BlackLine (NASDAQ:BL) Releases Q3 Earnings Guidance

BlackLine (NASDAQ:BL) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.49 to $0.52 for the period, compared to the consensus earnings per share estimate of $0.56. The company issued revenue guidance of $162 million to $164 million, compared to the consensus revenue estimate of $162.90 million. BlackLine also updated its FY 2024 guidance to 2.080-2.210 EPS.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on BL shares. William Blair upgraded BlackLine to a hold rating in a research note on Tuesday, May 7th. Piper Sandler decreased their target price on BlackLine from $55.00 to $51.00 and set a neutral rating for the company in a research report on Wednesday. Robert W. Baird cut their price target on shares of BlackLine from $72.00 to $65.00 and set an outperform rating on the stock in a report on Wednesday. BMO Capital Markets lifted their price objective on shares of BlackLine from $65.00 to $67.00 and gave the stock a market perform rating in a research report on Wednesday, May 8th. Finally, JMP Securities restated a market outperform rating and issued a $81.00 target price on shares of BlackLine in a research note on Monday, July 15th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average price target of $58.78.

BlackLine Price Performance

Shares of BlackLine stock traded up $5.24 during trading on Wednesday, hitting $49.33. 2,293,525 shares of the stock traded hands, compared to its average volume of 976,313. The firm’s fifty day moving average is $46.96 and its 200-day moving average is $55.61. The stock has a market cap of $3.05 billion, a price-to-earnings ratio of 214.48, a PEG ratio of 5.32 and a beta of 0.86. BlackLine has a 52 week low of $43.37 and a 52 week high of $69.31. The company has a quick ratio of 2.30, a current ratio of 2.30 and a debt-to-equity ratio of 4.08.

BlackLine (NASDAQ:BL) last posted its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.08. The company had revenue of $160.51 million during the quarter, compared to analyst estimates of $158.21 million. BlackLine had a net margin of 2.30% and a return on equity of 9.07%. The firm’s revenue was up 11.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.69) EPS. Research analysts expect that BlackLine will post 1.1 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Jimmy C. Duan acquired 2,000 shares of the stock in a transaction on Friday, May 31st. The stock was acquired at an average price of $47.73 per share, for a total transaction of $95,460.00. Following the completion of the purchase, the insider now owns 50,360 shares of the company’s stock, valued at $2,403,682.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Jimmy C. Duan bought 2,000 shares of the company’s stock in a transaction dated Friday, May 31st. The shares were purchased at an average price of $47.73 per share, for a total transaction of $95,460.00. Following the completion of the purchase, the insider now owns 50,360 shares in the company, valued at approximately $2,403,682.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Owen Ryan purchased 3,000 shares of BlackLine stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average cost of $49.88 per share, with a total value of $149,640.00. Following the transaction, the chief executive officer now directly owns 145,948 shares of the company’s stock, valued at $7,279,886.24. The disclosure for this purchase can be found here. 9.93% of the stock is owned by insiders.

BlackLine Company Profile

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.