ValuEngine Lowers Blackline (NASDAQ:BL) to Hold

ValuEngine lowered shares of Blackline (NASDAQ:BL) from a buy rating to a hold rating in a research note published on Wednesday, ValuEngine reports.

A number of other research analysts have also commented on the stock. Goldman Sachs Group lowered shares of Blackline from a buy rating to a sell rating and decreased their price target for the company from $57.00 to $41.00 in a research note on Tuesday, July 2nd. BidaskClub lowered shares of Blackline from a buy rating to a hold rating in a research note on Tuesday, July 23rd. Finally, Zacks Investment Research lowered shares of Blackline from a buy rating to a hold rating in a research note on Friday, July 26th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $53.00.

Shares of Blackline stock traded up $13.47 during trading on Wednesday, hitting $56.01. 2,161,615 shares of the stock were exchanged, compared to its average volume of 381,435. The firm has a market cap of $2.46 billion, a PE ratio of -215.42 and a beta of 0.88. The stock has a fifty day moving average of $50.02. Blackline has a 1-year low of $34.01 and a 1-year high of $58.11. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.35 and a quick ratio of 1.35.

Blackline (NASDAQ:BL) last announced its quarterly earnings results on Thursday, August 1st. The technology company reported ($0.05) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.09) by $0.04. Blackline had a negative net margin of 12.15% and a negative return on equity of 5.02%. The business had revenue of $69.70 million for the quarter, compared to analyst estimates of $67.74 million. During the same quarter in the prior year, the business earned $0.01 EPS. Blackline’s quarterly revenue was up 25.8% on a year-over-year basis. Equities research analysts expect that Blackline will post -0.29 earnings per share for the current fiscal year.

In other Blackline news, CFO Mark Partin sold 10,000 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $50.01, for a total transaction of $500,100.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last 90 days, insiders have sold 29,500 shares of company stock worth $1,510,695. Company insiders own 15.77% of the company’s stock.

Several institutional investors have recently modified their holdings of BL. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in shares of 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 worth $182,328,000 after acquiring an additional 2,468,448 shares during the period. Riverbridge Partners LLC lifted its stake in 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 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 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 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. 87.39% of the stock is owned by institutional investors.

About Blackline

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.

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Analyst Recommendations for Blackline (NASDAQ:BL)

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