KeyBanc analyst Brent Bracelin maintained a Buy rating on BlackLine Inc (BL) yesterday and set a price target of $56. The company’s shares closed yesterday at $39.04.
Bracelin noted:
“We lower our PT to $56 from $65 but remain Overweight on a favorable risk/reward and a strong competitive moat in cloud accounting. New SAP deal structure (net vs. gross) could temper growth near term. Additional disclosures on the new SAP Solution Extension (SolEx) in the appendix of the financial analyst slides confirm a shift in revenue-recognition from gross deal value to net deal value for new SAP business. The growth comparisons for new SAP business could be adversely affected by this change, but it should benefit margins with the elimination of perpetual fee payments to SAP that are currently included in S&M. New sales leadership and SAP deal could accelerate growth in 2H19.”
According to TipRanks.com, Bracelin is a top 100 analyst with an average return of 18.3% and a 68.7% success rate. Bracelin covers the Technology sector, focusing on stocks such as Tyler Technologies, Salesforce.com, and Everbridge Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for BlackLine Inc with a $57 average price target, representing a 46.0% upside. In a report issued on November 2, Robert W. Baird also maintained a Buy rating on the stock with a $55 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 439.1K.
Based on the recent corporate insider activity of 50 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.
