In a report released today, Koji Ikeda from Oppenheimer maintained a Hold rating on BlackLine Inc (BL). The company’s shares closed yesterday at $53.28.
Ikeda observed:
“BlackLine reported good 1Q results, and raised guidance. Highlights include: 1) strong international sales performance, including a record EMEA win; 2) good strategic product attach rates; and 3) non-SAP revenue growth accelerated to 20%+. On balance, billings were underwhelming again, owing to soft new customer wins, slowing domestic growth and decelerating SAP channel contributions, suggesting the core go-to-market strategies are still ramping, which raises estimate risks. Moreover, management alluded to potential increasing competition in the category, which could cause sales cycles to elongate. Bottom line: We believe Blackline is a quality business with a visionary management team disrupting a large accounting automation opportunity. However, we remain on the sidelines until there are more data points that the go-to-market strategies are working. Maintain Perform.”
According to TipRanks.com, Ikeda is a 5-star analyst with an average return of 37.0% and a 92.3% success rate. Ikeda covers the Technology sector, focusing on stocks such as Coupa Software Inc, SPS Commerce, and Liveperson.
Currently, the analyst consensus on BlackLine Inc is a Moderate Buy with an average price target of $56.50.
See today’s analyst top recommended stocks >>
The company has a one-year high of $58.11 and a one-year low of $34.01. Currently, BlackLine Inc has an average volume of 490.8K.
Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is negative on the stock.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
BlackLine, Inc. operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.
