BidaskClub Lowers Blackline (BL) to Sell

BidaskClub downgraded shares of Blackline (NASDAQ:BL) from a hold rating to a sell rating in a report published on Wednesday.

Other analysts have also issued research reports about the company. SunTrust Banks reiterated a buy rating and issued a $42.00 target price on shares of Blackline in a research note on Friday, November 3rd. KeyCorp reiterated a buy rating and issued a $39.00 target price on shares of Blackline in a research note on Sunday, October 22nd. Robert W. Baird set a $42.00 target price on Blackline and gave the stock a buy rating in a research note on Sunday, October 1st. Finally, JMP Securities upgraded Blackline from a market perform rating to an outperform rating in a research note on Thursday, November 16th. One analyst has rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $38.74.

Shares of Blackline (BL) opened at $35.00 on Wednesday. Blackline has a 52-week low of $25.95 and a 52-week high of $40.28. The stock has a market capitalization of $1,850.14, a price-to-earnings ratio of -36.46 and a beta of 3.90.

Blackline (NASDAQ:BL) last released its earnings results on Thursday, November 2nd. The technology company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.18. Blackline had a negative return on equity of 8.00% and a negative net margin of 29.53%. The business had revenue of $45.90 million for the quarter, compared to analyst estimates of $44.07 million. During the same quarter last year, the firm posted ($0.05) earnings per share. The business’s revenue was up 42.5% compared to the same quarter last year. equities analysts forecast that Blackline will post -0.42 EPS for the current fiscal year.

In other news, CEO Therese Tucker sold 2,000 shares of the firm’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $35.31, for a total transaction of $70,620.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Mario Spanicciati sold 10,625 shares of the firm’s stock in a transaction on Monday, October 9th. The shares were sold at an average price of $33.49, for a total value of $355,831.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 4,612,500 shares of company stock worth $157,294,898. Insiders own 22.35% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Rhumbline Advisers boosted its position in Blackline by 20.3% during the third quarter. Rhumbline Advisers now owns 15,254 shares of the technology company’s stock valued at $520,000 after purchasing an additional 2,570 shares in the last quarter. Fortaleza Asset Management Inc. boosted its position in Blackline by 98.2% during the third quarter. Fortaleza Asset Management Inc. now owns 6,215 shares of the technology company’s stock valued at $212,000 after purchasing an additional 3,080 shares in the last quarter. American International Group Inc. boosted its position in Blackline by 53.5% during the third quarter. American International Group Inc. now owns 10,455 shares of the technology company’s stock valued at $357,000 after purchasing an additional 3,646 shares in the last quarter. California State Teachers Retirement System boosted its position in Blackline by 28.8% during the third quarter. California State Teachers Retirement System now owns 24,995 shares of the technology company’s stock valued at $853,000 after purchasing an additional 5,595 shares in the last quarter. Finally, Wolverine Trading LLC bought a new stake in Blackline during the third quarter valued at about $246,000. Hedge funds and other institutional investors own 79.18% of the company’s stock.

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About Blackline

BlackLine, Inc is a holding company. The Company provides cloud-based software platform that is designed to automate and streamline accounting and finance operations. Its platform supports accounting processes, such as the financial close, account reconciliation, intercompany accounting and controls assurance.

Analyst Recommendations for Blackline (NASDAQ:BL)

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