BlackLine (NASDAQ:BL) Announces Earnings Results, Beats Estimates By $0.06 EPS

BlackLine (NASDAQ:BLGet Rating) issued its quarterly earnings results on Thursday. The technology company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.06, Briefing.com reports. 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 analysts’ expectations of $126.54 million. During the same quarter last year, the business posted ($0.08) EPS. BlackLine’s revenue was up 25.8% on a year-over-year basis.

BlackLine Stock Performance

BL traded down $0.35 on Friday, hitting $67.27. The company had a trading volume of 668,940 shares, compared to its average volume of 642,659. The company’s fifty day moving average price is $69.20 and its 200 day moving average price is $71.70. 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 current ratio of 3.45 and a quick ratio of 3.45. The stock has a market cap of $3.99 billion, a price-to-earnings ratio of -55.59 and a beta of 0.84.

Insider Buying and Selling

In related news, Director Thomas Unterman sold 500 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $62.42, for a total value of $31,210.00. Following the completion of the sale, the director now directly owns 50,589 shares in the company, valued at approximately $3,157,765.38. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CTO Peter Hirsch sold 2,592 shares of the company’s stock in a transaction that occurred 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 transaction, the chief technology officer now directly owns 38,391 shares in the company, valued at $2,755,322.07. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Thomas Unterman sold 500 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $62.42, for a total value of $31,210.00. Following the transaction, the director now owns 50,589 shares of the company’s stock, valued at $3,157,765.38. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,092 shares of company stock worth $287,268. 9.71% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Baird Financial Group Inc. lifted its holdings in shares of BlackLine by 10.2% during the first quarter. Baird Financial Group Inc. now owns 15,066 shares of the technology company’s stock worth $1,103,000 after buying an additional 1,400 shares during the last quarter. HighTower Advisors LLC lifted its holdings in shares of BlackLine by 10.0% during the first quarter. HighTower Advisors LLC now owns 12,764 shares of the technology company’s stock worth $935,000 after buying an additional 1,163 shares during the last quarter. Raymond James Trust N.A. increased its position in shares of BlackLine by 8.9% during the first quarter. Raymond James Trust N.A. now owns 8,478 shares of the technology company’s stock valued at $621,000 after purchasing an additional 691 shares during the period. Synovus Financial Corp increased its position in shares of BlackLine by 66.7% during the first quarter. Synovus Financial Corp now owns 8,318 shares of the technology company’s stock valued at $612,000 after purchasing an additional 3,328 shares during the period. Finally, Walleye Capital LLC increased its position in shares of BlackLine by 257.2% during the first quarter. Walleye Capital LLC now owns 8,288 shares of the technology company’s stock valued at $607,000 after purchasing an additional 5,968 shares during the period.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Robert W. Baird lowered their target price on BlackLine from $105.00 to $95.00 in a research note on Friday, May 6th. JPMorgan Chase & Co. lowered their target price on BlackLine from $75.00 to $70.00 in a research note on Friday, May 6th. BTIG Research lowered their target price on BlackLine from $115.00 to $95.00 in a research note on Friday, May 6th. Bank of America cut BlackLine from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $75.00 to $64.00 in a research note on Monday, July 18th. They noted that the move was a valuation call. Finally, StockNews.com lowered BlackLine from a “hold” rating to a “sell” rating in a report on Monday, May 23rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $96.89.

About BlackLine

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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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Earnings History for BlackLine (NASDAQ:BL)

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