In a report released yesterday, Brent Bracelin from KeyBanc maintained a Buy rating on BlackLine Inc (NASDAQ: BL), with a price target of $52. The company’s shares closed yesterday at $42.84, close to its 52-week high of $45.19.
Bracelin wrote:
“We estimate billings can reaccelerate in 2Q18. We view BL as a core cloud software company to own as it embarks on modernizing an $18.5B TAM. Key Investment Points Results: Contribution from strategic partners was the standout. ● ASC 606 revenue increased 34% y/y to $51.3M; $1M above consensus. ● ASC 606 billings growth increased 24% y/y vs. 29% y/y last quarter. ● 1Q18 billings growth was impacted by Runbook uplift to 1Q17 deferred revenue. ● We are modeling a reacceleration in billings growth to 28% y/y for 2Q18. ● SAP contribution: rose to 22% of sales vs. 20% last quarter. ● Strategic partners influenced half of $50K+ deals; six of top 10 deals. ● New customer additions: 89 vs. 92 last year; ending users +18% y/y to 202K. ● Positive EPS of $0.01, driven by improving margins; $0.04 above consensus. Model Impact: No major changes.”
According to TipRanks.com, Bracelin is a top 100 analyst with an average return of 19.1% and a 75.5% success rate. Bracelin covers the Technology sector, focusing on stocks such as Cornerstone Ondemand, Tyler Technologies, and Microsoft Corp.
BlackLine Inc has an analyst consensus of Strong Buy, with a price target consensus of $44.40.
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The company has a one-year high of $45.19 and a one-year low of $28.79. Currently, BlackLine Inc has an average volume of 611.6K.
Based on the recent corporate insider activity of 27 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.
