Blackline Inc (NYSE:BL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage presently has a $34.00 price target on the technology company’s stock. Zacks Investment Research‘s target price points to a potential upside of 11.44% from the company’s current price.

According to Zacks, “BlackLine, Inc. is a provider of cloud-based solutions for Finance & Accounting which centralize and streamline financial close operations and other key F&A processes for midsize and large organizations. BlackLine, Inc. is headquartered in Los Angeles, California. “

Other equities analysts have also issued reports about the stock. Vetr lowered shares of Blackline from a “strong-buy” rating to a “buy” rating and set a $35.26 price target on the stock. in a research report on Tuesday, April 18th. JMP Securities assumed coverage on shares of Blackline in a research report on Monday, June 26th. They set a “market perform” rating on the stock. SunTrust Banks, Inc. assumed coverage on shares of Blackline in a research report on Monday, June 26th. They set a “buy” rating and a $43.00 price target on the stock. William Blair restated an “outperform” rating on shares of Blackline in a research report on Monday, May 8th. Finally, ValuEngine upgraded shares of Blackline from a “sell” rating to a “hold” rating in a research report on Tuesday, June 20th. Four research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $34.78.

Shares of Blackline (BL) traded up 0.59% during mid-day trading on Wednesday, hitting $30.51. 335,147 shares of the stock traded hands. The firm has a 50 day moving average of $37.14 and a 200 day moving average of $31.98. The company’s market cap is $1.57 billion. Blackline has a 12 month low of $21.66 and a 12 month high of $40.28.

Blackline (NYSE:BL) last posted its quarterly earnings results on Thursday, August 3rd. The technology company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.12. The firm had revenue of $42.30 million for the quarter, compared to analyst estimates of $41.45 million. Blackline had a negative net margin of 23.32% and a negative return on equity of 12.55%. Blackline’s revenue was up 45.9% compared to the same quarter last year. Equities analysts anticipate that Blackline will post ($0.17) EPS for the current fiscal year.

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In other Blackline news, insider Mario Spanicciati sold 10,625 shares of Blackline stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $30.31, for a total transaction of $322,043.75. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 188,625 shares of company stock worth $6,561,144 over the last ninety days.

A number of institutional investors have recently modified their holdings of the company. Fortaleza Asset Management Inc. purchased a new position in shares of Blackline during the second quarter worth approximately $112,000. Nationwide Fund Advisors increased its position in shares of Blackline by 26.7% in the first quarter. Nationwide Fund Advisors now owns 5,776 shares of the technology company’s stock worth $172,000 after buying an additional 1,217 shares during the period. American International Group Inc. purchased a new position in shares of Blackline during the first quarter worth approximately $173,000. Teachers Advisors LLC purchased a new position in shares of Blackline during the fourth quarter worth approximately $310,000. Finally, Metropolitan Life Insurance Co. NY purchased a new position in shares of Blackline during the fourth quarter worth approximately $323,000.

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.

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Analyst Recommendations for Blackline (NYSE:BL)

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