Oppenheimer initiated coverage on shares of Blackline (NASDAQ:BL) in a research report released on Friday, Marketbeat Ratings reports. The firm issued a market perform rating on the technology company’s stock.

BL has been the topic of a number of other reports. KeyCorp raised their target price on shares of Blackline from $52.00 to $65.00 and gave the company an overweight rating in a research note on Tuesday, September 18th. BidaskClub raised shares of Blackline from a hold rating to a buy rating in a research note on Friday, August 24th. Finally, Zacks Investment Research downgraded shares of Blackline from a buy rating to a hold rating in a research note on Wednesday, July 4th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $45.00.

Shares of BL stock traded down $1.38 during trading hours on Friday, reaching $43.40. The stock had a trading volume of 331,662 shares, compared to its average volume of 403,501. Blackline has a 12 month low of $31.53 and a 12 month high of $58.11. The firm has a market capitalization of $2.42 billion, a P/E ratio of -117.30 and a beta of -0.21.

Blackline (NASDAQ:BL) last released its quarterly earnings data on Thursday, August 2nd. The technology company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.02. Blackline had a negative net margin of 17.03% and a negative return on equity of 7.59%. The company had revenue of $55.45 million during the quarter, compared to analyst estimates of $53.66 million. During the same period last year, the business earned ($0.03) earnings per share. Blackline’s revenue was up 32.1% compared to the same quarter last year. Analysts anticipate that Blackline will post -0.32 EPS for the current fiscal year.

In related news, insider Morgan Karole Prager sold 20,565 shares of Blackline stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $48.91, for a total value of $1,005,834.15. Following the transaction, the insider now directly owns 34,157 shares of the company’s stock, valued at $1,670,618.87. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Therese Tucker sold 24,308 shares of Blackline stock in a transaction on Monday, August 20th. The stock was sold at an average price of $47.17, for a total transaction of $1,146,608.36. Following the completion of the transaction, the chief executive officer now directly owns 63,672 shares in the company, valued at $3,003,408.24. The disclosure for this sale can be found here. Insiders have sold 281,829 shares of company stock worth $13,473,883 over the last three months. Insiders own 18.60% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Financial Architects Inc bought a new stake in Blackline in the second quarter valued at $102,000. Great West Life Assurance Co. Can boosted its holdings in Blackline by 129.4% in the second quarter. Great West Life Assurance Co. Can now owns 3,211 shares of the technology company’s stock valued at $139,000 after acquiring an additional 1,811 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new stake in Blackline in the second quarter valued at $206,000. BB&T Corp bought a new stake in Blackline in the third quarter valued at $212,000. Finally, Amalgamated Bank bought a new stake in Blackline in the second quarter valued at $214,000. 82.80% of the stock is currently owned by institutional investors.

About Blackline

BlackLine, Inc provides financial accounting close solutions delivered as a Software as a Service in the United States and internationally. Its solutions enables its customers to address various aspects of their financial closing process, including account reconciliations, variance analysis of account balances, and journal entry capabilities, as well as a range of data matching capabilities.

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Analyst Recommendations for Blackline (NASDAQ:BL)

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