BidaskClub Lowers Blackline Inc (BL) to Hold
Blackline Inc (NASDAQ:BL) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.
BL has been the topic of several other reports. Zacks Investment Research downgraded Blackline from a “buy” rating to a “hold” rating in a research note on Monday, July 10th. KeyCorp reiterated a “buy” rating and issued a $39.00 target price on shares of Blackline in a research note 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 research note on Sunday, October 1st. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $36.53.
Blackline (BL) traded down $0.95 during trading hours on Friday, reaching $34.30. The company had a trading volume of 508,367 shares, compared to its average volume of 172,955.
Blackline (NASDAQ:BL) last released its quarterly earnings results on Thursday, November 2nd. The technology company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 8.03% and a negative net margin of 29.53%. The firm’s quarterly revenue was up 42.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.05) EPS. analysts forecast that Blackline will post -0.42 earnings per share for the current year.
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In other news, CEO Therese Tucker sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $29.12, for a total value of $582,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Mario Spanicciati sold 10,625 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $30.31, for a total value of $322,043.75. The disclosure for this sale can be found here. Insiders sold a total of 162,375 shares of company stock valued at $5,191,185 over the last three months. Insiders own 22.35% of the company’s stock.
A hedge fund recently raised its stake in Blackline stock. Fortaleza Asset Management Inc. increased its position in shares of Blackline Inc (NASDAQ:BL) by 98.2% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,215 shares of the technology company’s stock after purchasing an additional 3,080 shares during the quarter. Fortaleza Asset Management Inc.’s holdings in Blackline were worth $212,000 as of its most recent filing with the SEC. 78.82% 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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