BlackLine (NASDAQ:BL) Issues FY 2024 Earnings Guidance

BlackLine (NASDAQ:BL) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 2.150-2.210 for the period, compared to the consensus earnings per share estimate of 2.140. The company issued revenue guidance of $651.0 million-$653.0 million, compared to the consensus revenue estimate of $649.1 million. BlackLine also updated its Q4 2024 guidance to 0.470-0.520 EPS.

BlackLine Price Performance

BlackLine stock traded up $0.92 during trading hours on Friday, hitting $60.37. The stock had a trading volume of 1,268,255 shares, compared to its average volume of 560,729. The stock has a market capitalization of $3.75 billion, a price-to-earnings ratio of 61.60, a PEG ratio of 14.36 and a beta of 0.90. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.95 and a quick ratio of 1.95. BlackLine has a 1-year low of $43.37 and a 1-year high of $69.31. The stock’s fifty day moving average is $53.91 and its two-hundred day moving average is $51.65.

Wall Street Analyst Weigh In

Several analysts have issued reports on BL shares. Truist Financial upped their price target on shares of BlackLine from $45.00 to $55.00 and gave the company a “hold” rating in a report on Thursday, October 31st. BTIG Research reduced their target price on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. JPMorgan Chase & Co. raised their price target on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. JMP Securities restated a “market outperform” rating and issued a $81.00 price objective on shares of BlackLine in a research report on Monday, July 15th. Finally, Morgan Stanley raised BlackLine from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $60.00 to $70.00 in a research note on Monday, September 30th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, BlackLine presently has an average rating of “Hold” and a consensus target price of $62.10.

Insider Buying and Selling

In related news, insider Karole Morgan-Prager sold 27,079 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $60.06, for a total value of $1,626,364.74. Following the sale, the insider now directly owns 113,865 shares of the company’s stock, valued at approximately $6,838,731.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Mark Partin sold 5,648 shares of the firm’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $53.00, for a total value of $299,344.00. Following the transaction, the chief financial officer now directly owns 226,844 shares in the company, valued at $12,022,732. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Karole Morgan-Prager sold 27,079 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $60.06, for a total value of $1,626,364.74. Following the sale, the insider now owns 113,865 shares of the company’s stock, valued at $6,838,731.90. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 140,873 shares of company stock worth $7,840,243. 9.93% of the stock is owned by company insiders.

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.