BlackLine (NASDAQ:BL) Updates Q2 Earnings Guidance

BlackLine (NASDAQ:BL) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.49-0.51 for the period, compared to the consensus earnings per share estimate of $0.50. The company issued revenue guidance of $157-159 million, compared to the consensus revenue estimate of $158.50 million. BlackLine also updated its FY24 guidance to $2.12-2.26 EPS.

Analyst Upgrades and Downgrades

BL has been the topic of a number of research analyst reports. William Blair lowered BlackLine from an outperform rating to a market perform rating in a research report on Wednesday, February 14th. Citigroup decreased their target price on BlackLine from $66.00 to $63.00 and set a neutral rating on the stock in a research note on Tuesday, April 23rd. Robert W. Baird lifted their target price on BlackLine from $61.00 to $72.00 and gave the company an outperform rating in a research report on Wednesday. Wolfe Research began coverage on shares of BlackLine in a research report on Monday, March 18th. They set a peer perform rating on the stock. Finally, JPMorgan Chase & Co. lowered their price objective on shares of BlackLine from $55.00 to $52.00 and set an underweight rating for the company in a research note on Wednesday, February 14th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Hold and a consensus price target of $64.10.

BlackLine Stock Performance

NASDAQ:BL traded down $0.92 during trading hours on Wednesday, reaching $59.51. 1,235,106 shares of the company’s stock were exchanged, compared to its average volume of 890,984. BlackLine has a 1-year low of $47.26 and a 1-year high of $69.31. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 4.37. The firm has a market capitalization of $3.68 billion, a price-to-earnings ratio of -595.10, a P/E/G ratio of 10.82 and a beta of 0.87. The company has a 50-day moving average of $62.55 and a 200 day moving average of $59.63.

BlackLine (NASDAQ:BL) last issued its quarterly earnings results on Tuesday, February 13th. The technology company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.28. BlackLine had a positive return on equity of 2.15% and a negative net margin of 1.50%. The firm had revenue of $155.73 million for the quarter, compared to analysts’ expectations of $154.24 million. Research analysts anticipate that BlackLine will post 1.02 EPS for the current year.

Insider Buying and Selling at BlackLine

In related news, CRO Mark Woodhams sold 2,877 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $58.00, for a total transaction of $166,866.00. Following the transaction, the executive now owns 104,682 shares of the company’s stock, valued at $6,071,556. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Kevin B. Thompson sold 4,500 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $57.50, for a total value of $258,750.00. Following the sale, the director now owns 11,000 shares in the company, valued at approximately $632,500. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CRO Mark Woodhams sold 2,877 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $58.00, for a total transaction of $166,866.00. Following the completion of the sale, the executive now owns 104,682 shares in the company, valued at $6,071,556. The disclosure for this sale can be found here. 9.53% of the stock is owned by corporate insiders.

About BlackLine

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.