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

Zacks Investment Research upgraded shares of Blackline (NASDAQ:BL) from a hold rating to a buy rating in a research note issued to investors on Thursday morning, Zacks.com reports. They currently have $56.00 target price on the technology company’s stock.

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. “

Several other analysts have also commented on BL. BidaskClub raised shares of Misonix from a buy rating to a strong-buy rating in a research report on Wednesday, July 3rd. Goldman Sachs Group lowered shares of LATAM Airlines Group from a neutral rating to a sell rating and increased their price target for the company from $9.20 to $9.30 in a research report on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $52.00.



Shares of BL opened at $48.26 on Thursday. Blackline has a 12-month low of $34.01 and a 12-month high of $58.11. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 0.04. The company’s fifty day moving average is $50.94.

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, beating the Zacks’ consensus estimate of ($0.12) by $0.14. The firm had revenue of $64.13 million during the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the previous year, the firm earned $0.01 earnings per share. Analysts predict that Blackline will post -0.29 EPS for the current year.

In related news, CFO Mark Partin sold 10,000 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $50.01, for a total value of $500,100.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last quarter, insiders sold 29,500 shares of company stock worth $1,510,695. 15.77% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. FTB Advisors Inc. lifted its position in shares of Blackline by 70.6% during the 1st quarter. FTB Advisors Inc. now owns 551 shares of the technology company’s stock valued at $25,000 after buying an additional 228 shares in the last quarter. Icon Wealth Partners LLC purchased a new position in shares of Blackline during the 1st quarter valued at approximately $34,000. Tompkins Financial Corp purchased a new position in shares of Blackline during the 2nd quarter valued at approximately $40,000. Bronfman E.L. Rothschild L.P. lifted its position in shares of Blackline by 73.1% during the 4th quarter. Bronfman E.L. Rothschild L.P. now owns 1,156 shares of the technology company’s stock valued at $47,000 after buying an additional 488 shares in the last quarter. Finally, NEXT Financial Group Inc lifted its position in shares of Blackline by 2,845.5% during the 2nd quarter. NEXT Financial Group Inc now owns 1,620 shares of the technology company’s stock valued at $87,000 after buying an additional 1,565 shares in the last quarter. 86.99% of the stock is currently owned by institutional investors and hedge funds.

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.

Further Reading: Current Ratio

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