Blackline Inc (BL) Upgraded at BidaskClub
BidaskClub upgraded shares of Blackline Inc (NYSE:BL) from a hold rating to a buy rating in a research report sent to investors on Saturday morning.
Several other equities research analysts have also recently weighed in on BL. William Blair reissued an outperform rating on shares of Blackline in a research note on Monday, May 8th. Zacks Investment Research raised Blackline from a hold rating to a buy rating and set a $35.00 price target for the company in a research note on Wednesday, May 10th. ValuEngine raised Blackline from a sell rating to a hold rating in a research note on Tuesday, June 20th. JMP Securities started coverage on Blackline in a research note on Monday, June 26th. They issued a market perform rating for the company. Finally, SunTrust Banks, Inc. started coverage on Blackline in a research note on Monday, June 26th. They issued a buy rating and a $43.00 price target for the company. Five investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $34.78.
Blackline (NYSE BL) opened at 30.69 on Friday. Blackline has a one year low of $21.66 and a one year high of $40.28. The firm’s 50-day moving average price is $33.34 and its 200-day moving average price is $32.35. The company’s market cap is $1.61 billion.
Blackline (NYSE:BL) last issued its quarterly earnings results on Thursday, August 3rd. The technology company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.12. The company had revenue of $42.30 million during the quarter, compared to analysts’ expectations of $41.45 million. Blackline had a negative return on equity of 13.96% and a negative net margin of 23.91%. The company’s revenue was up 45.9% on a year-over-year basis. On average, equities research analysts forecast that Blackline will post ($0.17) earnings per share for the current fiscal year.
In related news, CEO Therese Tucker sold 20,000 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $29.12, for a total transaction of $582,400.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mario Spanicciati sold 25,000 shares of the company’s stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $32.94, for a total value of $823,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 158,375 shares of company stock worth $5,319,774.
Several institutional investors have recently made changes to their positions in BL. Teachers Advisors LLC bought a new stake in shares of Blackline during the 4th quarter valued at about $310,000. Nationwide Fund Advisors boosted its position in shares of Blackline by 26.7% during the 1st quarter. Nationwide Fund Advisors now owns 5,776 shares of the technology company’s stock valued at $172,000 after purchasing an additional 1,217 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Blackline during the 1st quarter valued at about $941,000. Wells Fargo & Company MN boosted its position in shares of Blackline by 346.5% during the 1st quarter. Wells Fargo & Company MN now owns 271,726 shares of the technology company’s stock valued at $8,086,000 after purchasing an additional 210,875 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Blackline by 15.8% during the 1st quarter. Bank of New York Mellon Corp now owns 31,664 shares of the technology company’s stock valued at $943,000 after purchasing an additional 4,311 shares in the last quarter.
Blackline Company Profile
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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