $71.77, for a total transaction of $186,027.84. Following the completion of the sale, the chief technology officer now owns 38,391 shares in the company, valued at approximately $2,755,322.07. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CTO Peter Hirsch sold 2,592 shares of the firm’s stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $71.77, for a total transaction of $186,027.84. Following the completion of the sale, the chief technology officer now directly owns 38,391 shares of the company’s stock, valued at approximately $2,755,322.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas Unterman sold 500 shares of the firm’s stock in a transaction on Wednesday, June 1st. The stock was sold at an average price of $73.70, for a total value of $36,850.00. Following the completion of the transaction, the director now owns 49,668 shares in the company, valued at $3,660,531.60. The disclosure for this sale can be found here. Insiders sold a total of 4,092 shares of company stock valued at $287,268 over the last three months. Insiders own 9.71% of the company’s stock.

Institutional Investors Weigh In On BlackLine

A number of institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC acquired a new position in shares of BlackLine during the first quarter worth $14,271,000. Toronado Partners LLC boosted its position in shares of BlackLine by 49.7% during the 1st quarter. Toronado Partners LLC now owns 408,683 shares of the technology company’s stock worth $29,924,000 after purchasing an additional 135,685 shares in the last quarter. First Trust Advisors LP boosted its position in shares of BlackLine by 10.5% during the 1st quarter. First Trust Advisors LP now owns 424,380 shares of the technology company’s stock worth $31,073,000 after purchasing an additional 40,453 shares in the last quarter. Greenstone Partners & Co. LLC lifted 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 acquiring an additional 31,835 shares in the last quarter. Finally, Engineers Gate Manager LP lifted its position in BlackLine by 1,128.3% in the 1st quarter. Engineers Gate Manager LP now owns 32,820 shares of the technology company’s stock valued at $2,403,000 after acquiring an additional 30,148 shares in the last quarter.

BlackLine Company Profile

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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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