BlackLine (BL) Cut to Hold at BidaskClub

BlackLine (NASDAQ:BL) was downgraded by stock analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

BL has been the topic of a number of other reports. JPMorgan Chase downgraded BlackLine from a “neutral” rating to an “underweight” rating and set a $27.00 price target on the stock. in a report on Thursday, January 25th. SunTrust Banks downgraded BlackLine from a “buy” rating to a “hold” rating and set a $43.00 price target on the stock. in a report on Monday, March 19th. They noted that the move was a valuation call. Zacks Investment Research raised BlackLine from a “hold” rating to a “buy” rating and set a $45.00 price target on the stock in a report on Wednesday, May 9th. KeyCorp upped their price target on BlackLine from $46.00 to $52.00 and gave the company an “overweight” rating in a report on Monday, March 12th. Finally, ValuEngine raised BlackLine from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $41.80.

Shares of BlackLine opened at $39.52 on Wednesday, MarketBeat Ratings reports. BlackLine has a 1 year low of $39.52 and a 1 year high of $39.99.

BlackLine (NASDAQ:BL) last announced its quarterly earnings results on Thursday, May 3rd. The technology company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.04. The firm had revenue of $51.30 million for the quarter, compared to the consensus estimate of $50.37 million. BlackLine had a negative return on equity of 6.01% and a negative net margin of 19.09%. The company’s quarterly revenue was up 34.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.06) earnings per share. research analysts predict that BlackLine will post -0.26 earnings per share for the current year.

In other BlackLine news, major shareholder Iconiq Strategic Partners, L.P sold 2,000,000 shares of the stock in a transaction dated Thursday, March 15th. The stock was sold at an average price of $40.75, for a total value of $81,500,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Mario Spanicciati sold 700,000 shares of the stock in a transaction dated Thursday, March 15th. The shares were sold at an average price of $40.75, for a total value of $28,525,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 3,090,000 shares of company stock worth $125,860,000. 18.60% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of BL. Metropolitan Life Insurance Co. NY bought a new position in shares of BlackLine in the fourth quarter worth about $175,000. Legal & General Group Plc raised its stake in shares of BlackLine by 47.8% in the first quarter. Legal & General Group Plc now owns 5,500 shares of the technology company’s stock worth $215,000 after buying an additional 1,779 shares during the period. State Board of Administration of Florida Retirement System bought a new position in shares of BlackLine in the first quarter worth about $229,000. BNP Paribas Arbitrage SA raised its stake in shares of BlackLine by 82.7% in the first quarter. BNP Paribas Arbitrage SA now owns 5,831 shares of the technology company’s stock worth $229,000 after buying an additional 2,640 shares during the period. Finally, Quantbot Technologies LP bought a new position in shares of BlackLine in the first quarter worth about $230,000. 83.52% of the stock is currently owned by hedge funds and other institutional investors.

About BlackLine

BlackLine, Inc provides financial accounting close solutions delivered as a Software as a Service in the United States and internationally. Its solutions enables its customers to address various aspects of their financial closing process, including account reconciliations, variance analysis of account balances, and journal entry capabilities, as well as a range of data matching capabilities.

Analyst Recommendations for BlackLine (NASDAQ:BL)

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