BlackLine (NASDAQ:BL) Issues FY24 Earnings Guidance

BlackLine (NASDAQ:BL) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $2.12-2.26 for the period, compared to the consensus estimate of $2.07. The company issued revenue guidance of $641.5-649.5 million, compared to the consensus revenue estimate of $644.67 million. BlackLine also updated its Q2 guidance to $0.49-0.51 EPS.

Analysts Set New Price Targets

Several equities analysts have issued reports on BL shares. JPMorgan Chase & Co. dropped their target price on BlackLine from $55.00 to $52.00 and set an underweight rating on the stock in a research report on Wednesday, February 14th. Wolfe Research began coverage on BlackLine in a research report on Monday, March 18th. They issued a peer perform rating for the company. JMP Securities restated a market outperform rating and set a $81.00 target price on shares of BlackLine in a research report on Wednesday, February 14th. BMO Capital Markets raised their price objective on shares of BlackLine from $65.00 to $67.00 and gave the company a market perform rating in a research note on Wednesday. Finally, Citigroup dropped their target price on shares of BlackLine from $66.00 to $63.00 and set a neutral rating for the company in a report on Tuesday, April 23rd. Two 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 has a consensus rating of Hold and a consensus target price of $64.10.

BlackLine Price Performance

NASDAQ:BL traded down $0.68 during trading hours on Friday, reaching $58.31. 112,537 shares of the company traded hands, compared to its average volume of 881,669. BlackLine has a 1-year low of $47.26 and a 1-year high of $69.31. The stock has a market cap of $3.60 billion, a P/E ratio of 256.48, a P/E/G ratio of 10.82 and a beta of 0.87. The firm’s 50-day moving average is $62.59 and its 200-day moving average is $59.62. The company has a debt-to-equity ratio of 4.37, a current ratio of 2.19 and a quick ratio of 2.19.

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

Insider Buying and Selling at BlackLine

In related news, Director Kevin B. Thompson sold 4,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other BlackLine news, Director Kevin B. Thompson sold 4,500 shares of the company’s stock in a transaction dated 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 sale, the director now directly owns 11,000 shares in the company, valued at $632,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CRO Mark Woodhams sold 2,877 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $58.00, for a total value of $166,866.00. Following the completion of the transaction, the executive now owns 104,682 shares in the company, valued at $6,071,556. The disclosure for this sale 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.