Blackline (NASDAQ:BL) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Blackline (NASDAQ:BL) released its earnings results on Thursday. The technology company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.04, Morningstar.com reports. Blackline had a negative return on equity of 5.02% and a negative net margin of 12.15%. The firm had revenue of $69.70 million during the quarter, compared to analysts’ expectations of $67.74 million. During the same quarter last year, the business posted $0.01 earnings per share. The firm’s revenue was up 25.8% on a year-over-year basis.

NASDAQ BL traded up $13.47 during trading on Friday, hitting $56.01. 2,161,600 shares of the stock traded hands, compared to its average volume of 492,341. The firm has a market capitalization of $2.51 billion, a P/E ratio of -215.42 and a beta of 0.88. The company has a 50-day moving average of $50.02. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.04. Blackline has a 12-month low of $34.01 and a 12-month high of $58.11.

BL has been the subject of several research analyst reports. BidaskClub cut Blackline from a “hold” rating to a “sell” rating in a research report on Thursday. KeyCorp increased their target price on Blackline from $60.00 to $62.00 and gave the stock an “overweight” rating in a research report on Friday. ValuEngine cut Blackline from a “buy” rating to a “hold” rating in a research report on Wednesday. Zacks Investment Research cut Blackline from a “buy” rating to a “hold” rating in a report on Friday, July 26th. Finally, Goldman Sachs Group cut Blackline from a “buy” rating to a “sell” rating and cut their price target for the company from $57.00 to $41.00 in a report on Tuesday, July 2nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $53.00.

In other Blackline news, CFO Mark Partin sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $53.36, for a total transaction of $533,600.00. Following the completion of the transaction, the chief financial officer now owns 65,140 shares in the company, valued at approximately $3,475,870.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold a total of 29,500 shares of company stock valued at $1,510,695 in the last 90 days. 15.77% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BL. Kayne Anderson Rudnick Investment Management LLC grew its holdings in Blackline by 168.2% during the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,936,270 shares of the technology company’s stock valued at $182,328,000 after buying an additional 2,468,448 shares in the last quarter. Riverbridge Partners LLC lifted its stake in shares of Blackline by 33.7% in the 2nd quarter. Riverbridge Partners LLC now owns 1,906,518 shares of the technology company’s stock valued at $102,018,000 after purchasing an additional 481,071 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Blackline by 114.8% in the 2nd quarter. Janus Henderson Group PLC now owns 788,662 shares of the technology company’s stock valued at $42,201,000 after purchasing an additional 421,566 shares during the last quarter. Champlain Investment Partners LLC lifted its stake in shares of Blackline by 29.8% in the 1st quarter. Champlain Investment Partners LLC now owns 1,634,940 shares of the technology company’s stock valued at $75,730,000 after purchasing an additional 375,040 shares during the last quarter. Finally, FMR LLC lifted its stake in shares of Blackline by 47.1% in the 1st quarter. FMR LLC now owns 1,130,651 shares of the technology company’s stock valued at $52,372,000 after purchasing an additional 361,839 shares during the last quarter. Institutional investors and hedge funds own 87.39% of the company’s stock.

Blackline Company Profile

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.

Further Reading: Bear Market

Earnings History for Blackline (NASDAQ:BL)

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