BlackLine (NASDAQ:BL) Updates FY24 Earnings Guidance

BlackLine (NASDAQ:BL) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $2.12-2.26 for the period, compared to the consensus estimate of $2.07. The company issued revenue guidance of $641.5-649.5 million, compared to the consensus revenue estimate of $644.67 million. BlackLine also updated its Q2 guidance to $0.49-0.51 EPS.

BlackLine Price Performance

BlackLine stock traded down $0.68 during trading on Friday, reaching $58.31. The company had a trading volume of 112,537 shares, compared to its average volume of 881,669. The firm has a market capitalization of $3.60 billion, a PE ratio of 256.48, a price-to-earnings-growth ratio of 10.82 and a beta of 0.87. The firm’s 50-day simple moving average is $62.59 and its 200 day simple moving average is $59.62. The company has a debt-to-equity ratio of 4.37, a quick ratio of 2.19 and a current ratio of 2.19. BlackLine has a 1-year low of $47.26 and a 1-year high of $69.31.

BlackLine (NASDAQ:BL) last announced its earnings results on Tuesday, February 13th. The technology company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.28. BlackLine had a negative net margin of 1.50% and a positive return on equity of 2.15%. The business had revenue of $155.73 million for the quarter, compared to analyst estimates of $154.24 million. As a group, equities research analysts anticipate that BlackLine will post 1.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Piper Sandler upgraded BlackLine from an underweight rating to a neutral rating and raised their target price for the company from $55.00 to $62.00 in a research report on Tuesday, April 23rd. JPMorgan Chase & Co. lowered their target price on shares of BlackLine from $55.00 to $52.00 and set an underweight rating on the stock in a research note on Wednesday, February 14th. JMP Securities reiterated a market outperform rating and issued a $81.00 target price on shares of BlackLine in a research report on Wednesday, February 14th. William Blair lowered BlackLine from an outperform rating to a market perform rating in a research note on Wednesday, February 14th. Finally, BMO Capital Markets boosted their price target on shares of BlackLine from $65.00 to $67.00 and gave the company a market perform rating in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, BlackLine has an average rating of Hold and an average price target of $64.10.

Insider Buying and Selling at BlackLine

In related news, Director Kevin B. Thompson sold 4,500 shares of the company’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $57.50, for a total transaction of $258,750.00. Following the completion of the sale, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $632,500. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Kevin B. Thompson sold 4,500 shares of BlackLine stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $57.50, for a total transaction of $258,750.00. Following the sale, the director now owns 11,000 shares in the company, valued at $632,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CRO Mark Woodhams sold 2,877 shares of BlackLine stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $58.00, for a total transaction of $166,866.00. Following the sale, the executive now directly owns 104,682 shares in the company, valued at approximately $6,071,556. The disclosure for this sale can be found here. 9.93% of the stock is currently owned by corporate insiders.

BlackLine Company Profile

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.