Shares of Blackline Inc (NASDAQ:BL) were down 5.2% on Monday . The stock traded as low as $47.08 and last traded at $48.24. Approximately 708,251 shares traded hands during trading, an increase of 55% from the average daily volume of 457,485 shares. The stock had previously closed at $50.87.
Several research firms have recently commented on BL. BidaskClub raised shares of Blackline from a “hold” rating to a “buy” rating in a report on Friday, August 24th. Zacks Investment Research upgraded shares of Blackline from a “sell” rating to a “hold” rating in a research note on Thursday, September 6th. Finally, KeyCorp boosted 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. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Blackline has an average rating of “Buy” and a consensus price target of $45.00.
The stock has a market capitalization of $3.05 billion, a PE ratio of -131.78 and a beta of -0.22.
Blackline (NASDAQ:BL) last released its quarterly earnings data on Thursday, August 2nd. The technology company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.02. The company had revenue of $55.45 million for the quarter, compared to analysts’ expectations of $53.66 million. Blackline had a negative net margin of 17.03% and a negative return on equity of 7.59%. The firm’s revenue for the quarter was up 32.1% on a year-over-year basis. During the same quarter last year, the company earned ($0.03) earnings per share. Analysts forecast that Blackline Inc will post -0.32 EPS for the current year.
In related news, insider Morgan Karole Prager sold 20,565 shares of the business’s stock in a transaction dated 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 completion of the transaction, the insider now owns 34,157 shares of the company’s stock, valued at approximately $1,670,618.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Partin sold 43,547 shares of the business’s stock in a transaction dated Friday, August 10th. The shares were sold at an average price of $47.68, for a total transaction of $2,076,320.96. Following the completion of the transaction, the chief financial officer now directly owns 70,819 shares of the company’s stock, valued at approximately $3,376,649.92. The disclosure for this sale can be found here. Over the last quarter, insiders sold 281,829 shares of company stock worth $13,473,883. 18.60% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of the company. Financial Architects Inc bought a new position in shares of Blackline in the second quarter worth $102,000. Great West Life Assurance Co. Can lifted its holdings in shares of Blackline by 129.4% during 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 purchasing an additional 1,811 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in shares of Blackline during the second quarter valued at $206,000. Amalgamated Bank purchased a new stake in shares of Blackline during the second quarter valued at $214,000. Finally, Legal & General Group Plc lifted its holdings in shares of Blackline by 47.8% during the first quarter. Legal & General Group Plc now owns 5,500 shares of the technology company’s stock valued at $215,000 after purchasing an additional 1,779 shares during the last quarter. Institutional investors and hedge funds own 82.87% of the company’s stock.
Blackline Company Profile (NASDAQ:BL)
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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