Blackline (BL) Trading 5.4% Higher

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Blackline Inc (NASDAQ:BL)’s share price traded up 5.4% during mid-day trading on Thursday . The company traded as high as $47.75 and last traded at $47.58. 674,217 shares changed hands during mid-day trading, an increase of 89% from the average session volume of 356,072 shares. The stock had previously closed at $45.13.

A number of equities analysts recently issued reports on the stock. Zacks Investment Research raised shares of Blackline from a “sell” rating to a “hold” rating in a report on Wednesday, October 3rd. BidaskClub downgraded shares of Blackline from a “strong-buy” rating to a “buy” rating in a report on Tuesday, October 9th. Raymond James downgraded shares of Blackline from an “outperform” rating to a “market perform” rating in a report on Tuesday, January 22nd. They noted that the move was a valuation call. Oppenheimer assumed coverage on shares of Blackline in a report on Friday, October 19th. They issued a “market perform” rating on the stock. Finally, CIBC assumed coverage on shares of Blackline in a report on Friday, October 19th. They issued a “market perform” rating on the stock. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Blackline presently has an average rating of “Buy” and an average price target of $49.75.

The firm has a market capitalization of $2.55 billion, a PE ratio of -128.59 and a beta of 0.87.

Blackline (NASDAQ:BL) last posted its quarterly earnings data on Thursday, November 1st. The technology company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.15. Blackline had a negative net margin of 12.02% and a negative return on equity of 3.58%. The company had revenue of $58.70 million for the quarter, compared to the consensus estimate of $57.64 million. During the same quarter last year, the firm posted ($0.01) earnings per share. The firm’s revenue was up 29.3% compared to the same quarter last year. Analysts expect that Blackline Inc will post -0.27 EPS for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers boosted its stake in Blackline by 54.1% during the fourth quarter. Rhumbline Advisers now owns 48,638 shares of the technology company’s stock worth $1,992,000 after buying an additional 17,080 shares during the period. Parkside Financial Bank & Trust boosted its stake in Blackline by 82.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,528 shares of the technology company’s stock worth $63,000 after buying an additional 691 shares during the period. Xact Kapitalforvaltning AB boosted its stake in Blackline by 64.3% during the fourth quarter. Xact Kapitalforvaltning AB now owns 9,200 shares of the technology company’s stock worth $377,000 after buying an additional 3,600 shares during the period. Oppenheimer Asset Management Inc. boosted its stake in Blackline by 407.4% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 43,267 shares of the technology company’s stock worth $1,772,000 after buying an additional 34,740 shares during the period. Finally, Huntington National Bank boosted its stake in Blackline by 34.3% during the fourth quarter. Huntington National Bank now owns 140,862 shares of the technology company’s stock worth $5,768,000 after buying an additional 35,977 shares during the period. Institutional investors own 83.36% of the company’s stock.

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Blackline Company Profile (NASDAQ:BL)

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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