Blackline Inc (BL) Lifted to “Buy” at BidaskClub
BidaskClub upgraded shares of Blackline Inc (NASDAQ:BL) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning.
Other equities analysts have also recently issued research reports about the company. KeyCorp reiterated a buy rating and set a $39.00 target price on shares of Blackline in a research report on Friday, September 22nd. Robert W. Baird set a $42.00 target price on Blackline and gave the stock a buy rating in a research report on Sunday, October 1st. Zacks Investment Research upgraded Blackline from a hold rating to a buy rating and set a $34.00 target price on the stock in a research report on Wednesday, August 9th. Finally, SunTrust Banks, Inc. reiterated a buy rating and set a $42.00 target price on shares of Blackline in a research report on Friday, November 3rd. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Blackline has an average rating of Buy and an average target price of $36.53.
Blackline (NASDAQ BL) traded up $1.76 on Tuesday, reaching $37.53. The company’s stock had a trading volume of 677,300 shares, compared to its average volume of 234,855. Blackline has a 12-month low of $24.14 and a 12-month high of $40.28.
Blackline (NASDAQ:BL) last posted its quarterly earnings data on Thursday, November 2nd. The technology company reported ($0.01) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.19) by $0.18. The firm had revenue of $45.90 million during the quarter, compared to the consensus estimate of $44.07 million. Blackline had a negative return on equity of 8.00% and a negative net margin of 29.53%. The firm’s revenue was up 42.5% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.05) EPS. equities research analysts predict that Blackline will post -0.42 earnings per share for the current year.
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In other Blackline news, CEO Therese Tucker sold 20,000 shares of the stock in a transaction on 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 legal filing with the SEC, which is accessible through the SEC website. Also, insider Mario Spanicciati sold 12,750 shares of the stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $33.32, for a total value of $424,830.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 168,625 shares of company stock worth $5,522,819. Insiders own 22.35% of the company’s stock.
A number of large investors have recently made changes to their positions in BL. Conestoga Capital Advisors LLC purchased a new position in shares of Blackline during the 3rd quarter worth $21,740,000. Fortaleza Asset Management Inc. lifted its stake in shares of Blackline by 98.2% during the 3rd quarter. Fortaleza Asset Management Inc. now owns 6,215 shares of the technology company’s stock worth $212,000 after purchasing an additional 3,080 shares during the period. California State Teachers Retirement System lifted its stake in shares of Blackline by 28.8% during the 3rd quarter. California State Teachers Retirement System now owns 24,995 shares of the technology company’s stock worth $853,000 after purchasing an additional 5,595 shares during the period. Pier Capital LLC purchased a new position in shares of Blackline during the 3rd quarter worth $5,359,000. Finally, Artisan Partners Limited Partnership purchased a new position in shares of Blackline during the 3rd quarter worth $11,316,000. Hedge funds and other institutional investors own 78.85% of the company’s stock.
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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