BlackLine (NASDAQ:BL) Updates Q2 2024 Earnings Guidance

BlackLine (NASDAQ:BL) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 0.490-0.510 for the period, compared to the consensus EPS estimate of 0.500. The company issued revenue guidance of $157.0 million-$159.0 million, compared to the consensus revenue estimate of $158.5 million. BlackLine also updated its FY 2024 guidance to 2.120-2.260 EPS.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. William Blair downgraded shares of BlackLine from an outperform rating to a market perform rating in a research report on Wednesday, February 14th. JPMorgan Chase & Co. dropped their price objective on shares of BlackLine from $55.00 to $52.00 and set an underweight rating on the stock in a report on Wednesday, February 14th. Citigroup decreased their price objective on BlackLine from $66.00 to $63.00 and set a neutral rating for the company in a report on Tuesday, April 23rd. Piper Sandler raised BlackLine from an underweight rating to a neutral rating and raised their target price for the stock from $55.00 to $62.00 in a report on Tuesday, April 23rd. Finally, Wolfe Research began coverage on shares of BlackLine in a research report on Monday, March 18th. They issued a peer perform rating for the company. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, BlackLine has an average rating of Hold and a consensus price target of $63.78.

BlackLine Trading Down 0.5 %

Shares of BL stock opened at $60.43 on Wednesday. BlackLine has a twelve month low of $47.26 and a twelve month high of $69.31. The stock has a market cap of $3.73 billion, a price-to-earnings ratio of -604.30, a PEG ratio of 10.82 and a beta of 0.87. The company’s 50-day moving average price is $62.49 and its 200-day moving average price is $59.63. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 4.37.

BlackLine (NASDAQ:BL) last posted its quarterly earnings results on Tuesday, February 13th. The technology company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.28. The business had revenue of $155.73 million during the quarter, compared to analysts’ expectations of $154.24 million. BlackLine had a negative net margin of 1.50% and a positive return on equity of 2.15%. As a group, equities analysts predict that BlackLine will post 1.02 earnings per share for the current year.

Insider Buying and Selling at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 2,877 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $58.00, for a total value of $166,866.00. Following the transaction, the executive now owns 104,682 shares of the company’s stock, valued at $6,071,556. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CRO Mark Woodhams sold 2,877 shares of BlackLine stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $58.00, for a total value of $166,866.00. Following the completion of the sale, the executive now owns 104,682 shares in the company, valued at approximately $6,071,556. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kevin B. Thompson sold 4,500 shares of the company’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $57.50, for a total value of $258,750.00. Following the transaction, the director now owns 11,000 shares in the company, valued at $632,500. The disclosure for this sale can be found here. Company insiders own 9.53% of the company’s stock.

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.