Blackline (NASDAQ:BL) Rating Lowered to Hold at BidaskClub

Blackline (NASDAQ:BL) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, BidAskClub reports.

Several other brokerages have also recently weighed in on BL. ValuEngine cut shares of Blackline from a “buy” rating to a “hold” rating in a research report on Thursday, October 10th. Zacks Investment Research lowered shares of Blackline from a “buy” rating to a “hold” rating in a report on Wednesday, October 23rd. TheStreet raised shares of Blackline from a “d+” rating to a “c” rating in a report on Monday, October 28th. Piper Jaffray Companies started coverage on shares of Blackline in a research note on Monday, November 25th. They issued a “neutral” rating and a $60.00 price objective for the company. Finally, First Analysis initiated coverage on Blackline in a report on Friday, October 4th. They set an “outperform” rating and a $55.00 target price for the company. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. Blackline currently has a consensus rating of “Hold” and an average target price of $54.00.

Shares of Blackline stock opened at $51.91 on Thursday. The company has a current ratio of 3.87, a quick ratio of 3.87 and a debt-to-equity ratio of 0.99. The stock’s fifty day moving average price is $50.10 and its 200-day moving average price is $50.13. The firm has a market cap of $2.89 billion, a P/E ratio of -199.65 and a beta of 0.81. Blackline has a 12 month low of $36.85 and a 12 month high of $56.29.

Blackline (NASDAQ:BL) last released its quarterly earnings data on Wednesday, November 6th. The technology company reported $0.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.03 by $0.09. Blackline had a negative net margin of 11.36% and a negative return on equity of 4.36%. The company had revenue of $74.93 million during the quarter, compared to analyst estimates of $72.33 million. During the same period in the prior year, the firm earned $0.07 earnings per share. The firm’s revenue for the quarter was up 27.6% compared to the same quarter last year. Analysts forecast that Blackline will post -0.21 earnings per share for the current year.

In other news, insider Mario Spanicciati sold 7,765 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $54.04, for a total transaction of $419,620.60. Following the completion of the sale, the insider now owns 19,512 shares in the company, valued at approximately $1,054,428.48. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Morgan Karole Prager sold 10,000 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $52.30, for a total value of $523,000.00. Following the completion of the sale, the insider now directly owns 33,158 shares of the company’s stock, valued at approximately $1,734,163.40. The disclosure for this sale can be found here. Insiders sold 34,941 shares of company stock valued at $1,867,496 over the last quarter. 15.77% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in BL. FMR LLC increased its position in shares of Blackline by 47.1% during the 1st quarter. FMR LLC now owns 1,130,651 shares of the technology company’s stock valued at $52,372,000 after purchasing an additional 361,839 shares during the last quarter. NEXT Financial Group Inc boosted its stake in Blackline by 2,845.5% in the second quarter. NEXT Financial Group Inc now owns 1,620 shares of the technology company’s stock worth $87,000 after buying an additional 1,565 shares in the last quarter. Strs Ohio boosted its stake in 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 buying an additional 1,800 shares in the last quarter. First Bank & Trust bought a new position in Blackline during the second quarter valued at approximately $156,000. Finally, Los Angeles Capital Management & Equity Research Inc. grew its position in Blackline by 25.8% during the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 15,035 shares of the technology company’s stock valued at $805,000 after acquiring an additional 3,085 shares during the last quarter. Hedge funds and other institutional investors own 91.37% of the company’s stock.

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.

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Analyst Recommendations for Blackline (NASDAQ:BL)

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