Blackline (BL) Stock Rating Lowered by JPMorgan Chase & Co.

Blackline (NASDAQ:BL) was downgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research note issued to investors on Thursday, Marketbeat Ratings reports. They currently have a $27.00 price target on the technology company’s stock. JPMorgan Chase & Co.’s price objective would indicate a potential downside of 19.69% from the company’s current price.

Several other equities research analysts also recently commented on BL. Robert W. Baird set a $42.00 price objective on Blackline and gave the company a “buy” rating in a report on Sunday, October 1st. BidaskClub downgraded Blackline from a “buy” rating to a “hold” rating in a report on Thursday, October 12th. KeyCorp restated a “buy” rating and set a $39.00 price objective on shares of Blackline in a report on Sunday, October 22nd. SunTrust Banks restated a “buy” rating and set a $42.00 price objective on shares of Blackline in a report on Friday, November 3rd. Finally, JMP Securities upgraded Blackline from a “market perform” rating to an “outperform” rating in a report on Thursday, November 16th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Blackline presently has an average rating of “Buy” and a consensus target price of $36.78.

Shares of Blackline (NASDAQ BL) traded up $0.27 on Thursday, reaching $33.62. The company’s stock had a trading volume of 332,861 shares, compared to its average volume of 244,204. The firm has a market capitalization of $1,765.44, a price-to-earnings ratio of -35.02 and a beta of 3.90. Blackline has a 12-month low of $26.46 and a 12-month high of $40.28.

Blackline (NASDAQ:BL) last released its quarterly earnings data on Thursday, November 2nd. The technology company reported ($0.01) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.19) by $0.18. The firm had revenue of $45.90 million during the quarter, compared to the consensus estimate of $44.07 million. Blackline had a negative return on equity of 8.00% and a negative net margin of 29.53%. The company’s quarterly revenue was up 42.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.05) earnings per share. sell-side analysts anticipate that Blackline will post -0.42 earnings per share for the current fiscal year.

In related news, CEO Therese Tucker sold 2,000 shares of the company’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $35.31, for a total transaction of $70,620.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mario Spanicciati sold 12,750 shares of the company’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $35.18, for a total value of $448,545.00. The disclosure for this sale can be found here. Insiders have sold 4,578,500 shares of company stock valued at $156,146,123 in the last quarter. 22.35% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of BL. Fortaleza Asset Management Inc. boosted its position in Blackline by 98.2% in the third quarter. Fortaleza Asset Management Inc. now owns 6,215 shares of the technology company’s stock worth $212,000 after purchasing an additional 3,080 shares during the last quarter. Wolverine Trading LLC purchased a new position in Blackline in the third quarter worth $246,000. First Republic Investment Management Inc. purchased a new position in Blackline in the third quarter worth $257,000. PEAK6 Investments L.P. purchased a new position in Blackline in the third quarter worth $267,000. Finally, American International Group Inc. boosted its position in Blackline by 53.5% in the third quarter. American International Group Inc. now owns 10,455 shares of the technology company’s stock worth $357,000 after purchasing an additional 3,646 shares during the last quarter. 79.18% of the stock is currently owned by institutional investors and hedge funds.

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About Blackline

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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