Zacks Investment Research Downgrades Blackline (BL) to Hold

Zacks Investment Research cut shares of Blackline (NASDAQ:BL) from a buy rating to a hold rating in a report published on Wednesday, July 4th.

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. “

Several other brokerages have also commented on BL. BidaskClub upgraded shares of Blackline from a hold rating to a buy rating in a research note on Wednesday, June 6th. ValuEngine upgraded shares of Blackline from a hold rating to a buy rating in a research note on Wednesday, May 2nd. KeyCorp reiterated a buy rating and issued a $52.00 price target on shares of Blackline in a research note on Thursday, May 3rd. Finally, SunTrust Banks lowered shares of Blackline from a buy rating to a hold rating and set a $43.00 target price on the stock. in a research report on Monday, March 19th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. Blackline presently has an average rating of Hold and a consensus price target of $41.80.

Shares of BL traded down $1.09 during mid-day trading on Wednesday, hitting $46.40. 296,300 shares of the company’s stock were exchanged, compared to its average volume of 473,622. The stock has a market capitalization of $2.56 billion, a PE ratio of -125.22 and a beta of -0.46. Blackline has a fifty-two week low of $28.79 and a fifty-two week high of $50.31.

Blackline (NASDAQ:BL) last issued its earnings results on Thursday, May 3rd. The technology company reported $0.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.03) by $0.04. The firm had revenue of $51.30 million for the quarter, compared to analysts’ expectations of $50.37 million. Blackline had a negative net margin of 19.09% and a negative return on equity of 6.01%. The firm’s revenue was up 34.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.06) earnings per share. equities research analysts forecast that Blackline will post -0.26 EPS for the current year.

In related news, CRO Chris Murphy sold 15,000 shares of the stock in a transaction on Monday, May 21st. The stock was sold at an average price of $41.27, for a total transaction of $619,050.00. Following the completion of the sale, the executive now directly owns 33,872 shares of the company’s stock, valued at $1,397,897.44. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Sumeru (Gp) L.L.C. Slta sold 3,500,000 shares of the stock in a transaction on Friday, May 25th. The stock was sold at an average price of $40.05, for a total value of $140,175,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,590,000 shares of company stock valued at $144,106,800. Corporate insiders own 18.60% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. Amalgamated Bank purchased a new stake in Blackline in the 2nd quarter valued at about $214,000. Metropolitan Life Insurance Co. NY acquired a new position in Blackline during the 4th quarter worth approximately $175,000. Legal & General Group Plc raised its position in shares of Blackline by 47.8% in the 1st quarter. Legal & General Group Plc now owns 5,500 shares of the technology company’s stock valued at $215,000 after purchasing an additional 1,779 shares in the last quarter. Xact Kapitalforvaltning AB acquired a new position in shares of Blackline in the 2nd quarter valued at approximately $243,000. Finally, BNP Paribas Arbitrage SA raised its position in shares of Blackline by 82.7% in the 1st quarter. BNP Paribas Arbitrage SA now owns 5,831 shares of the technology company’s stock valued at $229,000 after purchasing an additional 2,640 shares in the last quarter. Hedge funds and other institutional investors own 80.31% of the company’s stock.

Blackline Company Profile

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.

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