Blackline (BL) Cut to “Hold” at BidaskClub

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BidaskClub cut shares of Blackline (NASDAQ:BL) from a buy rating to a hold rating in a report issued on Wednesday morning.

A number of other research analysts have also commented on the company. Robert W. Baird cut their price target on Blackline from $60.00 to $55.00 and set an outperform rating for the company in a report on Friday, November 2nd. CIBC began coverage on Blackline in a report on Friday, October 19th. They set a market perform rating for the company. Oppenheimer began coverage on Blackline in a report on Friday, October 19th. They set a market perform rating for the company. Zacks Investment Research upgraded Blackline from a sell rating to a hold rating in a report on Wednesday, October 3rd. Finally, KeyCorp upped their price target on Blackline from $52.00 to $65.00 and gave the stock an overweight rating in a report on Tuesday, September 18th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the stock. Blackline has a consensus rating of Hold and a consensus price target of $47.00.

Shares of BL stock traded down $1.20 during trading hours on Wednesday, reaching $42.12. 479,952 shares of the company’s stock were exchanged, compared to its average volume of 519,254. Blackline has a fifty-two week low of $31.53 and a fifty-two week high of $58.11. The firm has a market cap of $2.44 billion, a PE ratio of -113.84 and a beta of 1.01.

Blackline (NASDAQ:BL) last issued its quarterly earnings results on Thursday, November 1st. The technology company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.15. Blackline had a negative return on equity of 3.62% and a negative net margin of 12.02%. The company had revenue of $58.70 million during the quarter, compared to analyst estimates of $57.64 million. During the same period in the previous year, the company earned ($0.01) earnings per share. The company’s quarterly revenue was up 29.3% compared to the same quarter last year. On average, equities analysts expect that Blackline will post -0.27 EPS for the current fiscal year.

In related news, CEO Therese Tucker sold 15,636 shares of the company’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $47.04, for a total value of $735,517.44. Following the completion of the transaction, the chief executive officer now directly owns 63,672 shares in the company, valued at $2,995,130.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 56,954 shares of company stock valued at $2,691,632 over the last 90 days. 18.60% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of BL. Trexquant Investment LP bought a new stake in Blackline in the third quarter valued at $407,000. American International Group Inc. grew its position in Blackline by 13.0% in the third quarter. American International Group Inc. now owns 23,854 shares of the technology company’s stock valued at $1,347,000 after acquiring an additional 2,740 shares during the period. BlackRock Inc. grew its position in Blackline by 6.8% in the third quarter. BlackRock Inc. now owns 2,471,846 shares of the technology company’s stock valued at $139,583,000 after acquiring an additional 158,237 shares during the period. Bank of New York Mellon Corp grew its position in Blackline by 17.5% in the third quarter. Bank of New York Mellon Corp now owns 204,592 shares of the technology company’s stock valued at $11,553,000 after acquiring an additional 30,427 shares during the period. Finally, Artemis Investment Management LLP bought a new stake in Blackline in the third quarter valued at $8,148,000. Institutional investors and hedge funds own 83.57% of the company’s stock.

About Blackline

BlackLine, Inc provides financial accounting close solutions delivered as a Software as a Service in the United States and internationally. Its solutions enables its customers to address various aspects of their financial closing process, including account reconciliations, variance analysis of account balances, and journal entry capabilities, as well as a range of data matching capabilities.

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Analyst Recommendations for Blackline (NASDAQ:BL)

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