BlackLine (NASDAQ:BL) Updates FY 2024 Earnings Guidance

BlackLine (NASDAQ:BL) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 2.150-2.210 for the period, compared to the consensus earnings per share estimate of 2.140. The company issued revenue guidance of $651.0 million-$653.0 million, compared to the consensus revenue estimate of $649.1 million. BlackLine also updated its Q4 2024 guidance to 0.470-0.520 EPS.

BlackLine Stock Performance

NASDAQ:BL traded up $0.92 during mid-day trading on Friday, hitting $60.37. 1,268,255 shares of the stock were exchanged, compared to its average volume of 560,729. The firm’s 50-day simple moving average is $53.91 and its 200 day simple moving average is $51.65. The stock has a market capitalization of $3.75 billion, a price-to-earnings ratio of 61.60, a price-to-earnings-growth ratio of 14.36 and a beta of 0.90. BlackLine has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.95 and a current ratio of 1.95.

Analysts Set New Price Targets

Several research firms recently commented on BL. Robert W. Baird decreased their price target on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Piper Sandler increased their target price on shares of BlackLine from $51.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday. BTIG Research dropped their price target on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Truist Financial increased their price target on BlackLine from $45.00 to $55.00 and gave the stock a “hold” rating in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. lifted their price objective on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $62.10.

Insider Transactions at BlackLine

In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $55.00, for a total value of $550,000.00. Following the completion of the sale, the insider now owns 113,865 shares of the company’s stock, valued at approximately $6,262,575. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Karole Morgan-Prager sold 10,000 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $55.00, for a total transaction of $550,000.00. Following the completion of the sale, the insider now owns 113,865 shares in the company, valued at approximately $6,262,575. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CRO Mark Woodhams sold 1,387 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total transaction of $71,707.90. Following the completion of the sale, the executive now owns 97,582 shares of the company’s stock, valued at approximately $5,044,989.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 140,873 shares of company stock valued at $7,840,243 in the last 90 days. 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.