Blackline Inc (BL) Stock Rating Lowered by Zacks Investment Research
Blackline Inc (NYSE:BL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Monday, July 10th.
According to Zacks, “BlackLine, Inc. is a provider of cloud-based solutions for Finance & Accounting which centralize and streamline financial close operations and other key F&A processes for midsize and large organizations. BlackLine, Inc. is headquartered in Los Angeles, California. “
Several other brokerages also recently weighed in on BL. Vetr upgraded Blackline from a “buy” rating to a “strong-buy” rating and set a $36.70 target price for the company in a research note on Monday, April 24th. JMP Securities initiated coverage on Blackline in a research note on Monday, June 26th. They set a “market perform” rating for the company. William Blair restated an “outperform” rating on shares of Blackline in a research note on Monday, May 8th. SunTrust Banks, Inc. initiated coverage on Blackline in a research note on Monday, June 26th. They set a “buy” rating and a $43.00 target price for the company. Finally, ValuEngine upgraded Blackline from a “sell” rating to a “hold” rating in a research note on Tuesday, June 20th. Five research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $35.62.
Shares of Blackline (BL) traded up 1.78% during midday trading on Monday, hitting $30.33. The company’s stock had a trading volume of 699,065 shares. The firm has a 50-day moving average of $37.14 and a 200 day moving average of $31.98. The firm’s market cap is $1.56 billion. Blackline has a 12-month low of $21.66 and a 12-month high of $40.28.
Blackline (NYSE:BL) last announced its quarterly earnings results on Thursday, August 3rd. The technology company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.12. Blackline had a negative return on equity of 12.55% and a negative net margin of 23.32%. The firm had revenue of $42.30 million during the quarter, compared to the consensus estimate of $41.45 million. Blackline’s quarterly revenue was up 45.9% on a year-over-year basis. On average, equities research analysts predict that Blackline will post ($0.17) EPS for the current fiscal year.
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In other news, insider Mario Spanicciati sold 25,000 shares of the stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $32.43, for a total transaction of $810,750.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold 188,625 shares of company stock worth $6,561,144 in the last ninety days.
A number of institutional investors have recently modified their holdings of the company. Norges Bank acquired a new position in shares of Blackline during the fourth quarter worth about $1,105,000. Franklin Resources Inc. acquired a new position in shares of Blackline during the fourth quarter worth about $5,532,000. Metropolitan Life Insurance Co. NY acquired a new position in shares of Blackline during the fourth quarter worth about $323,000. Teachers Advisors LLC acquired a new position in shares of Blackline during the fourth quarter worth about $310,000. Finally, Nationwide Fund Advisors boosted its position in shares of Blackline by 26.7% in the first quarter. Nationwide Fund Advisors now owns 5,776 shares of the technology company’s stock worth $172,000 after buying an additional 1,217 shares in the last quarter.
BlackLine, Inc is a holding company. The Company provides cloud-based software platform that is designed to automate and streamline accounting and finance operations. Its platform supports accounting processes, such as the financial close, account reconciliation, intercompany accounting and controls assurance.
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