Blackline Target of Unusually Large Options Trading (BL)
Blackline Inc (NASDAQ:BL) was the recipient of unusually large options trading on Wednesday. Investors acquired 3,303 call options on the stock. This is an increase of 1,458% compared to the typical volume of 212 call options.
A number of analysts have recently commented on BL shares. Zacks Investment Research raised Blackline from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research note on Wednesday, August 9th. BidaskClub raised Blackline from a “hold” rating to a “buy” rating in a research note on Saturday, September 2nd. KeyCorp reaffirmed a “buy” rating and issued a $39.00 price target on shares of Blackline in a research note on Friday, September 22nd. Robert W. Baird set a $42.00 price target on Blackline and gave the company a “buy” rating in a research note on Sunday, October 1st. Finally, SunTrust Banks reaffirmed a “buy” rating and issued a $42.00 price target on shares of Blackline in a research note on Friday, November 3rd. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $38.74.
Shares of Blackline (NASDAQ BL) opened at $36.13 on Friday. Blackline has a 52 week low of $24.14 and a 52 week high of $40.28.
Blackline (NASDAQ:BL) last posted its earnings results on Thursday, November 2nd. The technology company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $45.90 million during the quarter, compared to analysts’ expectations of $44.07 million. During the same period in the prior year, the business earned ($0.05) EPS. Blackline’s revenue for the quarter was up 42.5% compared to the same quarter last year. analysts anticipate that Blackline will post -0.42 EPS for the current year.
In other Blackline news, CEO Therese Tucker sold 2,000 shares of the business’s stock in a transaction dated Wednesday, November 15th. The stock was sold at an average price of $35.31, for a total transaction of $70,620.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CMO Mario Spanicciati sold 2,125 shares of the company’s stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $35.00, for a total value of $74,375.00. The disclosure for this sale can be found here. Insiders have sold a total of 155,000 shares of company stock valued at $5,334,904 over the last three months. Company insiders own 22.35% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. DF Dent & Co. Inc. increased its stake in Blackline by 21.3% during the 3rd quarter. DF Dent & Co. Inc. now owns 2,270,403 shares of the technology company’s stock worth $77,466,000 after purchasing an additional 399,130 shares in the last quarter. Dragoneer Investment Group LLC boosted its position in Blackline by 25.8% during the 3rd quarter. Dragoneer Investment Group LLC now owns 1,422,115 shares of the technology company’s stock worth $48,523,000 after acquiring an additional 291,694 shares during the last quarter. Wells Fargo & Company MN boosted its position in Blackline by 61.7% during the 3rd quarter. Wells Fargo & Company MN now owns 859,886 shares of the technology company’s stock worth $29,339,000 after acquiring an additional 328,004 shares during the last quarter. Whale Rock Capital Management LLC acquired a new position in Blackline during the 3rd quarter worth approximately $23,688,000. Finally, Conestoga Capital Advisors LLC acquired a new position in Blackline during the 3rd quarter worth approximately $21,740,000. 79.28% of the stock is owned by institutional investors and hedge funds.
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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