BlackLine (NASDAQ:BL) Updates Q2 Earnings Guidance

BlackLine (NASDAQ:BL) issued an update on its second quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.49-0.51 for the period, compared to the consensus earnings per share estimate of $0.50. The company issued revenue guidance of $157-159 million, compared to the consensus revenue estimate of $158.50 million. BlackLine also updated its FY24 guidance to $2.12-2.26 EPS.

Analysts Set New Price Targets

BL has been the subject of several research analyst reports. Wolfe Research initiated coverage on shares of BlackLine in a report on Monday, March 18th. They issued a peer perform rating for the company. The Goldman Sachs Group increased their price target on shares of BlackLine from $49.00 to $54.00 and gave the stock a sell rating in a research note on Tuesday, January 23rd. William Blair cut shares of BlackLine from an outperform rating to a market perform rating in a research report on Wednesday, February 14th. JPMorgan Chase & Co. cut 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. Finally, Citigroup reduced their price objective on BlackLine from $66.00 to $63.00 and set a neutral rating for the company in a research report on Tuesday, April 23rd. Two 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’s stock. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $64.10.

BlackLine Price Performance

Shares of BL stock traded down $0.68 during trading hours on Friday, hitting $58.31. The stock had a trading volume of 112,537 shares, compared to its average volume of 881,669. The company has a debt-to-equity ratio of 4.37, a current ratio of 2.19 and a quick ratio of 2.19. The stock has a market capitalization of $3.60 billion, a price-to-earnings ratio of 256.48, a PEG ratio of 10.82 and a beta of 0.87. BlackLine has a one year low of $47.26 and a one year high of $69.31. The stock’s 50-day moving average price is $62.59 and its two-hundred day moving average price is $59.62.

BlackLine (NASDAQ:BL) last released its quarterly earnings results on Tuesday, February 13th. The technology company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.26 by $0.28. BlackLine had a positive return on equity of 2.15% and a negative net margin of 1.50%. The company had revenue of $155.73 million during the quarter, compared to analyst estimates of $154.24 million. Equities analysts forecast that BlackLine will post 1.02 EPS for the current year.

Insider Activity

In other BlackLine news, 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 completion of the sale, the director now directly owns 11,000 shares in the company, valued at approximately $632,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CRO Mark Woodhams sold 2,877 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $58.00, for a total transaction of $166,866.00. Following the sale, the executive now owns 104,682 shares of the company’s stock, valued at $6,071,556. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kevin B. Thompson sold 4,500 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $57.50, for a total transaction of $258,750.00. Following the completion of the transaction, the director now owns 11,000 shares of the company’s stock, valued at $632,500. The disclosure for this sale can be found here. Insiders own 9.93% 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.