Blackline Inc (BL) Rating Increased to Outperform at JMP Securities

JMP Securities upgraded shares of Blackline Inc (NASDAQ:BL) from a market perform rating to an outperform rating in a report released on Thursday morning, Marketbeat reports.

A number of other equities research analysts have also weighed in on BL. Zacks Investment Research upgraded Blackline from a hold rating to a buy rating and set a $34.00 price objective on the stock in a research report on Wednesday, August 9th. BidaskClub upgraded Blackline from a hold rating to a buy rating in a research report on Saturday, September 2nd. KeyCorp restated a buy rating and set a $39.00 price objective on shares of Blackline in a research report on Friday, September 22nd. Robert W. Baird set a $42.00 price objective on Blackline and gave the stock a buy rating in a research report on Sunday, October 1st. Finally, SunTrust Banks, Inc. restated a buy rating and set a $42.00 price objective on shares of Blackline in a research report on Friday, November 3rd. Three analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. Blackline presently has an average rating of Buy and a consensus price target of $36.53.

Blackline (NASDAQ:BL) opened at $37.24 on Thursday. Blackline has a fifty-two week low of $24.14 and a fifty-two week high of $40.28.

Blackline (NASDAQ:BL) last issued its quarterly earnings results on Thursday, November 2nd. The technology company reported ($0.01) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.19) by $0.18. Blackline had a negative return on equity of 8.00% and a negative net margin of 29.53%. The company had revenue of $45.90 million for the quarter, compared to analyst estimates of $44.07 million. During the same quarter last year, the company posted ($0.05) EPS. The company’s revenue for the quarter was up 42.5% compared to the same quarter last year. sell-side analysts forecast that Blackline will post -0.42 EPS for the current fiscal year.

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In other news, insider Mario Spanicciati sold 2,125 shares of the stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $30.00, for a total value of $63,750.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Therese Tucker sold 2,000 shares of the stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $35.31, for a total value of $70,620.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 160,125 shares of company stock worth $5,274,194. 22.35% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the company. Fortaleza Asset Management Inc. grew its holdings in Blackline by 98.2% during the third quarter. Fortaleza Asset Management Inc. now owns 6,215 shares of the technology company’s stock valued at $212,000 after purchasing an additional 3,080 shares during the period. Wolverine Trading LLC bought a new position in Blackline during the third quarter valued at $246,000. First Republic Investment Management Inc. bought a new position in Blackline during the third quarter valued at $257,000. PEAK6 Investments L.P. bought a new position in Blackline during the third quarter valued at $267,000. Finally, American International Group Inc. grew its holdings in Blackline by 53.5% during the third quarter. American International Group Inc. now owns 10,455 shares of the technology company’s stock valued at $357,000 after purchasing an additional 3,646 shares during the period. 79.12% of the stock is owned by institutional investors.

About Blackline

BlackLine, Inc is a holding company. The Company provides cloud-based software platform that is designed to automate and streamline accounting and finance operations. Its platform supports accounting processes, such as the financial close, account reconciliation, intercompany accounting and controls assurance.

Analyst Recommendations for Blackline (NASDAQ:BL)

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