Blackline (BL) Downgraded by BidaskClub
Blackline (NASDAQ:BL) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Wednesday.
Several other analysts have also issued reports on the company. JMP Securities upgraded Blackline from a “market perform” rating to an “outperform” rating in a report on Thursday, November 16th. SunTrust Banks restated a “buy” rating and set a $42.00 target price on shares of Blackline in a report on Friday, November 3rd. KeyCorp restated a “buy” rating and set a $39.00 target price on shares of Blackline in a report on Sunday, October 22nd. Finally, Robert W. Baird set a $42.00 target price on Blackline and gave the company a “buy” rating in a report on Sunday, October 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $38.74.
Shares of Blackline (BL) traded up $0.61 during trading on Wednesday, hitting $33.41. The stock had a trading volume of 613,600 shares, compared to its average volume of 680,200. The firm has a market capitalization of $1,736.32, a PE ratio of -34.80 and a beta of 3.90. Blackline has a 1-year low of $25.95 and a 1-year high of $40.28.
Blackline (NASDAQ:BL) last issued its earnings results on Thursday, November 2nd. The technology company reported ($0.01) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.19) by $0.18. The business had revenue of $45.90 million during the quarter, compared to analysts’ expectations of $44.07 million. Blackline had a negative return on equity of 8.00% and a negative net margin of 29.53%. Blackline’s revenue was up 42.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.05) earnings per share. equities analysts forecast that Blackline will post -0.42 EPS for the current year.
In related news, major shareholder Sumeru (Gp) L.L.C. Slta sold 2,649,698 shares of Blackline stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $34.07, for a total transaction of $90,275,210.86. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Mario Spanicciati sold 434,783 shares of Blackline stock in a transaction dated Thursday, December 7th. The stock was sold at an average price of $34.07, for a total value of $14,813,056.81. The disclosure for this sale can be found here. Insiders sold 4,612,500 shares of company stock worth $157,294,898 over the last quarter. 22.35% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fortaleza Asset Management Inc. boosted its holdings in shares of Blackline by 98.2% in the 3rd quarter. Fortaleza Asset Management Inc. now owns 6,215 shares of the technology company’s stock worth $212,000 after acquiring an additional 3,080 shares in the last quarter. Wolverine Trading LLC acquired a new position in shares of Blackline in the 3rd quarter worth approximately $246,000. First Republic Investment Management Inc. acquired a new position in shares of Blackline in the 3rd quarter worth approximately $257,000. PEAK6 Investments L.P. acquired a new position in shares of Blackline in the 3rd quarter worth approximately $267,000. Finally, American International Group Inc. boosted its holdings in shares of Blackline by 53.5% in the 3rd quarter. American International Group Inc. now owns 10,455 shares of the technology company’s stock worth $357,000 after acquiring an additional 3,646 shares in the last quarter. 79.18% of the stock is currently owned by institutional investors.
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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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