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 high volumes of individual transactions; and task management to create and manage processes and task lists. The company's financial close management solutions also include journal entry that allows users to generate, review, and post manual journal entries; variance analysis that monitors and identifies anomalous fluctuations in balance sheet and income statement account balances; consolidation integrity manager that manages the automated system-to-system tie-out process that occurs during the consolidation phase of the financial close; and compliance, an integrated solution that facilitates compliance-related initiatives, consolidates project management, and provides visibility over control self-assessments and testing. In addition, it offers accounts receivable automation solutions, which include cash application, credit and risk management, collections management, disputes and deductions, team and task management, and AR intelligence solutions. Further, the company provides intercompany workflow that stores permissions by entity and transaction type thereby ensuring both the initiator and the approver of the intercompany transaction are authorized to conduct business; intercompany processing, which records an organization's intercompany transactions; and netting and settlement that generates a real-time settlement matrix, which shows the balance of transactions. The company sells its solutions primarily through direct sales force to multinational corporations, large domestic enterprises, and mid-market companies across various industries. BlackLine, Inc. was incorporated in 2001 and is headquartered in Woodland Hills, California.
Analyst Upgrades and Downgrades
A number of analysts have weighed in on the stock. StockNews.com raised shares of BlackLine from a "sell" rating to a "hold" rating in a report on Monday, August 8th. BTIG Research reduced their price target on shares of BlackLine from $115.00 to $95.00 in a report on Friday, May 6th. JPMorgan Chase & Co. reduced their price objective on shares of BlackLine from $75.00 to $70.00 in a report on Friday, May 6th. Robert W. Baird reduced their price objective on shares of BlackLine from $105.00 to $95.00 in a report on Friday, May 6th. Finally, Bank of America downgraded shares of BlackLine from a "neutral" rating to an "underperform" rating and reduced their price objective for the stock from $75.00 to $64.00 in a report on Monday, July 18th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $96.89.
BlackLine Price Performance
Shares of BlackLine stock traded up $5.24 during mid-day trading on Wednesday, reaching $74.35. 1,625,350 shares of the stock were exchanged, compared to its average volume of 679,359. The company has a market cap of $4.43 billion, a price-to-earnings ratio of -61.45 and a beta of 0.84. The company has a current ratio of 3.57, a quick ratio of 3.57 and a debt-to-equity ratio of 17.46. The firm has a 50-day simple moving average of $68.20 and a 200 day simple moving average of $70.67. BlackLine has a fifty-two week low of $49.66 and a fifty-two week high of $135.00.
BlackLine (NASDAQ:BL - Get Rating) last announced its earnings results on Thursday, August 4th. The technology company reported $0.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.01 by $0.06. The business had revenue of $128.48 million during the quarter, compared to analysts' expectations of $126.54 million. BlackLine had a negative net margin of 15.09% and a negative return on equity of 22.04%. The firm's revenue for the quarter was up 25.8% on a year-over-year basis. During the same quarter last year, the company posted ($0.08) EPS. On average, sell-side analysts predict that BlackLine will post -0.81 EPS for the current fiscal year.
Insider Buying and Selling at BlackLine
In other BlackLine news, CTO Peter Hirsch sold 2,592 shares of the firm's stock in a transaction dated Monday, May 23rd. The shares were sold at an average price of $71.77, for a total value of $186,027.84. Following the completion of the sale, the chief technology officer now owns 38,391 shares in the company, valued at approximately $2,755,322.07. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Thomas Unterman sold 500 shares of BlackLine stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $66.36, for a total transaction of $33,180.00. Following the completion of the sale, the director now owns 50,130 shares in the company, valued at approximately $3,326,626.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Peter Hirsch sold 2,592 shares of BlackLine stock in a transaction that occurred on Monday, May 23rd. The stock was sold at an average price of $71.77, for a total transaction of $186,027.84. Following the sale, the chief technology officer now owns 38,391 shares of the company's stock, valued at approximately $2,755,322.07. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,092 shares of company stock worth $287,268. 9.71% of the stock is currently owned by corporate insiders.
