Brokerages Expect BlackLine, Inc. (BL) Will Announce Quarterly Sales of $53.69 Million

Brokerages predict that BlackLine, Inc. (NASDAQ:BL) will report sales of $53.69 million for the current quarter, according to Zacks Investment Research. Six analysts have made estimates for BlackLine’s earnings, with estimates ranging from $53.39 million to $54.00 million. BlackLine reported sales of $42.29 million in the same quarter last year, which indicates a positive year-over-year growth rate of 27%. The firm is scheduled to announce its next quarterly earnings report on Thursday, August 2nd.

On average, analysts expect that BlackLine will report full year sales of $224.20 million for the current year, with estimates ranging from $223.10 million to $224.96 million. For the next year, analysts forecast that the firm will post sales of $280.47 million per share, with estimates ranging from $271.10 million to $290.43 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow BlackLine.

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 the consensus estimate of ($0.03) by $0.04. The company 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%. BlackLine’s quarterly revenue was up 34.3% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.06) earnings per share.

A number of brokerages have weighed in on BL. KeyCorp restated a “buy” rating and issued a $52.00 price objective on shares of BlackLine in a report on Thursday, May 3rd. Zacks Investment Research upgraded shares of BlackLine from a “hold” rating to a “buy” rating and set a $45.00 price objective on the stock in a report on Wednesday, May 9th. BidaskClub cut shares of BlackLine from a “buy” rating to a “hold” rating in a report on Wednesday, May 16th. ValuEngine upgraded shares of BlackLine from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd. Finally, SunTrust Banks cut shares of BlackLine from a “buy” rating to a “hold” rating and set a $43.00 price objective on the stock. in a report on Monday, March 19th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. BlackLine currently has a consensus rating of “Buy” and an average target price of $41.80.

Shares of BL opened at $40.57 on Thursday. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of -109.65 and a beta of -0.42. BlackLine has a fifty-two week low of $28.79 and a fifty-two week high of $45.19.

In other news, Director Sumeru (Gp) L.L.C. Slta sold 3,500,000 shares of the stock in a transaction that occurred on Friday, May 25th. The shares were sold at an average price of $40.05, for a total transaction of $140,175,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Therese Tucker sold 340,000 shares of the stock in a transaction that occurred on Thursday, March 15th. The shares were sold at an average price of $40.75, for a total transaction of $13,855,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,605,000 shares of company stock worth $266,654,050. Corporate insiders own 18.60% of the company’s stock.

Large investors have recently bought and sold shares of the company. Royal Bank of Canada lifted its position in BlackLine by 131.6% during the first quarter. Royal Bank of Canada now owns 26,932 shares of the technology company’s stock valued at $1,056,000 after purchasing an additional 15,305 shares during the period. Alkeon Capital Management LLC bought a new position in BlackLine during the first quarter valued at approximately $27,447,000. Legal & General Group Plc lifted its position in BlackLine by 47.8% during the first 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 during the period. California State Teachers Retirement System lifted its position in BlackLine by 74.4% during the first quarter. California State Teachers Retirement System now owns 43,133 shares of the technology company’s stock valued at $1,691,000 after purchasing an additional 18,398 shares during the period. Finally, Jane Street Group LLC bought a new position in BlackLine during the first quarter valued at approximately $4,021,000. Hedge funds and other institutional investors own 79.38% of the company’s stock.

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.

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