Blackline Inc (BL) Expected to Post Quarterly Sales of $63.32 Million

Brokerages expect Blackline Inc (NASDAQ:BL) to post sales of $63.32 million for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for Blackline’s earnings. The highest sales estimate is $63.54 million and the lowest is $62.80 million. Blackline posted sales of $51.28 million in the same quarter last year, which suggests a positive year-over-year growth rate of 23.5%. The business is expected to announce its next quarterly earnings report after the market closes on Thursday, May 2nd.

On average, analysts expect that Blackline will report full year sales of $277.60 million for the current year, with estimates ranging from $275.42 million to $278.25 million. For the next fiscal year, analysts forecast that the business will post sales of $338.21 million, with estimates ranging from $332.50 million to $342.61 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that that provide coverage for Blackline.

Blackline (NASDAQ:BL) last released its earnings results on Thursday, February 14th. The technology company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.12. The company had revenue of $62.32 million during the quarter, compared to analysts’ expectations of $61.65 million. Blackline had a negative net margin of 12.21% and a negative return on equity of 4.52%. Blackline’s revenue for the quarter was up 24.6% on a year-over-year basis. During the same period last year, the business earned $0.06 EPS.

A number of brokerages have issued reports on BL. Zacks Investment Research lowered Blackline from a “buy” rating to a “hold” rating in a research note on Friday, February 15th. BidaskClub lowered Blackline from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 5th. KeyCorp reissued a “buy” rating and issued a $56.00 price target on shares of Blackline in a research note on Thursday, February 14th. Goldman Sachs Group reissued a “buy” rating and issued a $53.00 price target on shares of Blackline in a research note on Friday, February 1st. Finally, Raymond James lowered Blackline from an “outperform” rating to a “market perform” rating in a research note on Tuesday, January 22nd. They noted that the move was a valuation call. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Blackline has a consensus rating of “Buy” and a consensus target price of $54.50.

BL opened at $47.50 on Friday. The firm has a market cap of $2.61 billion, a P/E ratio of -182.69 and a beta of 1.02. Blackline has a 52 week low of $34.01 and a 52 week high of $58.11.

In other Blackline news, CEO Therese Tucker sold 500,000 shares of the firm’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $48.16, for a total value of $24,080,000.00. Following the completion of the transaction, the chief executive officer now directly owns 63,672 shares of the company’s stock, valued at approximately $3,066,443.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Mario Spanicciati sold 400,000 shares of the firm’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $48.16, for a total transaction of $19,264,000.00. Following the completion of the transaction, the insider now directly owns 11,812 shares of the company’s stock, valued at $568,865.92. The disclosure for this sale can be found here. Company insiders own 15.77% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. lifted its position in shares of Blackline by 7.8% during the 4th quarter. BlackRock Inc. now owns 2,664,570 shares of the technology company’s stock worth $109,115,000 after purchasing an additional 192,724 shares during the last quarter. Riverbridge Partners LLC raised its holdings in Blackline by 94.9% in the 4th quarter. Riverbridge Partners LLC now owns 1,611,836 shares of the technology company’s stock valued at $66,005,000 after acquiring an additional 784,889 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Blackline in the 4th quarter valued at approximately $60,107,000. Brown Advisory Inc. raised its holdings in Blackline by 16.6% in the 4th quarter. Brown Advisory Inc. now owns 1,165,308 shares of the technology company’s stock valued at $47,719,000 after acquiring an additional 166,082 shares in the last quarter. Finally, Conestoga Capital Advisors LLC raised its holdings in Blackline by 0.8% in the 1st quarter. Conestoga Capital Advisors LLC now owns 1,120,227 shares of the technology company’s stock valued at $51,889,000 after acquiring an additional 9,390 shares in the last quarter. Hedge funds and other institutional investors own 85.80% of the company’s stock.

About Blackline

BlackLine, Inc provides financial accounting close solutions delivered primarily as Software as a Service in the United States and internationally. Its solutions enable its customers to address various aspects of their financial closing process, including account reconciliations, variance analysis of account balances, journal entry capabilities, and range of data matching capabilities.

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