Zacks Investment Research Upgrades Blackline (NASDAQ:BL) to “Buy”

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Blackline (NASDAQ:BL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday, reports. The brokerage presently has a $56.00 target price on the technology company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 14.15% from the stock’s current price.

According to Zacks, “BlackLine, Inc. is a provider of cloud-based solutions for Finance & Accounting which centralize and streamline financial close operations and other key F&A processes for midsize and large organizations. BlackLine, Inc. is headquartered in Los Angeles, California. “

BL has been the subject of several other reports. BidaskClub upgraded Misonix from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 3rd. Goldman Sachs Group lowered LATAM Airlines Group from a “neutral” rating to a “sell” rating and boosted their target price for the stock from $9.20 to $9.30 in a research report on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $52.00.

Shares of Blackline stock traded down $0.67 during midday trading on Thursday, hitting $49.06. The company had a trading volume of 313,724 shares, compared to its average volume of 480,127. The company’s 50 day moving average price is $51.04. The company has a market cap of $2.71 billion, a PE ratio of -188.69 and a beta of 0.88. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.04. Blackline has a 1-year low of $34.01 and a 1-year high of $58.11.

Blackline (NASDAQ:BL) last posted its quarterly earnings results on Thursday, May 2nd. The technology company reported $0.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.12) by $0.14. The firm had revenue of $64.13 million for the quarter, compared to the consensus estimate of $63.33 million. Blackline had a negative net margin of 12.15% and a negative return on equity of 5.02%. The business’s revenue was up 25.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.01 earnings per share. Equities analysts predict that Blackline will post -0.29 earnings per share for the current fiscal year.

In related news, CFO Mark Partin sold 9,500 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $50.21, for a total value of $476,995.00. Following the sale, the chief financial officer now owns 64,640 shares in the company, valued at approximately $3,245,574.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders sold 29,500 shares of company stock worth $1,510,695. 15.77% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Hardy Reed LLC acquired a new stake in Blackline during the second quarter worth approximately $212,000. Tompkins Financial Corp acquired a new stake in Blackline in the second quarter valued at approximately $40,000. NEXT Financial Group Inc grew its stake in Blackline by 2,845.5% in the second quarter. NEXT Financial Group Inc now owns 1,620 shares of the technology company’s stock valued at $87,000 after acquiring an additional 1,565 shares during the period. Gradient Investments LLC grew its stake in Blackline by 78.8% in the second quarter. Gradient Investments LLC now owns 21,807 shares of the technology company’s stock valued at $1,167,000 after acquiring an additional 9,613 shares during the period. Finally, Sheets Smith Wealth Management acquired a new stake in Blackline in the second quarter valued at approximately $389,000. 86.99% of the stock is currently owned by hedge funds and other institutional investors.

About Blackline

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

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