BlackLine (NASDAQ:BL) Releases Q3 2024 Earnings Guidance

BlackLine (NASDAQ:BL) issued an update on its third quarter 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 0.490-0.520 for the period, compared to the consensus EPS estimate of 0.560. The company issued revenue guidance of $162.0 million-$164.0 million, compared to the consensus revenue estimate of $162.9 million. BlackLine also updated its FY 2024 guidance to 2.080-2.210 EPS.

BlackLine Trading Up 3.8 %

Shares of BL stock traded up $1.85 on Thursday, reaching $51.18. 1,325,642 shares of the stock were exchanged, compared to its average volume of 979,415. The stock has a 50 day moving average price of $47.03 and a 200 day moving average price of $55.58. The stock has a market cap of $3.16 billion, a PE ratio of 222.52, a P/E/G ratio of 5.32 and a beta of 0.86. BlackLine has a one year low of $43.37 and a one year high of $69.31. The company has a debt-to-equity ratio of 4.08, a current ratio of 2.30 and a quick ratio of 2.30.

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

Wall Street Analyst Weigh In

A number of analysts have recently commented on BL shares. JPMorgan Chase & Co. reduced their price target on BlackLine from $50.00 to $47.00 and set an underweight rating for the company in a research report on Wednesday. BTIG Research cut their price objective on BlackLine from $71.00 to $65.00 and set a buy rating for the company in a report on Wednesday. Piper Sandler lowered their target price on shares of BlackLine from $55.00 to $51.00 and set a neutral rating on the stock in a report on Wednesday. Truist Financial dropped their price target on shares of BlackLine from $60.00 to $45.00 and set a hold rating on the stock in a research report on Wednesday. Finally, JMP Securities reissued a market outperform rating and issued a $81.00 price objective on shares of BlackLine in a research report on Monday, July 15th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Hold and an average price target of $58.78.

Insider Activity

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