BlackLine (NASDAQ:BL) Releases FY24 Earnings Guidance

BlackLine (NASDAQ:BL) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $2.08 to $2.21 for the period, compared to the consensus EPS estimate of $2.17. The company issued revenue guidance of $647.0 million to $651.0 million, compared to the consensus revenue estimate of $646.06 million. BlackLine also updated its Q3 guidance to $0.49 to $0.52 EPS.

Wall Street Analyst Weigh In

A number of equities analysts have commented on BL shares. Citigroup decreased their price objective on shares of BlackLine from $62.00 to $54.00 and set a neutral rating on the stock in a research note on Friday, June 28th. JMP Securities restated a market outperform rating and set a $81.00 price target on shares of BlackLine in a research report on Monday, July 15th. BMO Capital Markets raised their price target on BlackLine from $65.00 to $67.00 and gave the company a market perform rating in a report on Wednesday, May 8th. Robert W. Baird boosted their price objective on BlackLine from $61.00 to $72.00 and gave the stock an outperform rating in a research note on Wednesday, May 8th. Finally, William Blair upgraded BlackLine to a hold rating in a research note on Tuesday, May 7th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $62.78.

BlackLine Trading Up 0.8 %

Shares of BL traded up $0.34 during trading hours on Tuesday, hitting $44.09. 1,163,774 shares of the stock traded hands, compared to its average volume of 967,531. The business has a fifty day moving average of $47.17 and a 200-day moving average of $55.87. The firm has a market capitalization of $2.73 billion, a PE ratio of 193.35, a price-to-earnings-growth ratio of 5.32 and a beta of 0.86. BlackLine has a 1-year low of $43.37 and a 1-year high of $69.31. The company has a current ratio of 2.30, a quick ratio of 2.30 and a debt-to-equity ratio of 4.08.

BlackLine (NASDAQ:BL) last announced its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.10. The firm had revenue of $157.46 million during the quarter, compared to analysts’ expectations of $155.05 million. BlackLine had a return on equity of 9.07% and a net margin of 2.30%. Analysts expect that BlackLine will post 1.1 EPS for the current year.

Insider Transactions at BlackLine

In other BlackLine news, insider Jimmy C. Duan acquired 2,000 shares of BlackLine stock in a transaction on Friday, May 31st. The shares were purchased at an average cost of $47.73 per share, with a total value of $95,460.00. Following the completion of the purchase, the insider now owns 50,360 shares in the company, valued at $2,403,682.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Owen Ryan bought 3,000 shares of BlackLine stock in a transaction on Friday, May 24th. The shares were purchased at an average price of $49.88 per share, for a total transaction of $149,640.00. Following the completion of the acquisition, the chief executive officer now owns 145,948 shares in the company, valued at $7,279,886.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Jimmy C. Duan purchased 2,000 shares of the stock in a transaction dated Friday, May 31st. The stock was bought at an average cost of $47.73 per share, with a total value of $95,460.00. Following the completion of the purchase, the insider now owns 50,360 shares in the company, valued at $2,403,682.80. The disclosure for this purchase can be found here. 9.93% of the stock is owned by corporate insiders.

About BlackLine

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.