BlackLine (NASDAQ:BL) Issues Q3 2024 Earnings Guidance

BlackLine (NASDAQ:BL) issued an update on its third quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 0.490-0.520 for the period, compared to the consensus estimate of 0.560. The company issued revenue guidance of $162.0 million-$164.0 million, compared to the consensus revenue estimate of $162.9 million. BlackLine also updated its FY 2024 guidance to 2.080-2.210 EPS.

Analysts Set New Price Targets

Several equities analysts have commented on BL shares. William Blair raised BlackLine to a hold rating in a report on Tuesday, May 7th. BTIG Research cut their price target on shares of BlackLine from $71.00 to $65.00 and set a buy rating for the company in a research note on Wednesday. Piper Sandler decreased their price target on BlackLine from $55.00 to $51.00 and set a neutral rating on the stock in a research note on Wednesday. BMO Capital Markets lifted their price objective on BlackLine from $65.00 to $67.00 and gave the company a market perform rating in a report on Wednesday, May 8th. Finally, JPMorgan Chase & Co. cut their price target on shares of BlackLine from $50.00 to $47.00 and set an underweight rating for the company in a report on Wednesday. Two analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $58.78.

BlackLine Trading Up 1.4 %

NASDAQ:BL traded up $0.72 during trading hours on Friday, hitting $51.90. The stock had a trading volume of 348,026 shares, compared to its average volume of 975,288. The business’s 50 day moving average is $47.03 and its 200-day moving average is $55.58. The company has a market cap of $3.21 billion, a price-to-earnings 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 company has a debt-to-equity ratio of 4.08, a quick ratio of 2.30 and a current ratio of 2.30.

BlackLine (NASDAQ:BL) last announced its quarterly 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 firm had revenue of $160.51 million for the quarter, compared to analyst estimates of $158.21 million. During the same quarter in the previous year, the firm posted ($0.69) earnings per share. The business’s revenue was up 11.0% on a year-over-year basis. Sell-side analysts anticipate that BlackLine will post 1.1 EPS for the current fiscal year.

Insider Activity

In other news, insider Jimmy C. Duan acquired 2,000 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The stock was acquired at an average cost of $47.73 per share, for a total transaction of $95,460.00. Following the completion of the acquisition, the insider now owns 50,360 shares in the company, valued at $2,403,682.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Karole Morgan-Prager sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $50.00, for a total transaction of $500,000.00. Following the transaction, the insider now directly owns 115,424 shares of the company’s stock, valued at approximately $5,771,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jimmy C. Duan purchased 2,000 shares of the business’s stock in a transaction on Friday, May 31st. The shares were acquired at an average cost of $47.73 per share, with a total value of $95,460.00. Following the acquisition, the insider now directly owns 50,360 shares in the company, valued at $2,403,682.80. The disclosure for this purchase 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.