BlackLine (NASDAQ:BL) Announces Earnings Results

BlackLine (NASDAQ:BL) announced its earnings results on Tuesday. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.29), Zacks reports. BlackLine had a net margin of 19.83% and a return on equity of 31.02%.

BlackLine Stock Down 1.6 %

BlackLine stock traded down $1.01 during trading on Tuesday, reaching $63.40. The stock had a trading volume of 704,100 shares, compared to its average volume of 556,331. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine has a 52-week low of $43.37 and a 52-week high of $69.31. The stock has a market cap of $3.96 billion, a PE ratio of 64.69, a P/E/G ratio of 9.14 and a beta of 0.92. The business has a 50 day moving average price of $61.80 and a 200 day moving average price of $56.58.

Analysts Set New Price Targets

A number of equities analysts recently commented on BL shares. Morgan Stanley boosted their price objective on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Bank of America raised shares of BlackLine from an “underperform” rating to a “buy” rating and boosted their price objective for the company from $50.00 to $75.00 in a report on Thursday, January 30th. JMP Securities reiterated a “market outperform” rating and issued a $86.00 price objective on shares of BlackLine in a research note on Wednesday, January 15th. Citigroup upgraded BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price target for the company in a research report on Thursday, January 16th. Finally, Truist Financial increased their target price on shares of BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $68.10.

Insider Buying and Selling at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 24,408 shares of the stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the completion of the sale, the executive now directly owns 72,920 shares of the company’s stock, valued at approximately $4,690,214.40. This trade represents a 25.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.93% of the stock is owned by insiders.

About BlackLine

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.