Blackline (NASDAQ:BL) Hits New 1-Year High on Analyst Upgrade

Shares of Blackline Inc (NASDAQ:BL) reached a new 52-week high on Tuesday after Zacks Investment Research upgraded the stock from a hold rating to a buy rating. Zacks Investment Research now has a $92.00 price target on the stock. Blackline traded as high as $84.99 and last traded at $81.73, with a volume of 1797700 shares changing hands. The stock had previously closed at $81.73.

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. “

BL has been the topic of a number of other reports. Robert W. Baird lifted their price target on Blackline from $70.00 to $90.00 and gave the stock an “outperform” rating in a report on Thursday, June 18th. Piper Sandler raised their target price on Blackline from $69.00 to $78.00 and gave the stock an “overweight” rating in a research report on Thursday, May 28th. Oppenheimer raised their target price on Blackline from $63.00 to $70.00 and gave the stock an “outperform” rating in a research report on Thursday, May 14th. BidaskClub upgraded Blackline from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 20th. Finally, Goldman Sachs Group boosted their target price on Blackline from $54.00 to $71.00 in a research report on Monday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Blackline has an average rating of “Buy” and a consensus price target of $71.89.

In other Blackline news, CFO Mark Partin sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $80.90, for a total transaction of $809,000.00. Following the transaction, the chief financial officer now owns 109,588 shares in the company, valued at approximately $8,865,669.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mario Spanicciati sold 66,356 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $58.07, for a total value of $3,853,292.92. Following the completion of the sale, the director now owns 18,347 shares in the company, valued at approximately $1,065,410.29. The disclosure for this sale can be found here. Insiders have sold a total of 125,926 shares of company stock worth $7,743,589 in the last quarter. Company insiders own 13.44% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Sunbelt Securities Inc. purchased a new stake in shares of Blackline in the 4th quarter worth approximately $7,902,000. Asset Management One Co. Ltd. bought a new position in Blackline in the 1st quarter valued at approximately $35,000. Toth Financial Advisory Corp bought a new position in Blackline in the 1st quarter valued at approximately $76,000. Penserra Capital Management LLC bought a new position in Blackline in the 4th quarter valued at approximately $166,000. Finally, Strs Ohio lifted its position in Blackline by 285.7% in the 1st quarter. Strs Ohio now owns 2,700 shares of the technology company’s stock valued at $142,000 after acquiring an additional 2,000 shares in the last quarter. Institutional investors own 91.56% of the company’s stock.

The firm has a market capitalization of $4.67 billion, a P/E ratio of -127.55 and a beta of 0.93. The company has a debt-to-equity ratio of 1.01, a quick ratio of 3.61 and a current ratio of 3.61. The firm has a 50-day moving average of $73.62 and a 200-day moving average of $61.35.

Blackline (NASDAQ:BL) last released its quarterly earnings data on Thursday, April 30th. The technology company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.05. The business had revenue of $82.60 million for the quarter, compared to analysts’ expectations of $79.54 million. Blackline had a negative return on equity of 2.61% and a negative net margin of 11.87%. The firm’s quarterly revenue was up 28.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.02 EPS. On average, research analysts forecast that Blackline Inc will post -0.28 EPS for the current fiscal year.

Blackline Company Profile (NASDAQ:BL)

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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