BlackLine (NASDAQ:BL) Updates FY24 Earnings Guidance

BlackLine (NASDAQ:BL) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $2.12-2.26 for the period, compared to the consensus earnings per share estimate of $2.07. The company issued revenue guidance of $641.5-649.5 million, compared to the consensus revenue estimate of $644.67 million. BlackLine also updated its Q2 guidance to $0.49-0.51 EPS.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on BL shares. Wolfe Research began coverage on BlackLine in a research report on Monday, March 18th. They set a peer perform rating on the stock. JMP Securities reaffirmed a market outperform rating and issued a $81.00 target price on shares of BlackLine in a research report on Wednesday, February 14th. The Goldman Sachs Group upped their price objective on shares of BlackLine from $49.00 to $54.00 and gave the company a sell rating in a research note on Tuesday, January 23rd. Piper Sandler raised BlackLine from an underweight rating to a neutral rating and boosted their target price for the company from $55.00 to $62.00 in a report on Tuesday, April 23rd. Finally, William Blair downgraded BlackLine from an outperform rating to a market perform rating in a research note on Wednesday, February 14th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $64.10.

BlackLine Stock Performance

Shares of NASDAQ:BL traded down $0.92 during midday trading on Wednesday, hitting $59.51. The stock had a trading volume of 1,235,106 shares, compared to its average volume of 890,984. The company has a market capitalization of $3.68 billion, a PE ratio of -595.10, a P/E/G ratio of 10.82 and a beta of 0.87. BlackLine has a 1 year low of $47.26 and a 1 year high of $69.31. The stock has a 50 day moving average price of $62.55 and a two-hundred day moving average price of $59.63. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 4.37.

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

Insider Activity at BlackLine

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

BlackLine Company Profile

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.