Zacks Investment Research Lowers BlackLine (NASDAQ: BL) To Hold
Black line (NASDAQ: BL) was downgraded by Zacks Investment Research from a âbuyâ rating to a âkeepâ rating in a research note released Wednesday, Zacks.com reports.
According to Zacks, âBlackLine, Inc. is a provider of cloud finance and accounting solutions that centralize and streamline financial close operations and other key M&A processes for midsize and large businesses. BlackLine, Inc. is headquartered in Los Angeles, California. . “
Other stock analysts have also recently published research reports on the stock. TheStreet downgraded BlackLine’s shares from a âcâ rating to a âd +â rating in a report released on Monday, March 15. Bank of America assumed coverage of BlackLine shares in a report released on Friday, April 23. They issued a “neutral” rating and a target price of $ 120.00 on the stock. Oppenheimer lowered his price target on BlackLine stock from $ 160.00 to $ 130.00 and set an “outperform” rating on the stock in a report released on Friday, May 7. Finally, BTIG Research lowered its price target on BlackLine stock from $ 160.00 to $ 150.00 and set a âbuyâ rating on the stock in a report released on Friday, May 7. Four equity research analysts rated the stock with a conservation rating and seven issued a buy rating for the company. The company has an average rating of “Buy” and an average price target of $ 134.82.
BL shares traded up $ 0.37 at midday on Wednesday, reaching $ 114.83. 232,350 shares of the company traded hands, compared to its average volume of 588,564. BlackLine has a one-year low of $ 71.20 and a one-year high of $ 154.61. The company has a debt to equity ratio of 3.14, a current ratio of 5.11 and a rapid ratio of 5.11. The company has a market cap of $ 6.67 billion, a P / E ratio of -90.42 and a beta of 0.90. The company’s 50-day simple moving average is $ 107.13.
BlackLine (NASDAQ: BL) last released its quarterly earnings data on Thursday, May 6. The tech company reported earnings per share (EPS) of $ 0.11 for the quarter, beating Thomson Reuters’ consensus estimate of $ 0.05 of $ 0.06. BlackLine had a negative net margin of 19.79% and a negative return on equity of 1.30%. The company posted revenue of $ 98.90 million for the quarter, compared to a consensus estimate of $ 96.07 million. In the same quarter of the previous year, the company posted earnings of $ 0.10 per share. The company’s revenue for the quarter increased 19.7% from the same quarter last year. On average, sell-side analysts expect BlackLine to post earnings per share of -0.58 for the current fiscal year.
In other news, CRO Mark Woodhams sold 6,000 shares in a trade that took place on Monday, May 17th. The stock was sold for an average price of $ 101.77, for a total trade of $ 610,620.00. As a result of the transaction, the executive now owns 61,506 shares of the company, valued at approximately $ 6,259,465.62. The sale was disclosed in a legal file with the Securities & Exchange Commission, which is available at this link. Additionally, director Thomas Unterman sold 477 shares in a trade that took place on Friday, July 2. The shares were sold at an average price of $ 113.05, for a total value of $ 53,924.85. As a result of the transaction, the director now owns 43,513 shares of the company, valued at approximately $ 4,919,144.65. Disclosure of this sale can be found here. Insiders sold a total of 109,897 shares of the company valued at $ 11,771,074 during the last quarter. Insiders own 10.07% of the shares of the company.
Hedge funds have recently changed their positions in the company. Ameriprise Financial Inc. increased its holdings of BlackLine shares by 41.8% during the 1st quarter. Ameriprise Financial Inc. now owns 1,906,168 shares of the technology company valued at $ 206,632,000 after acquiring an additional 561,782 shares during the period. Norges Bank purchased a new position in BlackLine shares during the 4th quarter valued at $ 63,035,000. Champlain Investment Partners LLC increased its equity stake in BlackLine by 107.7% during the 1st quarter. Champlain Investment Partners LLC now owns 886,445 shares of the technology company valued at $ 96,091,000 after acquiring 459,630 additional shares during the period. FMR LLC increased its stake in BlackLine shares by 47.1% during the 1st quarter. FMR LLC now owns 1,130,651 shares of the technology company valued at $ 52,372,000 after acquiring an additional 361,839 shares during the period. Finally, Wilkinson Global Asset Management LLC purchased a new position in BlackLine shares during the 1st quarter valued at $ 29,476,000. Institutional investors hold 93.58% of the company’s shares.
BlackLine Company Profile
BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and financial operations in the United States and internationally. It offers financial close management solutions that include account reconciliations providing a centralized workspace from which users can collaborate to perform account reconciliations; transaction matching which analyzes and reconciles high volumes of individual transactions from different data sources based on user configured logic; task management, which allows users to create and manage processes and task lists; journal entry that allows users to manually or automatically generate, review and publish manual journal entries; variance analysis that monitors and identifies abnormal fluctuations in balance sheet and income statement balances; a Consolidation Integrity Manager that manages the automated system-to-system connection process that occurs during the consolidation phase of financial close; and compliance which facilitates compliance initiatives, consolidates project management and provides visibility into self-assessments and control testing.
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