Oppenheimer Keeps Their Hold Rating on BlackLine Inc (BL)

In a report released today, Koji Ikeda from Oppenheimer maintained a Hold rating on BlackLine Inc (BL). The company’s shares closed yesterday at $49.24.

Ikeda wrote:

“BlackLine reported 4Q revenue and profitability results ahead of consensus, which is a positive. Highlights in the quarter include: 1) record net-new customers; 2) good performance from strategic products; 3) accelerating international growth; and 4) good cash generation. On balance, billings were soft for the second straight quarter, and the outlook may be viewed as a slight disappointment, with the growth profile set below Street estimates. Bottom line: We believe BlackLine is a quality business that is operating in a large and attractive accounting-automation TAM. However, some investors may have wanted more in the billings, and there is a transition going on with the revamped SAP partnership and go-to-market strategy, which should be long-term positives for the business but may take time to gain comfort with. Maintain Perform.”

According to TipRanks.com, Ikeda is a 5-star analyst with an average return of 39.7% and a 97.7% 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 $54.50.

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Based on BlackLine Inc’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $4.46 million. In comparison, last year the company had a GAAP net loss of $5.85 million.

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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.

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