BlackLine (NASDAQ:BL) Posts Quarterly Earnings Results

BlackLine (NASDAQ:BL) announced its quarterly earnings results on Tuesday. The technology company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.58 by $0.05, FiscalAI reports. The firm had revenue of $183.18 million for the quarter, compared to analyst estimates of $182.98 million. BlackLine had a return on equity of 14.51% and a net margin of 11.07%.

BlackLine Stock Up 3.0%

NASDAQ BL traded up $1.31 during trading on Tuesday, reaching $44.33. 1,769,445 shares of the company’s stock were exchanged, compared to its average volume of 1,102,994. BlackLine has a 1 year low of $40.82 and a 1 year high of $64.92. The stock has a market cap of $2.64 billion, a P/E ratio of 39.94, a price-to-earnings-growth ratio of 8.33 and a beta of 0.86. The company has a debt-to-equity ratio of 2.03, a quick ratio of 1.52 and a current ratio of 1.52. The company has a 50 day moving average price of $54.18 and a two-hundred day moving average price of $53.75.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Rosenblatt Securities dropped their target price on BlackLine from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Friday, January 30th. Weiss Ratings reissued a “hold (c)” rating on shares of BlackLine in a report on Monday, December 29th. Morgan Stanley upped their price target on shares of BlackLine from $68.00 to $73.00 and gave the stock an “overweight” rating in a research report on Monday, November 10th. Citigroup reiterated an “outperform” rating on shares of BlackLine in a report on Tuesday. Finally, Piper Sandler upgraded BlackLine to a “hold” rating in a report on Monday, February 2nd. Five equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $59.83.

Institutional Investors Weigh In On BlackLine

Several large investors have recently modified their holdings of the company. Balyasny Asset Management L.P. increased its holdings in shares of BlackLine by 720.9% in the 3rd quarter. Balyasny Asset Management L.P. now owns 191,695 shares of the technology company’s stock valued at $10,179,000 after acquiring an additional 168,344 shares during the period. Select Equity Group L.P. lifted its holdings in shares of BlackLine by 112.9% during the second quarter. Select Equity Group L.P. now owns 209,711 shares of the technology company’s stock worth $11,874,000 after purchasing an additional 111,205 shares during the period. Sone Capital Management LLC acquired a new position in BlackLine in the 2nd quarter valued at $5,511,000. Invesco Ltd. lifted its stake in shares of BlackLine by 36.6% in the 2nd quarter. Invesco Ltd. now owns 235,263 shares of the technology company’s stock worth $13,321,000 after acquiring an additional 63,068 shares during the period. Finally, HRT Financial LP acquired a new position in shares of BlackLine during the second quarter worth about $2,920,000. 95.13% of the stock is owned by institutional investors and hedge funds.

About BlackLine

BlackLine, Inc is a leading provider of cloud-based software solutions designed to automate and modernize the finance and accounting function. The company’s flagship offering, the BlackLine Finance Controls and Automation Platform, enables organizations to streamline critical processes such as account reconciliations, journal entry management, intercompany accounting, and transaction matching. By delivering a centralized, real-time view of financial data, BlackLine helps companies improve operational efficiency, enhance compliance and strengthen internal controls.

Key products and services within the BlackLine platform include Account Reconciliation, Task Management, Transaction Matching, Journal Entry, and Intercompany Hub.