BlackLine (NASDAQ:BL) Updates FY 2024 Earnings Guidance

BlackLine (NASDAQ:BL) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 2.080-2.210 for the period, compared to the consensus estimate of 2.180. The company issued revenue guidance of $647.0 million-$651.0 million, compared to the consensus revenue estimate of $646.1 million. BlackLine also updated its FY24 guidance to $2.08 to $2.21 EPS.

BlackLine Stock Up 1.4 %

Shares of NASDAQ:BL traded up $0.72 during mid-day trading on Friday, reaching $51.90. 348,026 shares of the stock were exchanged, compared to its average volume of 975,288. The company has a market cap of $3.21 billion, a P/E ratio of 222.52, a P/E/G ratio of 5.32 and a beta of 0.86. BlackLine has a one year low of $43.37 and a one year high of $69.31. The stock’s 50 day simple moving average is $47.03 and its 200-day simple moving average is $55.58. The company has a quick ratio of 2.30, a current ratio of 2.30 and a debt-to-equity ratio of 4.08.

BlackLine (NASDAQ:BL) last released its earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.08. BlackLine had a net margin of 2.30% and a return on equity of 9.07%. The business had revenue of $160.51 million during the quarter, compared to the consensus estimate of $158.21 million. During the same quarter last year, the firm earned ($0.69) earnings per share. The firm’s revenue for the quarter was up 11.0% compared to the same quarter last year. As a group, equities research analysts predict that BlackLine will post 1.1 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on BL shares. Citigroup lowered their price target on BlackLine from $62.00 to $54.00 and set a neutral rating on the stock in a research report on Friday, June 28th. BMO Capital Markets boosted their price objective on shares of BlackLine from $65.00 to $67.00 and gave the stock a market perform rating in a research note on Wednesday, May 8th. JMP Securities reiterated a market outperform rating and issued a $81.00 target price on shares of BlackLine in a research note on Monday, July 15th. JPMorgan Chase & Co. dropped their price objective on BlackLine from $50.00 to $47.00 and set an underweight rating on the stock in a research note on Wednesday. Finally, BTIG Research dropped their price target on BlackLine from $71.00 to $65.00 and set a buy rating on the stock in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $58.78.

Insider Activity at BlackLine

In other news, insider Jimmy C. Duan acquired 2,000 shares of BlackLine stock in a transaction on Friday, May 31st. The shares were purchased at an average cost of $47.73 per share, for a total transaction of $95,460.00. Following the completion of the purchase, the insider now directly owns 50,360 shares of the company’s stock, valued at approximately $2,403,682.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $50.00, for a total value of $500,000.00. Following the completion of the transaction, the insider now owns 115,424 shares of the company’s stock, valued at approximately $5,771,200. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jimmy C. Duan purchased 2,000 shares of the business’s stock in a transaction dated Friday, May 31st. The shares were purchased at an average cost of $47.73 per share, for a total transaction of $95,460.00. Following the completion of the purchase, the insider now directly owns 50,360 shares of the company’s stock, valued at approximately $2,403,682.80. The disclosure for this purchase can be found here. 9.93% of the stock is currently owned by corporate insiders.

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.