In a report released today, Koji Ikeda from Oppenheimer maintained a Hold rating on BlackLine Inc (BL). The company’s shares closed yesterday at $40.61.
Ikeda said:
“Yesterday, we attended BlackLine’s Investor Day held at its annual customer conference InTheBlack, and came away more positive on the growth drivers and business trends, and we think management’s overall tone was confident. Positive takeaways include: 1) vision, strategy, and technology appear aligned with end- market demand; 2) go-to-market strategy update; 3) partner channel enablement and expansion; 4) new products and platform enhancements; and 5) core accounting automation pipeline appears good. Bottom line: We come away from the Investor Day encouraged that the business is well-positioned in and is disrupting the accounting management opportunity. However, we remain on the sidelines until there are more datapoints that the new go-to-market strategy is bearing fruit and the growth trajectory of the business is more visible. Maintain Perform.”
According to TipRanks.com, Ikeda is a 5-star analyst with an average return of 28.2% and a 75.0% success rate. Ikeda covers the Technology sector, focusing on stocks such as Coupa Software Inc, SPS Commerce, and Liveperson.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for BlackLine Inc with a $60 average price target.
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The company has a one-year high of $58.11 and a one-year low of $31.53. Currently, BlackLine Inc has an average volume of 429K.
Based on the recent corporate insider activity of 51 insiders, corporate insider sentiment is negative on the stock.
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BlackLine, Inc. provides financial close automation software solutions to the SAP market. It offers finance controls and automation and unified cloud for finance and accounting. The company was founded by Therese Tucker in May 2001 and is headquartered in Woodland Hills, CA.
