Analysts Set Blackline Inc (BL) Price Target at $54.67

Blackline Inc (NASDAQ:BL) has been assigned an average rating of “Hold” from the nine research firms that are currently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $54.67.

A number of equities analysts have issued reports on the stock. BidaskClub cut shares of Blackline from a “buy” rating to a “hold” rating in a report on Saturday, March 16th. Zacks Investment Research cut shares of Blackline from a “buy” rating to a “hold” rating in a report on Friday, February 15th. KeyCorp reissued a “buy” rating and issued a $56.00 target price on shares of Blackline in a report on Thursday, February 14th. Goldman Sachs Group reissued a “buy” rating and issued a $53.00 target price on shares of Blackline in a report on Friday, February 1st. Finally, Raymond James cut shares of Blackline from an “outperform” rating to a “market perform” rating in a report on Tuesday, January 22nd. They noted that the move was a valuation call.

In other news, Director Sumeru (Gp) L.L.C. Slta sold 3,983,873 shares of Blackline stock in a transaction that occurred on Saturday, May 25th. The stock was sold at an average price of $48.16, for a total transaction of $191,863,323.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Therese Tucker sold 500,000 shares of Blackline stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 63,672 shares in the company, valued at approximately $3,066,443.52. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 4,925,408 shares of company stock worth $237,152,823. Corporate insiders own 18.60% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. American International Group Inc. increased its stake in shares of Blackline by 1.5% during the fourth quarter. American International Group Inc. now owns 24,204 shares of the technology company’s stock valued at $991,000 after acquiring an additional 350 shares during the period. Bronfman E.L. Rothschild L.P. increased its stake in shares of Blackline by 73.1% during the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 1,156 shares of the technology company’s stock valued at $47,000 after acquiring an additional 488 shares during the period. Parkside Financial Bank & Trust increased its stake in shares of Blackline by 82.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,528 shares of the technology company’s stock valued at $63,000 after acquiring an additional 691 shares during the period. Legal & General Group Plc increased its stake in shares of Blackline by 7.3% during the fourth quarter. Legal & General Group Plc now owns 14,597 shares of the technology company’s stock valued at $598,000 after acquiring an additional 991 shares during the period. Finally, Rehmann Capital Advisory Group acquired a new position in shares of Blackline during the third quarter valued at approximately $63,000. 85.72% of the stock is currently owned by institutional investors.

NASDAQ:BL opened at $46.32 on Wednesday. Blackline has a one year low of $34.01 and a one year high of $58.11.

Blackline (NASDAQ:BL) last posted its quarterly earnings results on Thursday, February 14th. The technology company reported $0.03 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.12. The business had revenue of $62.32 million during the quarter, compared to the consensus estimate of $61.65 million. Blackline had a negative return on equity of 4.52% and a negative net margin of 12.21%. The company’s revenue for the quarter was up 24.6% compared to the same quarter last year. During the same period last year, the firm earned $0.06 earnings per share. As a group, equities analysts predict that Blackline will post -0.29 EPS for the current fiscal year.

About Blackline

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

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Analyst Recommendations for Blackline (NASDAQ:BL)

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