BlackLine (NASDAQ:BL) Updates FY 2024 Earnings Guidance

BlackLine (NASDAQ:BL) updated its FY 2024 earnings guidance on Tuesday morning. The company provided EPS guidance of 2.080-2.210 for the period, compared to the consensus EPS estimate of 2.180. The company issued revenue guidance of $647.0 million-$651.0 million, compared to the consensus revenue estimate of $646.1 million. BlackLine also updated its FY24 guidance to $2.08 to $2.21 EPS.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Robert W. Baird cut their price objective on shares of BlackLine from $72.00 to $65.00 and set an outperform rating for the company in a report on Wednesday. Citigroup reduced their price objective on BlackLine from $62.00 to $54.00 and set a neutral rating on the stock in a research note on Friday, June 28th. JMP Securities reiterated a market outperform rating and set a $81.00 target price on shares of BlackLine in a research report on Monday, July 15th. BTIG Research decreased their price target on shares of BlackLine from $71.00 to $65.00 and set a buy rating on the stock in a research note on Wednesday. Finally, Truist Financial lowered their price target on shares of BlackLine from $60.00 to $45.00 and set a hold rating for the company in a report on Wednesday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, BlackLine presently has a consensus rating of Hold and an average price target of $58.78.

BlackLine Stock Up 1.4 %

Shares of BlackLine stock traded up $0.72 during trading on Friday, hitting $51.90. 348,026 shares of the stock traded hands, compared to its average volume of 975,288. The company has a current ratio of 2.30, a quick ratio of 2.30 and a debt-to-equity ratio of 4.08. The stock’s fifty day simple moving average is $47.03 and its 200 day simple moving average is $55.58. The firm has a market cap of $3.21 billion, a P/E ratio of 222.52, a price-to-earnings-growth ratio of 5.32 and a beta of 0.86. BlackLine has a 52-week low of $43.37 and a 52-week high of $69.31.

BlackLine (NASDAQ:BL) last posted its earnings results on Tuesday, August 6th. The technology company reported $0.58 EPS 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 business had revenue of $160.51 million for the quarter, compared to the consensus estimate of $158.21 million. During the same quarter last year, the firm posted ($0.69) EPS. The company’s revenue for the quarter was up 11.0% on a year-over-year basis. On average, equities analysts predict that BlackLine will post 1.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Owen Ryan bought 3,000 shares of the company’s stock in a transaction on Friday, May 24th. The shares were acquired at an average price of $49.88 per share, with a total value of $149,640.00. Following the transaction, the chief executive officer now owns 145,948 shares of the company’s stock, valued at $7,279,886.24. The transaction was disclosed in a document filed with the SEC, 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 shares were sold at an average price of $50.00, for a total transaction of $500,000.00. Following the completion of the transaction, the insider now owns 115,424 shares in the company, valued at approximately $5,771,200. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Owen Ryan bought 3,000 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average cost of $49.88 per share, with a total value of $149,640.00. Following the transaction, the chief executive officer now directly owns 145,948 shares of the company’s stock, valued at $7,279,886.24. The disclosure for this purchase can be found here. 9.93% of the stock is currently owned by insiders.

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.