BlackLine (NASDAQ:BL) Updates FY24 Earnings Guidance

BlackLine (NASDAQ:BL) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.12-2.26 for the period, compared to the consensus estimate of $2.07. The company issued revenue guidance of $641.5-649.5 million, compared to the consensus revenue estimate of $644.67 million. BlackLine also updated its Q2 guidance to $0.49-0.51 EPS.

BlackLine Price Performance

BL stock traded down $0.92 during mid-day trading on Wednesday, reaching $59.51. 1,235,106 shares of the company traded hands, compared to its average volume of 890,984. The company has a fifty day moving average price of $62.55 and a 200-day moving average price of $59.63. BlackLine has a 52-week low of $47.26 and a 52-week high of $69.31. The company has a market capitalization of $3.68 billion, a P/E ratio of -595.10, 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 current ratio of 2.19 and a quick ratio of 2.19.

BlackLine (NASDAQ:BL) last issued its quarterly earnings data 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 company had revenue of $155.73 million during the quarter, compared to analysts’ expectations of $154.24 million. As a group, analysts anticipate that BlackLine will post 1.02 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms recently commented on BL. Citigroup reduced their target price on BlackLine from $66.00 to $63.00 and set a neutral rating for the company in a research report on Tuesday, April 23rd. The Goldman Sachs Group boosted their price objective on BlackLine from $49.00 to $54.00 and gave the stock a sell rating in a report on Tuesday, January 23rd. BMO Capital Markets raised their target price on shares of BlackLine from $65.00 to $67.00 and gave the company a market perform rating in a research note on Wednesday. William Blair cut shares of BlackLine from an outperform rating to a market perform rating in a research note on Wednesday, February 14th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of BlackLine from $55.00 to $52.00 and set an underweight rating on the stock in a research report on Wednesday, February 14th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, BlackLine presently has an average rating of Hold and an average target price of $64.10.

Insider Buying and Selling

In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the company’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $57.50, for a total transaction of $258,750.00. Following the completion of the sale, the director now directly owns 11,000 shares in the company, valued at $632,500. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, CRO Mark Woodhams sold 2,877 shares of BlackLine stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $58.00, for a total value of $166,866.00. Following the transaction, 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 SEC, which can be accessed through this link. Also, Director Kevin B. Thompson sold 4,500 shares of the stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $57.50, for a total transaction of $258,750.00. Following the sale, the director now directly owns 11,000 shares of the company’s stock, valued at approximately $632,500. The disclosure for this sale can be found here. 9.53% of the stock is owned by corporate insiders.

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.