BlackLine (NASDAQ:BL) Updates FY 2024 Earnings Guidance

BlackLine (NASDAQ:BL) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 2.150-2.210 for the period, compared to the consensus earnings per share estimate of 2.140. The company issued revenue guidance of $651.0 million-$653.0 million, compared to the consensus revenue estimate of $649.1 million. BlackLine also updated its Q4 2024 guidance to 0.470-0.520 EPS.

BlackLine Stock Performance

Shares of NASDAQ:BL traded up $0.92 during midday trading on Friday, hitting $60.37. The company had a trading volume of 1,268,255 shares, compared to its average volume of 560,729. The company has a market cap of $3.75 billion, a price-to-earnings ratio of 61.60, a PEG ratio of 14.36 and a beta of 0.90. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.95 and a quick ratio of 1.95. The company has a fifty day moving average of $53.91 and a two-hundred day moving average of $51.65. BlackLine has a 12-month low of $43.37 and a 12-month high of $69.31.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Truist Financial increased their target price on shares of BlackLine from $45.00 to $55.00 and gave the stock a “hold” rating in a report on Thursday, October 31st. Morgan Stanley upgraded BlackLine from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $60.00 to $70.00 in a research report on Monday, September 30th. Piper Sandler increased their target price on BlackLine from $51.00 to $60.00 and gave the stock a “neutral” rating in a research report on Friday. JPMorgan Chase & Co. raised their target price on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, October 25th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $81.00 price objective on shares of BlackLine in a research note on Monday, July 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, BlackLine has an average rating of “Hold” and a consensus target price of $62.10.

Insider Activity

In related news, CRO Mark Woodhams sold 1,387 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $51.70, for a total transaction of $71,707.90. Following the sale, the executive now owns 97,582 shares of the company’s stock, valued at $5,044,989.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CRO Mark Woodhams sold 1,387 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $51.70, for a total transaction of $71,707.90. Following the completion of the sale, the executive now owns 97,582 shares in the company, valued at approximately $5,044,989.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Barbara Whye sold 5,378 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $52.01, for a total value of $279,709.78. Following the sale, the director now owns 6,777 shares in the company, valued at $352,471.77. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 140,873 shares of company stock worth $7,840,243. 9.93% of the stock is currently owned by corporate insiders.

About BlackLine

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.