Blackline (NASDAQ:BL) Downgraded by BidaskClub to “Sell”

Blackline (NASDAQ:BL) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Wednesday, January 3rd.

Other analysts have also recently issued reports about the stock. JMP Securities upgraded shares of Blackline from a “market perform” rating to an “outperform” rating in a research note on Thursday, November 16th. SunTrust Banks restated a “buy” rating and set a $42.00 price objective on shares of Blackline in a research note on Friday, November 3rd. KeyCorp restated a “buy” rating and set a $39.00 price objective on shares of Blackline in a research note on Sunday, October 22nd. Finally, Robert W. Baird set a $42.00 price objective on shares of Blackline and gave the company a “buy” rating in a research note on Sunday, October 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Blackline has an average rating of “Buy” and a consensus price target of $38.74.

Shares of Blackline (NASDAQ:BL) opened at $34.60 on Wednesday. The company has a market cap of $1,830.00 and a P/E ratio of -36.42. Blackline has a 12 month low of $26.46 and a 12 month high of $40.28.

Blackline (NASDAQ:BL) last released its earnings results on Thursday, November 2nd. The technology company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.18. The company had revenue of $45.90 million during the quarter, compared to analysts’ expectations of $44.07 million. Blackline had a negative net margin of 29.53% and a negative return on equity of 8.00%. Blackline’s revenue for the quarter was up 42.5% on a year-over-year basis. During the same period last year, the business earned ($0.05) EPS. research analysts expect that Blackline will post -0.42 EPS for the current year.

In related news, CMO Mario Spanicciati sold 12,750 shares of the business’s stock in a transaction on Monday, November 27th. The shares were sold at an average price of $38.17, for a total value of $486,667.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Sumeru (Gp) L.L.C. Slta sold 2,649,698 shares of the business’s stock in a transaction on Thursday, December 7th. The shares were sold at an average price of $34.07, for a total transaction of $90,275,210.86. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,591,250 shares of company stock valued at $156,582,385. Company insiders own 22.35% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. DF Dent & Co. Inc. increased its holdings in Blackline by 21.3% in the 3rd quarter. DF Dent & Co. Inc. now owns 2,270,403 shares of the technology company’s stock worth $77,466,000 after acquiring an additional 399,130 shares in the last quarter. Dragoneer Investment Group LLC increased its holdings in Blackline by 25.8% in the 3rd quarter. Dragoneer Investment Group LLC now owns 1,422,115 shares of the technology company’s stock worth $48,523,000 after acquiring an additional 291,694 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of Blackline by 61.7% during the third quarter. Wells Fargo & Company MN now owns 859,886 shares of the technology company’s stock worth $29,339,000 after buying an additional 328,004 shares in the last quarter. Whale Rock Capital Management LLC purchased a new stake in shares of Blackline during the third quarter worth $23,688,000. Finally, Conestoga Capital Advisors LLC purchased a new stake in shares of Blackline during the third quarter worth $21,740,000. 79.18% of the stock is owned by institutional investors.

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About Blackline

BlackLine, Inc is a holding company. The Company provides cloud-based software platform that is designed to automate and streamline accounting and finance operations. Its platform supports accounting processes, such as the financial close, account reconciliation, intercompany accounting and controls assurance.

Analyst Recommendations for Blackline (NASDAQ:BL)

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