Blackline Inc (BL) Upgraded to Buy at Zacks Investment Research

Blackline Inc (NYSE:BL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, August 9th. The brokerage presently has a $34.00 target price on the technology company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 14.06% from the company’s previous close.

According to Zacks, “BlackLine, Inc. is a provider of cloud-based solutions for Finance & Accounting which centralize and streamline financial close operations and other key F&A processes for midsize and large organizations. BlackLine, Inc. is headquartered in Los Angeles, California. “

Several other research analysts have also commented on the stock. SunTrust Banks, Inc. assumed coverage on shares of Blackline in a report on Monday, June 26th. They issued a “buy” rating and a $43.00 price objective for the company. JMP Securities assumed coverage on shares of Blackline in a research note on Monday, June 26th. They issued a “market perform” rating for the company. ValuEngine upgraded shares of Blackline from a “sell” rating to a “hold” rating in a research note on Tuesday, June 20th. William Blair reiterated an “outperform” rating on shares of Blackline in a research note on Monday, May 8th. Finally, Vetr upgraded shares of Blackline from a “buy” rating to a “strong-buy” rating and set a $36.70 price target for the company in a research note on Monday, April 24th. Four research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $34.78.

Shares of Blackline (NYSE BL) traded down 0.13% during midday trading on Wednesday, hitting $29.81. 174,512 shares of the stock were exchanged. The stock’s market capitalization is $1.56 billion. The firm’s 50 day moving average is $35.18 and its 200-day moving average is $32.16. Blackline has a 1-year low of $21.66 and a 1-year high of $40.28.

Blackline (NYSE:BL) last issued its quarterly earnings data on Thursday, August 3rd. The technology company reported ($0.03) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.15) by $0.12. Blackline had a negative net margin of 23.91% and a negative return on equity of 13.96%. The business had revenue of $42.30 million during the quarter, compared to analyst estimates of $41.45 million. The firm’s revenue for the quarter was up 45.9% compared to the same quarter last year. On average, analysts predict that Blackline will post ($0.17) EPS for the current year.

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In related news, insider Mario Spanicciati sold 25,000 shares of the stock in a transaction dated Monday, May 22nd. The shares were sold at an average price of $32.43, for a total transaction of $810,750.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders sold 199,250 shares of company stock valued at $6,878,619.

Hedge funds have recently made changes to their positions in the stock. State Street Corp purchased a new stake in shares of Blackline during the fourth quarter valued at approximately $2,968,000. Metropolitan Life Insurance Co. NY purchased a new stake in shares of Blackline during the fourth quarter valued at approximately $323,000. Norges Bank purchased a new stake in shares of Blackline during the fourth quarter valued at approximately $1,105,000. Teachers Advisors LLC purchased a new stake in shares of Blackline during the fourth quarter valued at approximately $310,000. Finally, Nationwide Fund Advisors increased its stake in shares of Blackline by 26.7% in the first quarter. Nationwide Fund Advisors now owns 5,776 shares of the technology company’s stock valued at $172,000 after buying an additional 1,217 shares during the period.

About Blackline

BlackLine, Inc is a holding company. The Company provides cloud-based software platform that is designed to automate and streamline accounting and finance operations. Its platform supports accounting processes, such as the financial close, account reconciliation, intercompany accounting and controls assurance.

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