Brokerages Set Blackline Inc (BL) Price Target at $38.74
Shares of Blackline Inc (NASDAQ:BL) have been assigned a consensus recommendation of “Buy” from the nine analysts that are presently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, six have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $38.74.
A number of brokerages recently weighed in on BL. BidaskClub upgraded shares of Blackline from a “buy” rating to a “strong-buy” rating in a research report on Thursday, September 14th. JMP Securities upgraded shares of Blackline from a “market perform” rating to an “outperform” rating in a research report on Thursday, November 16th. SunTrust Banks restated a “buy” rating and set a $42.00 price objective on shares of Blackline in a research report on Friday, November 3rd. KeyCorp restated a “buy” rating and set a $39.00 price objective on shares of Blackline in a research report on Sunday, October 22nd. Finally, Robert W. Baird set a $42.00 price objective on shares of Blackline and gave the company a “buy” rating in a research report on Sunday, October 1st.
In other Blackline news, CEO Therese Tucker sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $35.31, for a total transaction of $70,620.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mario Spanicciati sold 12,750 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $33.32, for a total transaction of $424,830.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,806,823 shares of company stock valued at $95,743,926. 22.35% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Conestoga Capital Advisors LLC bought a new position in shares of Blackline during the third quarter worth $21,740,000. Artisan Partners Limited Partnership bought a new position in shares of Blackline during the third quarter worth $11,316,000. Grandeur Peak Global Advisors LLC bought a new position in shares of Blackline during the third quarter worth $2,710,000. Pier Capital LLC bought a new position in shares of Blackline during the third quarter worth $5,359,000. Finally, Brown Advisory Inc. boosted its position in shares of Blackline by 493.9% during the third quarter. Brown Advisory Inc. now owns 336,450 shares of the technology company’s stock worth $11,479,000 after acquiring an additional 279,798 shares during the last quarter. 79.28% of the stock is owned by hedge funds and other institutional investors.
Shares of Blackline (BL) traded up $0.32 during midday trading on Thursday, hitting $34.67. 224,922 shares of the stock traded hands, compared to its average volume of 291,378. Blackline has a 52-week low of $24.14 and a 52-week high of $40.28.
Blackline (NASDAQ:BL) last issued its earnings results on Thursday, November 2nd. The technology company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.18. The firm had revenue of $45.90 million for the quarter, compared to the consensus estimate of $44.07 million. Blackline had a negative net margin of 29.53% and a negative return on equity of 8.00%. The business’s revenue was up 42.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.05) earnings per share. research analysts forecast that Blackline will post -0.42 EPS for the current year.
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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