Shares of Blackline Inc (NYSE:BL) have been assigned an average recommendation of “Buy” from the eight ratings firms that are currently covering the firm. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $33.34.
BL has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Blackline from a “hold” rating to a “buy” rating and set a $35.00 target price on the stock in a research report on Wednesday, May 10th. Vetr downgraded Blackline from a “strong-buy” rating to a “buy” rating and set a $35.26 target price on the stock. in a research report on Tuesday, April 18th. William Blair reiterated an “outperform” rating on shares of Blackline in a research report on Friday, February 24th. Finally, Robert W. Baird assumed coverage on Blackline in a research report on Tuesday, February 28th. They set an “outperform” rating and a $33.00 price objective on the stock.
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Shares of Blackline (NYSE:BL) opened at 32.60 on Monday. The stock’s 50 day moving average price is $31.78 and its 200 day moving average price is $28.45. Blackline has a 12-month low of $21.66 and a 12-month high of $33.71. The company’s market capitalization is $1.67 billion.
Blackline (NYSE:BL) last posted its earnings results on Thursday, February 23rd. The technology company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.12) by $0.04. The firm had revenue of $35.90 million during the quarter, compared to analysts’ expectations of $34.13 million. The company’s quarterly revenue was up 46.5% compared to the same quarter last year. On average, equities research analysts forecast that Blackline will post ($0.28) earnings per share for the current year.
In other news, insider Mario Spanicciati sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $32.43, for a total transaction of $810,750.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ratan Capital Management LP acquired a new position in Blackline during the fourth quarter worth approximately $2,992,000. Metropolitan Life Insurance Co. NY acquired a new position in Blackline during the fourth quarter worth approximately $323,000. Tudor Investment Corp Et Al acquired a new position in Blackline during the fourth quarter worth approximately $556,000. Friess Associates LLC acquired a new position in Blackline during the fourth quarter worth approximately $7,214,000. Finally, Light Street Capital Management LLC acquired a new position in Blackline during the fourth quarter worth approximately $46,280,000.
Blackline Company Profile
BlackLine, Inc is a holding company. The Company provides cloud-based software platform that is designed to automate and streamline accounting and finance operations. Its platform supports accounting processes, such as the financial close, account reconciliation, intercompany accounting and controls assurance.
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