Blackline Inc (BL) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Blackline Inc (NASDAQ:BL) have earned a consensus rating of “Buy” from the nine brokerages that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation, seven have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $38.74.

Several equities research analysts recently weighed in on BL shares. SunTrust Banks restated a “buy” rating and issued a $42.00 price target on shares of Blackline in a research report on Friday, November 3rd. KeyCorp restated a “buy” rating and issued a $39.00 price target on shares of Blackline in a research report on Sunday, October 22nd. BidaskClub upgraded shares of Blackline from a “buy” rating to a “strong-buy” rating in a research report on Thursday, September 14th. Zacks Investment Research upgraded shares of Blackline from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Wednesday, August 9th. Finally, JMP Securities upgraded shares of Blackline from a “market perform” rating to an “outperform” rating in a research report on Thursday, November 16th.

Shares of Blackline (BL) traded up $1.12 on Thursday, reaching $34.35. 303,415 shares of the company traded hands, compared to its average volume of 240,264. Blackline has a 12 month low of $24.14 and a 12 month high of $40.28.

Blackline (NASDAQ:BL) last announced its quarterly earnings results on Thursday, November 2nd. The technology company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.18. Blackline had a negative net margin of 29.53% and a negative return on equity of 8.00%. The company had revenue of $45.90 million for the quarter, compared to analysts’ expectations of $44.07 million. During the same quarter in the previous year, the business posted ($0.05) earnings per share. Blackline’s quarterly revenue was up 42.5% on a year-over-year basis. analysts forecast that Blackline will post -0.42 EPS for the current fiscal year.

In other news, CEO Therese Tucker sold 2,000 shares of the company’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $35.31, for a total value of $70,620.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Mario Spanicciati sold 10,625 shares of the company’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $32.99, for a total transaction of $350,518.75. The disclosure for this sale can be found here. Insiders have sold 157,125 shares of company stock worth $5,468,715 in the last quarter. Company insiders own 22.35% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Rhumbline Advisers grew its holdings in shares of Blackline by 20.3% in the third quarter. Rhumbline Advisers now owns 15,254 shares of the technology company’s stock worth $520,000 after purchasing an additional 2,570 shares during the last quarter. Fortaleza Asset Management Inc. grew its holdings in shares of Blackline by 98.2% in the third quarter. Fortaleza Asset Management Inc. now owns 6,215 shares of the technology company’s stock worth $212,000 after purchasing an additional 3,080 shares during the last quarter. American International Group Inc. grew its holdings in shares of Blackline by 53.5% in the third quarter. American International Group Inc. now owns 10,455 shares of the technology company’s stock worth $357,000 after purchasing an additional 3,646 shares during the last quarter. California State Teachers Retirement System grew its holdings in shares of Blackline by 28.8% in the third quarter. California State Teachers Retirement System now owns 24,995 shares of the technology company’s stock worth $853,000 after purchasing an additional 5,595 shares during the last quarter. Finally, Wolverine Trading LLC bought a new position in shares of Blackline in the third quarter worth about $246,000. Hedge funds and other institutional investors own 79.28% of the company’s stock.

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Blackline Company Profile

BlackLine, Inc is a holding company. The Company provides cloud-based software platform that is designed to automate and streamline accounting and finance operations. Its platform supports accounting processes, such as the financial close, account reconciliation, intercompany accounting and controls assurance.

Analyst Recommendations for Blackline (NASDAQ:BL)

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