BlackLine, Inc. (NASDAQ:BL) Receives Average Rating of “Hold” from Brokerages

Shares of BlackLine, Inc. (NASDAQ:BLGet Rating) have earned a consensus recommendation of “Hold” from the eleven research firms that are currently covering the company, MarketBeat reports. Two analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $94.78.

A number of research analysts recently commented on the company. Bank of America downgraded BlackLine from a “neutral” rating to an “underperform” rating and lowered 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. Citigroup assumed coverage on BlackLine in a research note on Thursday, September 1st. They set a “neutral” rating and a $73.00 price objective for the company. Finally, StockNews.com cut BlackLine from a “hold” rating to a “sell” rating in a research note on Friday, September 2nd.

Insider Buying and Selling at BlackLine

In other BlackLine news, CTO Peter Hirsch sold 1,997 shares of the firm’s stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $69.91, for a total transaction of $139,610.27. Following the transaction, the chief technology officer now owns 34,427 shares of the company’s stock, valued at approximately $2,406,791.57. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CTO Peter Hirsch sold 1,997 shares of BlackLine stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $69.91, for a total value of $139,610.27. Following the transaction, the chief technology officer now owns 34,427 shares of the company’s stock, valued at approximately $2,406,791.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas Unterman sold 500 shares of BlackLine stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $62.42, for a total transaction of $31,210.00. Following the completion of the transaction, the director now directly owns 50,589 shares in the company, valued at approximately $3,157,765.38. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,997 shares of company stock valued at $204,000. Company insiders own 9.71% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Clearlake Capital Group L.P. acquired a new position in BlackLine in the 2nd quarter worth approximately $360,716,000. Echo Street Capital Management LLC boosted its stake in BlackLine by 98.1% in the 1st quarter. Echo Street Capital Management LLC now owns 1,900,029 shares of the technology company’s stock worth $139,120,000 after purchasing an additional 941,030 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in BlackLine by 275.4% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 715,319 shares of the technology company’s stock worth $47,640,000 after purchasing an additional 524,773 shares during the period. Brown Advisory Inc. boosted its stake in BlackLine by 49.5% in the 1st quarter. Brown Advisory Inc. now owns 1,313,280 shares of the technology company’s stock worth $96,354,000 after purchasing an additional 434,655 shares during the period. Finally, Bain Capital Public Equity Management II LLC acquired a new position in BlackLine in the 2nd quarter worth approximately $28,466,000.

BlackLine Price Performance

Shares of NASDAQ BL opened at $62.83 on Thursday. The company has a market capitalization of $3.75 billion, a price-to-earnings ratio of -51.93 and a beta of 0.80. The business has a 50 day simple moving average of $67.46 and a 200-day simple moving average of $68.82. The company has a current ratio of 3.57, a quick ratio of 3.57 and a debt-to-equity ratio of 17.46. BlackLine has a twelve month low of $49.66 and a twelve month high of $135.00.

BlackLine (NASDAQ:BLGet Rating) last issued its quarterly earnings data on Thursday, August 4th. The technology company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.03). The company had revenue of $128.48 million for the quarter, compared to the consensus estimate of $126.54 million. BlackLine had a negative return on equity of 22.04% and a negative net margin of 15.09%. BlackLine’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.08) earnings per share. As a group, equities research analysts expect that BlackLine will post -0.81 earnings per share for the current year.

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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Analyst Recommendations for BlackLine (NASDAQ:BL)

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