BlackLine Reports Q3 Earnings Results

BlackLine (NASDAQ:BL) reported its earnings results on Tuesday, revealing earnings per share (EPS) of $0.21 for the fiscal quarter. This figure fell short of analysts' expectations, which had projected EPS at $0.50, representing a miss by $0.29. The company also recorded a net margin of 19.83%, alongside a return on equity of 31.02%.

BlackLine Stock Experiences Decrease

On the day of the earnings report, BlackLine's stock fell by 1.6%, dropping by $1.01 to a trading price of $63.40. The trading volume for the day reached 704,100 shares, surpassing the average volume of 556,331 shares. BlackLine's financial metrics include a quick ratio of 2.69, a current ratio of 2.69, and a debt-to-equity ratio of 2.42. Over the past year, its stock has experienced fluctuations, with a 52-week low of $43.37 and a high of $69.31. The company's market capitalization stands at $3.96 billion, with a PE ratio of 64.69, a P/E/G ratio of 9.14, and a beta of 0.92. Additionally, the stock's moving average prices are $61.80 over the last 50 days and $56.58 over the past 200 days.

New Price Targets Set by Analysts

Recent commentary from equity analysts on BlackLine's stock has led to several updated price targets. Morgan Stanley raised its price target from $70.00 to $80.00, maintaining an "overweight" rating for the stock. Bank of America upgraded its rating from "underperform" to "buy" while increasing the price target from $50.00 to $75.00. Meanwhile, JMP Securities reiterated a "market outperform" rating with a price target set at $86.00. Citigroup also upgraded BlackLine from a "neutral" to a "buy" rating, assigning a price target of $73.00. Truist Financial adjusted their target price from $55.00 to $60.00, recommending a "hold" rating for the stock. MarketBeat data indicates that two analysts have rated the stock as a sell, five as hold, and six as buy. The consensus rating for BlackLine's stock currently stands at "Hold" with a target price of $68.10.

Insider Trading Activity

In a separate development regarding insider activity, Chief Revenue Officer Mark Woodhams sold 24,408 shares of BlackLine on December 12th. The shares were sold at an average price of $64.32, totaling approximately $1,569,922.56. Following this transaction, Woodhams now owns 72,920 shares of the company, valued around $4,690,214.40. This sale marked a 25.08% decrease in his overall position in the company. Insider ownership accounts for about 9.93% of BlackLine's total stock.

About BlackLine

BlackLine, Inc. operates a cloud-based software platform aimed at transforming accounting and finance operations for various organizations. Its scalable platform supports critical functions such as financial closing, account reconciliations, intercompany accounting, and controls assurance.

BlackLine, Earnings, Stock