Blackline (BL) Given Buy Rating at KeyCorp
KeyCorp restated their buy rating on shares of Blackline (NASDAQ:BL) in a research report sent to investors on Thursday, Marketbeat.com reports. They currently have a $56.00 price target on the technology company’s stock, down from their prior price target of $65.00.
“We lower our PT to $56 from $65 but remain Overweight on a favorable risk/reward and a strong competitive moat in cloud accounting. New SAP deal structure (net vs. gross) could temper growth near term. Additional disclosures on the new SAP Solution Extension (SolEx) in the appendix of the financial analyst slides confirm a shift in revenue-recognition from gross deal value to net deal value for new SAP business. The growth comparisons for new SAP business could be adversely affected by this change, but it should benefit margins with the elimination of perpetual fee payments to SAP that are currently included in S&M. New sales leadership and SAP deal could accelerate growth in 2H19.”,” the firm’s analyst wrote.
Several other research firms also recently issued reports on BL. Zacks Investment Research downgraded Blackline from a hold rating to a sell rating in a research note on Wednesday, August 8th. BidaskClub upgraded Blackline from a hold rating to a buy rating in a research note on Friday, August 24th. Oppenheimer assumed coverage on Blackline in a research note on Friday, October 19th. They issued a market perform rating for the company. CIBC assumed coverage on Blackline in a research note on Friday, October 19th. They issued a market perform rating for the company. Finally, Robert W. Baird reduced their price target on Blackline from $60.00 to $55.00 and set an outperform rating for the company in a research note on Friday, November 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $45.20.
Blackline (NASDAQ:BL) last issued its earnings results on Thursday, November 1st. The technology company reported $0.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.08) by $0.15. Blackline had a negative return on equity of 3.58% and a negative net margin of 12.02%. The company had revenue of $58.70 million during the quarter, compared to the consensus estimate of $57.64 million. During the same period in the previous year, the company posted ($0.01) EPS. The firm’s revenue for the quarter was up 29.3% compared to the same quarter last year. On average, research analysts anticipate that Blackline will post -0.27 earnings per share for the current fiscal year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in BL. Teachers Advisors LLC raised its holdings in Blackline by 413.9% in the 3rd quarter. Teachers Advisors LLC now owns 332,972 shares of the technology company’s stock valued at $18,803,000 after acquiring an additional 268,178 shares in the last quarter. Neuberger Berman Group LLC acquired a new position in Blackline in the 3rd quarter valued at $13,601,000. AQR Capital Management LLC acquired a new position in Blackline in the 3rd quarter valued at $377,000. Thrivent Financial for Lutherans raised its holdings in Blackline by 0.7% in the 3rd quarter. Thrivent Financial for Lutherans now owns 646,112 shares of the technology company’s stock valued at $36,486,000 after acquiring an additional 4,729 shares in the last quarter. Finally, MetLife Investment Advisors LLC raised its holdings in Blackline by 60.2% in the 3rd quarter. MetLife Investment Advisors LLC now owns 23,907 shares of the technology company’s stock valued at $1,350,000 after acquiring an additional 8,984 shares in the last quarter. Institutional investors and hedge funds own 84.12% of the company’s stock.
BlackLine, Inc provides financial accounting close solutions delivered as a Software as a Service in the United States and internationally. Its solutions enables its customers to address various aspects of their financial closing process, including account reconciliations, variance analysis of account balances, and journal entry capabilities, as well as a range of data matching capabilities.
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