Blackline (BL) Rating Lowered to Strong Sell at BidaskClub

BidaskClub cut shares of Blackline (NASDAQ:BL) from a sell rating to a strong sell rating in a report published on Friday.

Several other analysts also recently issued reports on BL. Robert W. Baird set a $42.00 price target on Blackline and gave the company a buy rating in a report on Sunday, October 1st. KeyCorp restated a buy rating and set a $39.00 target price on shares of Blackline in a research note on Sunday, October 22nd. SunTrust Banks restated a buy rating and set a $42.00 target price on shares of Blackline in a research note on Friday, November 3rd. JMP Securities upgraded Blackline from a market perform rating to an outperform rating in a research note on Thursday, November 16th. Finally, JPMorgan Chase & Co. downgraded Blackline from a neutral rating to an underweight rating and set a $27.00 target price for the company. in a research note on Thursday, January 25th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $36.78.

Shares of Blackline (BL) opened at $32.94 on Friday. Blackline has a twelve month low of $26.46 and a twelve month high of $40.28. The stock has a market capitalization of $1,740.00 and a price-to-earnings ratio of -34.67.

Blackline (NASDAQ:BL) last announced its quarterly earnings results on Thursday, November 2nd. The technology company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $45.90 million during the quarter, compared to the consensus estimate of $44.07 million. During the same period in the prior year, the firm earned ($0.05) EPS. The firm’s quarterly revenue was up 42.5% compared to the same quarter last year. research analysts expect that Blackline will post -0.42 EPS for the current year.

In related news, insider Mario Spanicciati sold 12,750 shares of Blackline stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $35.18, for a total value of $448,545.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Therese Tucker sold 2,000 shares of Blackline stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $35.31, for a total value of $70,620.00. The disclosure for this sale can be found here. Insiders have sold 4,565,750 shares of company stock valued at $155,699,235 over the last 90 days. Insiders own 22.35% of the company’s stock.

A number of large investors have recently bought and sold shares of BL. Fortaleza Asset Management Inc. lifted its holdings in Blackline by 98.2% in the third quarter. Fortaleza Asset Management Inc. now owns 6,215 shares of the technology company’s stock worth $212,000 after acquiring an additional 3,080 shares during the last quarter. Wolverine Trading LLC bought a new position in Blackline in the third quarter worth about $246,000. First Republic Investment Management Inc. bought a new position in Blackline in the third quarter worth about $257,000. PEAK6 Investments L.P. bought a new position in Blackline in the third quarter worth about $267,000. Finally, American International Group Inc. lifted its holdings in Blackline by 53.5% in the third quarter. American International Group Inc. now owns 10,455 shares of the technology company’s stock worth $357,000 after acquiring an additional 3,646 shares during the last quarter. Institutional investors and hedge funds own 79.87% 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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