Equities analysts forecast that BlackLine, Inc. (NASDAQ:BL) will post sales of $53.69 million for the current fiscal quarter, according to Zacks Investment Research. Six analysts have issued estimates for BlackLine’s earnings, with the highest sales estimate coming in at $54.00 million and the lowest estimate coming in at $53.39 million. BlackLine reported sales of $42.29 million during the same quarter last year, which indicates a positive year over year growth rate of 27%. The company is scheduled to report its next quarterly earnings results on Thursday, August 2nd.
According to Zacks, analysts expect that BlackLine will report full-year sales of $224.20 million for the current year, with estimates ranging from $223.10 million to $224.96 million. For the next year, analysts forecast that the company will post sales of $280.47 million per share, with estimates ranging from $271.10 million to $290.43 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that cover BlackLine.
BlackLine (NASDAQ:BL) last issued its earnings results on Thursday, May 3rd. The technology company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.04. BlackLine had a negative return on equity of 6.01% and a negative net margin of 19.09%. The business had revenue of $51.30 million during the quarter, compared to analyst estimates of $50.37 million. During the same period in the previous year, the company posted ($0.06) EPS. The firm’s revenue was up 34.3% compared to the same quarter last year.
A number of analysts recently commented on the company. BidaskClub raised BlackLine from a “hold” rating to a “buy” rating in a research report on Wednesday, June 6th. ValuEngine raised BlackLine from a “hold” rating to a “buy” rating in a research report on Wednesday, May 2nd. KeyCorp boosted their target price on BlackLine from $46.00 to $52.00 and gave the company an “overweight” rating in a research report on Monday, March 12th. Zacks Investment Research raised BlackLine from a “hold” rating to a “buy” rating and set a $45.00 target price for the company in a research report on Wednesday, May 9th. Finally, SunTrust Banks downgraded BlackLine from a “buy” rating to a “hold” rating and set a $43.00 price target for the company. in a research note on Monday, March 19th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $41.80.
BlackLine traded down $1.13, reaching $46.90, during midday trading on Friday, MarketBeat reports. The stock had a trading volume of 1,155,763 shares, compared to its average volume of 421,794. BlackLine has a 12 month low of $28.79 and a 12 month high of $50.31. The firm has a market capitalization of $2.57 billion, a price-to-earnings ratio of -126.76 and a beta of -0.46.
In other news, Director Sumeru (Gp) L.L.C. Slta sold 3,500,000 shares of the business’s stock in a transaction that occurred on Friday, May 25th. The stock was sold at an average price of $40.05, for a total value of $140,175,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CRO Chris Murphy sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, June 18th. The stock was sold at an average price of $49.05, for a total value of $735,750.00. Following the completion of the transaction, the executive now owns 33,872 shares in the company, valued at approximately $1,661,421.60. The disclosure for this sale can be found here. Insiders have sold a total of 3,575,000 shares of company stock valued at $143,435,400 in the last quarter. Company insiders own 18.60% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in BL. Alkeon Capital Management LLC purchased a new position in shares of BlackLine in the 1st quarter worth approximately $27,447,000. Thrivent Financial for Lutherans bought a new stake in shares of BlackLine in the 1st quarter worth approximately $24,340,000. OppenheimerFunds Inc. raised its holdings in shares of BlackLine by 134.5% in the 1st quarter. OppenheimerFunds Inc. now owns 1,035,291 shares of the technology company’s stock worth $40,595,000 after purchasing an additional 593,754 shares during the period. BlackRock Inc. raised its holdings in shares of BlackLine by 46.6% in the 1st quarter. BlackRock Inc. now owns 1,802,859 shares of the technology company’s stock worth $70,690,000 after purchasing an additional 572,862 shares during the period. Finally, Baillie Gifford & Co. bought a new stake in shares of BlackLine in the 1st quarter worth approximately $15,503,000. Hedge funds and other institutional investors own 79.26% of the company’s stock.
BlackLine Company Profile
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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