BlackLine (NASDAQ:BL) Issues FY 2024 Earnings Guidance

BlackLine (NASDAQ:BL) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 2.120-2.260 for the period, compared to the consensus EPS estimate of 2.070. The company issued revenue guidance of $641.5 million-$649.5 million, compared to the consensus revenue estimate of $644.6 million. BlackLine also updated its Q2 2024 guidance to 0.490-0.510 EPS.

BlackLine Stock Performance

BlackLine stock opened at $60.43 on Wednesday. The stock’s 50 day simple moving average is $62.49 and its two-hundred day simple moving average is $59.63. The company has a debt-to-equity ratio of 4.37, a quick ratio of 2.19 and a current ratio of 2.19. The stock has a market cap of $3.73 billion, a price-to-earnings ratio of -604.30, a PEG ratio of 10.82 and a beta of 0.87. BlackLine has a fifty-two week low of $47.26 and a fifty-two week high of $69.31.

BlackLine (NASDAQ:BL) last posted its quarterly earnings data on Tuesday, February 13th. The technology company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.28. The business had revenue of $155.73 million for the quarter, compared to analysts’ expectations of $154.24 million. BlackLine had a positive return on equity of 2.15% and a negative net margin of 1.50%. As a group, analysts expect that BlackLine will post 1.02 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have weighed in on BL shares. Citigroup cut their price objective on BlackLine from $66.00 to $63.00 and set a neutral rating on the stock in a research report on Tuesday, April 23rd. William Blair lowered shares of BlackLine from an outperform rating to a market perform rating in a report on Wednesday, February 14th. The Goldman Sachs Group lifted their target price on shares of BlackLine from $49.00 to $54.00 and gave the company a sell rating in a report on Tuesday, January 23rd. JPMorgan Chase & Co. lowered their target price on shares of BlackLine from $55.00 to $52.00 and set an underweight rating for the company in a report on Wednesday, February 14th. Finally, JMP Securities restated a market outperform rating and issued a $81.00 price objective on shares of BlackLine in a report on Wednesday, February 14th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $63.78.

Insider Buying and Selling

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