BlackLine (NASDAQ:BL) Issues Q2 Earnings Guidance

BlackLine (NASDAQ:BL) updated its second quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.49-0.51 for the period, compared to the consensus 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.

BlackLine Stock Down 1.1 %

Shares of BL traded down $0.63 during mid-day trading on Thursday, hitting $58.88. 523,063 shares of the company’s stock were exchanged, compared to its average volume of 886,532. The company has a market cap of $3.64 billion, a price-to-earnings ratio of 259.09, a P/E/G ratio of 10.82 and a beta of 0.87. The company has a debt-to-equity ratio of 4.37, a quick ratio of 2.19 and a current ratio of 2.19. BlackLine has a fifty-two week low of $47.26 and a fifty-two week high of $69.31. The stock’s 50-day moving average is $62.55 and its 200-day moving average is $59.63.

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

Analysts Set New Price Targets

Several research firms recently commented on BL. The Goldman Sachs Group raised their target price on BlackLine from $49.00 to $54.00 and gave the company a sell rating in a research report on Tuesday, January 23rd. Wolfe Research started coverage on BlackLine in a report on Monday, March 18th. They set a peer perform rating on the stock. Citigroup cut their target price on BlackLine from $66.00 to $63.00 and set a neutral rating for the company in a research note on Tuesday, April 23rd. Piper Sandler raised BlackLine from an underweight rating to a neutral rating and boosted their price objective for the stock from $55.00 to $62.00 in a research note on Tuesday, April 23rd. Finally, BMO Capital Markets boosted their target price on BlackLine from $65.00 to $67.00 and gave the stock a market perform rating in a research report on Wednesday. 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 stock has an average rating of Hold and an average target price of $64.10.

Insider Buying and Selling at BlackLine

In related news, CRO Mark Woodhams sold 2,877 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $58.00, for a total value of $166,866.00. Following the sale, the executive now directly owns 104,682 shares of the company’s stock, valued at $6,071,556. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CRO Mark Woodhams sold 2,877 shares of BlackLine stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $58.00, for a total value of $166,866.00. Following the sale, the executive now directly owns 104,682 shares of the company’s stock, valued at $6,071,556. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kevin B. Thompson sold 4,500 shares of the 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 completion of the sale, the director now owns 11,000 shares in the company, valued at $632,500. The disclosure for this sale can be found here. Corporate insiders own 9.93% of the company’s stock.

BlackLine Company Profile

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.