Blackline (BL) Cut to Strong Sell at BidaskClub

Blackline (NASDAQ:BL) was downgraded by equities research analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Friday.

Several other research firms have also recently issued reports on BL. JPMorgan Chase & Co. cut Blackline from a “neutral” rating to an “underweight” rating and set a $27.00 target price for the company. in a research report on Thursday. SunTrust Banks reiterated a “buy” rating and set a $42.00 target price on shares of Blackline in a research report on Friday, November 3rd. KeyCorp reissued a “buy” rating and set a $39.00 price target on shares of Blackline in a research note on Sunday, October 22nd. JMP Securities raised Blackline from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 16th. Finally, Robert W. Baird set a $42.00 price target on Blackline and gave the company a “buy” rating in a research note on Sunday, October 1st. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $36.78.

Shares of Blackline (BL) opened at $33.62 on Friday. Blackline has a 1 year low of $26.46 and a 1 year high of $40.28. The stock has a market capitalization of $1,765.44, a PE ratio of -35.02 and a beta of 3.90.

Blackline (NASDAQ:BL) last released 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. Blackline had a negative return on equity of 8.00% and a negative net margin of 29.53%. The firm had revenue of $45.90 million during the quarter, compared to analysts’ expectations of $44.07 million. During the same quarter last year, the business posted ($0.05) earnings per share. The firm’s revenue was up 42.5% on a year-over-year basis. analysts expect that Blackline will post -0.42 earnings per share for the current fiscal year.

In other news, CEO Therese Tucker sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $35.31, for a total value of $70,620.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Mario Spanicciati sold 12,750 shares of the firm’s stock in a transaction that occurred on Monday, October 30th. The shares were sold at an average price of $35.05, for a total value of $446,887.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,578,500 shares of company stock valued at $156,146,123. 22.35% of the stock is owned by corporate insiders.

Several large investors have recently bought and sold shares of the company. Rhumbline Advisers lifted its stake in shares of Blackline by 20.3% in the 3rd quarter. Rhumbline Advisers now owns 15,254 shares of the technology company’s stock valued at $520,000 after purchasing an additional 2,570 shares during the last quarter. Fortaleza Asset Management Inc. lifted its stake 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 valued at $212,000 after purchasing an additional 3,080 shares during the last quarter. American International Group Inc. lifted its stake 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 valued at $357,000 after purchasing an additional 3,646 shares during the last quarter. California State Teachers Retirement System lifted its stake in shares of Blackline by 28.8% in the 3rd quarter. California State Teachers Retirement System now owns 24,995 shares of the technology company’s stock valued at $853,000 after purchasing an additional 5,595 shares during the last quarter. Finally, Wolverine Trading LLC bought a new stake in shares of Blackline in the 3rd quarter valued at approximately $246,000. 79.18% of the stock is owned by institutional investors and hedge funds.

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Blackline Company Profile

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.

Analyst Recommendations for Blackline (NASDAQ:BL)

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