BidaskClub Downgrades Blackline (NASDAQ:BL) to Hold

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BidaskClub lowered shares of Blackline (NASDAQ:BL) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning, BidAskClub reports.

Other equities analysts have also recently issued research reports about the company. Goldman Sachs Group cut LATAM Airlines Group from a neutral rating to a sell rating and upped their price target for the stock from $9.20 to $9.30 in a report on Tuesday, July 2nd. Zacks Investment Research upgraded Hallmark Financial Services from a hold rating to a buy rating and set a $16.00 price target for the company in a report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $51.50.

Shares of NASDAQ:BL opened at $46.46 on Tuesday. The company has a quick ratio of 1.35, a current 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. The stock has a market cap of $2.66 billion, a PE ratio of -178.69 and a beta of 0.88. The business’s 50-day moving average price is $50.58.

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

In other Blackline news, CFO Mark Partin sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $53.36, for a total value of $533,600.00. Following the completion of the transaction, the chief financial officer now owns 65,140 shares in the company, valued at approximately $3,475,870.40. 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 valued at $1,510,695. 15.77% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in BL. Strs Ohio grew its stake in shares of Blackline by 10.7% in the second quarter. Strs Ohio now owns 18,600 shares of the technology company’s stock worth $995,000 after purchasing an additional 1,800 shares in the last quarter. Carnegie Capital Asset Management LLC grew its stake in shares of Blackline by 38.7% in the second quarter. Carnegie Capital Asset Management LLC now owns 47,100 shares of the technology company’s stock worth $2,520,000 after purchasing an additional 13,150 shares in the last quarter. FDx Advisors Inc. bought a new position in shares of Blackline in the second quarter worth $753,000. Hardy Reed LLC bought a new position in shares of Blackline in the second quarter worth $212,000. Finally, Tompkins Financial Corp bought a new position in shares of Blackline in the second quarter worth $40,000. 87.89% of the stock is currently owned by institutional investors.

Blackline Company Profile

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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Analyst Recommendations for Blackline (NASDAQ:BL)

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