Shares of Blackline Inc (NASDAQ:BL) have been assigned an average recommendation of “Buy” from the thirteen research firms that are presently covering the firm, MarketBeat.com reports. Five research analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $36.53.
BL has been the topic of several recent research reports. Zacks Investment Research raised shares of Blackline from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a report on Wednesday, August 9th. BidaskClub raised shares of Blackline from a “hold” rating to a “buy” rating in a report on Saturday, September 2nd. KeyCorp reaffirmed a “buy” rating and issued a $39.00 price target on shares of Blackline in a report on Friday, September 22nd. Robert W. Baird set a $42.00 price target on shares of Blackline and gave the company a “buy” rating in a report on Sunday, October 1st. Finally, SunTrust Banks, Inc. reaffirmed a “buy” rating and issued a $42.00 price target on shares of Blackline in a report on Friday, November 3rd.
Shares of Blackline (NASDAQ:BL) traded up $0.85 on Friday, hitting $36.12. 202,600 shares of the stock were exchanged, compared to its average volume of 195,885. Blackline has a 12-month low of $22.39 and a 12-month high of $40.28.
Blackline (NASDAQ:BL) last posted its quarterly earnings results on Thursday, November 2nd. The technology company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.18. Blackline had a negative net margin of 29.53% and a negative return on equity of 8.00%. The company had revenue of $45.90 million for the quarter, compared to analyst estimates of $44.07 million. During the same period in the prior year, the company earned ($0.05) earnings per share. The firm’s revenue was up 42.5% on a year-over-year basis. analysts predict that Blackline will post -0.42 EPS for the current fiscal year.
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In related news, insider Mario Spanicciati sold 12,750 shares of the company’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $33.32, for a total transaction of $424,830.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Therese Tucker sold 20,000 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $29.12, for a total transaction of $582,400.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 164,500 shares of company stock valued at $5,317,686. Insiders own 22.35% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in BL. Fortaleza Asset Management Inc. raised its position in shares of Blackline by 98.2% during the 3rd quarter. Fortaleza Asset Management Inc. now owns 6,215 shares of the technology company’s stock worth $212,000 after purchasing an additional 3,080 shares during the last quarter. American International Group Inc. raised its position in shares of Blackline by 53.5% during the 3rd quarter. American International Group Inc. now owns 10,455 shares of the technology company’s stock worth $357,000 after purchasing an additional 3,646 shares during the last quarter. Rhumbline Advisers grew its stake in Blackline by 20.3% during the 3rd quarter. Rhumbline Advisers now owns 15,254 shares of the technology company’s stock valued at $520,000 after acquiring an additional 2,570 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Blackline by 28.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 54,803 shares of the technology company’s stock valued at $1,870,000 after acquiring an additional 12,121 shares in the last quarter. Finally, New York State Common Retirement Fund grew its stake in Blackline by 483.5% during the 3rd quarter. New York State Common Retirement Fund now owns 77,017 shares of the technology company’s stock valued at $2,628,000 after acquiring an additional 63,817 shares in the last quarter. Hedge funds and other institutional investors own 78.82% of the company’s stock.
Blackline Company Profile
BlackLine, Inc is a holding company. The Company provides cloud-based software platform that is designed to automate and streamline accounting and finance operations. Its platform supports accounting processes, such as the financial close, account reconciliation, intercompany accounting and controls assurance.
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