BlackLine (NASDAQ:BL) Releases Q2 Earnings Guidance

BlackLine (NASDAQ:BL) issued an update on its second quarter earnings guidance on Tuesday. 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.

BlackLine Stock Down 1.5 %

Shares of BL traded down $0.92 during mid-day trading on Wednesday, hitting $59.51. 1,235,106 shares of the company’s stock were exchanged, compared to its average volume of 890,984. The stock has a market cap of $3.68 billion, a price-to-earnings ratio of -595.10, a P/E/G ratio of 10.82 and a beta of 0.87. The firm has a fifty day moving average of $62.55 and a two-hundred day moving average of $59.63. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 4.37. BlackLine has a twelve month low of $47.26 and a twelve month high of $69.31.

BlackLine (NASDAQ:BL) last posted its earnings results on Tuesday, February 13th. The technology company reported $0.54 EPS for the quarter, topping 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 firm had revenue of $155.73 million for the quarter, compared to the consensus estimate of $154.24 million. On average, sell-side analysts forecast that BlackLine will post 1.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

BL has been the topic of several research analyst reports. The Goldman Sachs Group raised their price target on BlackLine from $49.00 to $54.00 and gave the company a sell rating in a research report on Tuesday, January 23rd. Citigroup lowered their target price on BlackLine from $66.00 to $63.00 and set a neutral rating on the stock in a report on Tuesday, April 23rd. JPMorgan Chase & Co. cut their price target on BlackLine from $55.00 to $52.00 and set an underweight rating for the company in a report on Wednesday, February 14th. Robert W. Baird raised their price objective on shares of BlackLine from $61.00 to $72.00 and gave the stock an outperform rating in a research note on Wednesday. Finally, BMO Capital Markets upped 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. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, BlackLine presently has an average rating of Hold and an average price target of $64.10.

Insider Transactions at BlackLine

In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of BlackLine stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $57.50, for a total transaction of $258,750.00. Following the completion of the transaction, the director now directly owns 11,000 shares of the company’s stock, valued at $632,500. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CRO Mark Woodhams sold 2,877 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $58.00, for a total transaction of $166,866.00. Following the completion of the sale, the executive now directly owns 104,682 shares of the company’s stock, valued at approximately $6,071,556. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kevin B. Thompson sold 4,500 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $57.50, for a total value of $258,750.00. Following the sale, the director now owns 11,000 shares in the company, valued at approximately $632,500. The disclosure for this sale can be found here. 9.53% of the stock is currently owned by 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.