BlackLine (NASDAQ:BL) Releases Q2 2024 Earnings Guidance

BlackLine (NASDAQ:BL) issued an update on its second quarter 2024 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of 0.490-0.510 for the period, compared to the consensus 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.

BlackLine Stock Performance

Shares of BlackLine stock opened at $60.43 on Wednesday. BlackLine has a fifty-two week low of $47.26 and a fifty-two week high of $69.31. 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 firm has a market capitalization of $3.73 billion, a P/E ratio of -604.30, a P/E/G ratio of 10.82 and a beta of 0.87. The company’s 50 day moving average price is $62.49 and its two-hundred day moving average price is $59.63.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on BL shares. Robert W. Baird raised their price target on shares of BlackLine from $61.00 to $72.00 and gave the company an outperform rating in a research note on Wednesday. Citigroup lowered their target price on shares of BlackLine from $66.00 to $63.00 and set a neutral rating for the company in a research note on Tuesday, April 23rd. JPMorgan Chase & Co. lowered their target price on shares of BlackLine from $55.00 to $52.00 and set an underweight rating for the company in a research note on Wednesday, February 14th. JMP Securities reissued a market outperform rating and set a $81.00 target price on shares of BlackLine in a research note on Wednesday, February 14th. Finally, William Blair downgraded shares of BlackLine from an outperform rating to a market perform rating in a research note on Wednesday, February 14th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, BlackLine presently has an average rating of Hold and a consensus price target of $63.78.

Insider Buying and Selling at BlackLine

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