BlackLine (NASDAQ:BL) Issues Q2 Earnings Guidance

BlackLine (NASDAQ:BL) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.49-0.51 for the period, compared to the consensus estimate of $0.50. The company issued revenue guidance of $157-159 million, compared to the consensus revenue estimate of $158.50 million. BlackLine also updated its FY24 guidance to $2.12-2.26 EPS.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Citigroup cut their price target on BlackLine from $66.00 to $63.00 and set a neutral rating for the company in a report on Tuesday, April 23rd. JPMorgan Chase & Co. dropped their price objective on shares of BlackLine from $55.00 to $52.00 and set an underweight rating for the company in a report on Wednesday, February 14th. William Blair lowered shares of BlackLine from an outperform rating to a market perform rating in a report on Wednesday, February 14th. Robert W. Baird cut their price target on shares of BlackLine from $65.00 to $61.00 and set an outperform rating for the company in a report on Wednesday, February 14th. Finally, Wolfe Research began coverage on shares of BlackLine in a research report on Monday, March 18th. They set a peer perform rating on the stock. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $62.56.

BlackLine Stock Performance

Shares of NASDAQ:BL traded down $0.28 on Tuesday, reaching $60.43. The company’s stock had a trading volume of 676,980 shares, compared to its average volume of 887,074. BlackLine has a 52-week low of $47.26 and a 52-week high of $69.31. The stock has a market capitalization of $3.73 billion, a P/E ratio of -604.30, a PEG ratio of 10.82 and a beta of 0.87. The stock’s 50-day moving average is $62.42 and its two-hundred day moving average is $59.58. The company has a debt-to-equity ratio of 4.37, a current ratio of 2.19 and a quick ratio of 2.19.

BlackLine (NASDAQ:BL) last issued its quarterly earnings results on Tuesday, February 13th. The technology company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.28. BlackLine had a positive return on equity of 2.15% and a negative net margin of 1.50%. The firm had revenue of $155.73 million for the quarter, compared to analysts’ expectations of $154.24 million. As a group, sell-side analysts forecast that BlackLine will post 1.02 EPS for the current year.

Insider Activity at BlackLine

In related news, Director Kevin B. Thompson sold 4,500 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $57.50, for a total value of $258,750.00. Following the completion of the sale, the director now owns 11,000 shares in the company, valued at $632,500. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $57.50, for a total value of $258,750.00. Following the completion of the transaction, the director now directly owns 11,000 shares of the company’s stock, valued at $632,500. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CRO Mark Woodhams sold 2,877 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $58.00, for a total transaction of $166,866.00. Following the transaction, the executive now owns 104,682 shares in the company, valued at $6,071,556. The disclosure for this sale can be found here. 9.53% of the stock is currently owned by insiders.

About BlackLine

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 individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.