BidaskClub upgraded shares of Blackline Inc (NASDAQ:BL) from a hold rating to a buy rating in a research report sent to investors on Tuesday.
BL has been the topic of several other reports. KeyCorp reaffirmed a buy rating and issued a $39.00 price target on shares of Blackline in a report on Friday, September 22nd. Robert W. Baird set a $42.00 price target on shares of Blackline and gave the company a buy rating in a report on Sunday, October 1st. SunTrust Banks, Inc. reaffirmed a buy rating and issued a $42.00 price target on shares of Blackline in a report on Friday, November 3rd. Finally, Zacks Investment Research raised shares of Blackline from a hold rating to a buy rating and set a $34.00 price target on the stock in a report on Wednesday, August 9th. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $36.53.
Shares of Blackline (NASDAQ BL) opened at $37.24 on Tuesday. Blackline has a 1-year low of $24.14 and a 1-year high of $40.28.
Blackline (NASDAQ:BL) last posted its quarterly earnings results on Thursday, November 2nd. The technology company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.18. Blackline had a negative net margin of 29.53% and a negative return on equity of 8.00%. The company had revenue of $45.90 million for the quarter, compared to analyst estimates of $44.07 million. During the same period in the prior year, the company earned ($0.05) earnings per share. The firm’s revenue was up 42.5% on a year-over-year basis. analysts forecast that Blackline will post -0.42 earnings per share for the current fiscal year.
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In other news, CEO Therese Tucker sold 2,000 shares of the stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $35.31, for a total transaction of $70,620.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mario Spanicciati sold 8,500 shares of the stock in a transaction dated Monday, August 28th. The stock was sold at an average price of $29.28, for a total transaction of $248,880.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 168,625 shares of company stock worth $5,522,819. Corporate insiders own 22.35% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. Wolverine Trading LLC purchased a new position in Blackline in the 3rd quarter valued at about $246,000. DF Dent & Co. Inc. lifted its stake in Blackline by 21.3% in the 3rd quarter. DF Dent & Co. Inc. now owns 2,270,403 shares of the technology company’s stock valued at $77,466,000 after buying an additional 399,130 shares in the last quarter. Whale Rock Capital Management LLC purchased a new position in Blackline in the 3rd quarter valued at about $23,688,000. Grandeur Peak Global Advisors LLC purchased a new position in Blackline in the 3rd quarter valued at about $2,710,000. Finally, Dragoneer Investment Group LLC lifted its stake in Blackline by 25.8% in the 3rd quarter. Dragoneer Investment Group LLC now owns 1,422,115 shares of the technology company’s stock valued at $48,523,000 after buying an additional 291,694 shares in the last quarter. 78.85% of the stock is currently owned by institutional investors and hedge funds.
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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