BlackLine, Inc. (NASDAQ:BL – Free Report) rose in pre-market trading on Wednesday after reporting a better-than-expected earnings report. The stock had previously closed at $44.09 but opened at $48.80. BlackLine shares were last seen trading at $49.20 on volume of 157,770 shares.
The technology company reported earnings per share of $0.58 for the quarter, beating the consensus estimate of $0.50 by $0.08. The company had revenue of $160.51 million during the quarter, compared to analyst estimates of $158.21 million. BlackLine had a net margin of 2.30% and a return on equity of 9.07%. BlackLine’s revenue grew 11.0% compared to the year-ago quarter. During the same period last year, the company posted earnings per share of ($0.69).
Changes in analyst ratings
BL has been the subject of a number of research reports. Piper Sandler lowered their price target on BlackLine from $55.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday. JPMorgan Chase & Co. lowered their price target on shares of BlackLine from $50.00 to $47.00 and gave the stock an “underweight” rating in a research note on Wednesday. JMP Securities reiterated a “market outperform” rating and issued a $81.00 price target on shares of BlackLine in a research note on Monday, July 15. Citigroup lowered their price target on BlackLine from $62.00 to $54.00 and gave the stock a “neutral” rating in a research note on Friday, June 28. Finally, William Blair upgraded BlackLine to a “hold” rating in a research note on Tuesday, May 7. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $58.78.
Check out our latest research report on BL
Insider transactions at BlackLine
In other BlackLine news, CFO Mark Partin sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 4. The shares were sold at an average price of $47.38, for a total transaction of $2,369,000.00. Following the transaction, the chief financial officer now owns 229,341 shares of the company’s stock, valued at approximately $10,866,176.58. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Owen Ryan acquired 3,000 shares of the company’s stock in a transaction that occurred on Friday, May 24. The shares were purchased at an average price of $49.88 per share, for a total value of $149,640.00. Following the completion of the transaction, the Chief Executive Officer now directly owns 145,948 shares of the company’s stock, valued at approximately $7,279,886.24. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark Partin sold 50,000 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $47.38, for a total transaction of $2,369,000.00. Following the completion of the transaction, the Chief Financial Officer now directly owns 229,341 shares of the company’s stock, valued at $10,866,176.58. The disclosure regarding this sale can be found here. Insiders own 9.93% of the company’s stock.
Institutional inflows and outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of BlackLine by 9.5% in the 1st quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock worth $476,662,000 after acquiring an additional 642,772 shares in the last quarter. Hawk Ridge Capital Management LP increased its stake in BlackLine by 85.4% in the fourth quarter. Hawk Ridge Capital Management LP now owns 730,259 shares of the technology company’s stock worth $45,597,000 after acquiring an additional 336,298 shares in the last quarter. Norges Bank acquired a new stake in shares of BlackLine in the fourth quarter valued at about $16,927,000. Principal Financial Group Inc. increased its stake in shares of BlackLine by 3,945.7% in the first quarter. Principal Financial Group Inc. now owns 265,845 shares of the technology company’s stock valued at $17,168,000 after purchasing an additional 259,274 shares in the last quarter. Finally, Stanley Laman Group Ltd. bought a new stake in BlackLine shares in the fourth quarter valued at about $8,764,000. Institutional investors own 95.13% of the company’s stock.
BlackLine price-performance ratio
The company has a 50-day average price of $46.96 and a 200-day average price of $55.61. The company has a market cap of $3.05 billion, a price to earnings ratio of 214.48, a PEG ratio of 5.32 and a beta of 0.86. The company has a quick ratio of 2.30, a current ratio of 2.30 and a debt-to-equity ratio of 4.08.
About BlackLine
(Get free report)
BlackLine, Inc. provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. The company offers financial close management solutions, such as account reconciliation, which provides users with a centralized workspace to collaborate on account reconciliations; transaction reconciliation, which analyzes and reconciles individual transactions; task management, which creates and manages processes and task lists; and financial report analytics, which enables the analysis and validation of financial data.
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