BlackLine (NASDAQ:BL) Releases Q2 Earnings Guidance

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

Wall Street Analysts Forecast Growth

BL has been the subject of several analyst reports. Citigroup decreased their target price on shares of 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 upgraded BlackLine from an underweight rating to a neutral rating and raised their price objective for the company from $55.00 to $62.00 in a research note on Tuesday, April 23rd. JMP Securities reaffirmed a market outperform rating and issued a $81.00 target price on shares of BlackLine in a research report on Wednesday, February 14th. Robert W. Baird decreased their price target on shares of BlackLine from $65.00 to $61.00 and set an outperform rating for the company in a research report on Wednesday, February 14th. Finally, The Goldman Sachs Group boosted their price objective on BlackLine from $49.00 to $54.00 and gave the company a sell rating in a research report on Tuesday, January 23rd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Hold and an average target price of $62.56.

BlackLine Price Performance

BL traded down $0.28 during trading on Tuesday, hitting $60.43. The company’s stock had a trading volume of 676,980 shares, compared to its average volume of 887,074. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 4.37. The stock has a market capitalization of $3.73 billion, a price-to-earnings ratio of -604.30, a price-to-earnings-growth ratio of 10.82 and a beta of 0.87. The firm’s 50 day moving average price is $62.42 and its two-hundred day moving average price is $59.58. BlackLine has a 12 month low of $47.26 and a 12 month high of $69.31.

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

Insider Buying and Selling at BlackLine

In other news, Director Kevin B. Thompson sold 4,500 shares of the company’s stock in a transaction dated 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 directly owns 11,000 shares of the company’s stock, valued at approximately $632,500. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of BlackLine stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $57.50, for a total transaction of $258,750.00. Following the transaction, the director now directly owns 11,000 shares in the company, valued at $632,500. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CRO Mark Woodhams sold 2,877 shares of the 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 completion of the sale, the executive now owns 104,682 shares of the company’s stock, valued at $6,071,556. The disclosure for this sale can be found here. Corporate insiders own 9.53% of the company’s stock.

About BlackLine

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.