BlackLine (NASDAQ:BL) Releases Q3 2024 Earnings Guidance

BlackLine (NASDAQ:BL) issued an update on its third quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 0.490-0.520 for the period, compared to the consensus estimate of 0.560. The company issued revenue guidance of $162.0 million-$164.0 million, compared to the consensus revenue estimate of $162.9 million. BlackLine also updated its FY 2024 guidance to 2.080-2.210 EPS.

BlackLine Trading Up 3.8 %

BlackLine stock traded up $1.85 during trading on Thursday, reaching $51.18. 1,325,642 shares of the company were exchanged, compared to its average volume of 979,415. The stock’s 50 day simple moving average is $47.03 and its two-hundred day simple moving average is $55.58. The company has a market capitalization of $3.16 billion, a P/E ratio of 222.52, a PEG ratio of 5.32 and a beta of 0.86. The company has a debt-to-equity ratio of 4.08, a current ratio of 2.30 and a quick ratio of 2.30. BlackLine has a 52-week low of $43.37 and a 52-week high of $69.31.

BlackLine (NASDAQ:BL) last released its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.08. The firm had revenue of $160.51 million during the quarter, compared to analysts’ expectations of $158.21 million. BlackLine had a net margin of 2.30% and a return on equity of 9.07%. BlackLine’s revenue was up 11.0% compared to the same quarter last year. During the same period last year, the business earned ($0.69) earnings per share. On average, equities research analysts expect that BlackLine will post 1.1 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BL. Piper Sandler decreased their price target on BlackLine from $55.00 to $51.00 and set a neutral rating on the stock in a research note on Wednesday. Robert W. Baird decreased their target price on BlackLine from $72.00 to $65.00 and set an outperform rating on the stock in a research note on Wednesday. Truist Financial lowered their target price on BlackLine from $60.00 to $45.00 and set a hold rating for the company in a report on Wednesday. Citigroup cut their price target on shares of BlackLine from $62.00 to $54.00 and set a neutral rating on the stock in a research note on Friday, June 28th. Finally, BTIG Research lowered their price objective on shares of BlackLine from $71.00 to $65.00 and set a buy rating for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $58.78.

Insider Buying and Selling

In related news, CEO Owen Ryan bought 3,000 shares of the stock in a transaction on Friday, May 24th. The shares were bought at an average cost of $49.88 per share, for a total transaction of $149,640.00. Following the completion of the transaction, the chief executive officer now owns 145,948 shares of the company’s stock, valued at approximately $7,279,886.24. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other BlackLine news, insider Jimmy C. Duan bought 2,000 shares of the company’s stock in a transaction on Friday, May 31st. The stock was purchased at an average cost of $47.73 per share, for a total transaction of $95,460.00. Following the acquisition, the insider now owns 50,360 shares of the company’s stock, valued at approximately $2,403,682.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Owen Ryan purchased 3,000 shares of BlackLine stock in a transaction on Friday, May 24th. The stock was acquired at an average cost of $49.88 per share, for a total transaction of $149,640.00. Following the acquisition, the chief executive officer now directly owns 145,948 shares of the company’s stock, valued at $7,279,886.24. The disclosure for this purchase can be found here. 9.93% of the stock is currently owned by corporate insiders.

BlackLine Company Profile

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.