Blackline (NASDAQ:BL) had its target price cut by Robert W. Baird from $60.00 to $55.00 in a research report report published on Friday morning. They currently have an outperform rating on the technology company’s stock.
Several other research analysts also recently issued reports on the stock. CIBC began coverage on shares of Blackline in a report on Friday, October 19th. They set a market perform rating on the stock. Oppenheimer began coverage on shares of Blackline in a report on Friday, October 19th. They set a market perform rating on the stock. BidaskClub downgraded shares of Blackline from a strong-buy rating to a buy rating in a report on Tuesday, October 9th. Zacks Investment Research raised shares of Blackline from a sell rating to a hold rating in a research note on Wednesday, October 3rd. Finally, KeyCorp upped their target price on shares of Blackline from $52.00 to $65.00 and gave the company an overweight rating in a research note on Tuesday, September 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. Blackline has an average rating of Hold and an average target price of $47.00.
Blackline stock opened at $41.87 on Friday. Blackline has a fifty-two week low of $31.53 and a fifty-two week high of $58.11.
Blackline (NASDAQ:BL) last released its earnings results on Thursday, November 1st. The technology company reported $0.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.15. The firm had revenue of $58.70 million during the quarter, compared to analyst estimates of $57.64 million. Blackline had a negative net margin of 12.02% and a negative return on equity of 3.62%. The business’s revenue was up 29.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.01) EPS. Equities analysts forecast that Blackline will post -0.32 earnings per share for the current fiscal year.
In related news, CEO Therese Tucker sold 15,636 shares of the stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $47.04, for a total value of $735,517.44. Following 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Morgan Karole Prager sold 20,565 shares of the stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $48.91, for a total transaction of $1,005,834.15. Following the completion of the transaction, the insider now owns 34,157 shares in the company, valued at $1,670,618.87. The disclosure for this sale can be found here. Insiders have sold 281,829 shares of company stock worth $13,473,883 over the last quarter. 18.60% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings in Blackline by 28.3% in the second quarter. BlackRock Inc. now owns 2,313,609 shares of the technology company’s stock valued at $100,480,000 after buying an additional 510,750 shares during the period. OppenheimerFunds Inc. lifted its holdings in Blackline by 16.2% in the second quarter. OppenheimerFunds Inc. now owns 1,203,196 shares of the technology company’s stock valued at $52,254,000 after buying an additional 167,905 shares during the period. FMR LLC lifted its holdings in Blackline by 93.5% in the second quarter. FMR LLC now owns 1,164,894 shares of the technology company’s stock valued at $50,591,000 after buying an additional 562,866 shares during the period. Artisan Partners Limited Partnership lifted its holdings in Blackline by 36.7% in the second quarter. Artisan Partners Limited Partnership now owns 1,140,378 shares of the technology company’s stock valued at $49,527,000 after buying an additional 306,087 shares during the period. Finally, Wells Fargo & Company MN lifted its holdings in Blackline by 10.1% in the third quarter. Wells Fargo & Company MN now owns 1,102,411 shares of the technology company’s stock valued at $62,253,000 after buying an additional 101,344 shares during the period. Institutional investors and hedge funds own 83.57% of the company’s stock.
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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