BlackLine (NASDAQ:BL) Stock Price Expected to Rise, Truist Financial Analyst Says

BlackLine (NASDAQ:BL) had its price target boosted by equities research analysts at Truist Financial from $55.00 to $60.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a “hold” rating on the technology company’s stock. Truist Financial’s price objective points to a potential downside of 1.88% from the stock’s current price.

Several other equities analysts have also recently weighed in on the stock. BTIG Research dropped their price target on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Piper Sandler lifted their target price on BlackLine from $51.00 to $60.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Morgan Stanley raised BlackLine from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $60.00 to $70.00 in a research report on Monday, September 30th. Robert W. Baird cut their price objective on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $81.00 target price on shares of BlackLine in a report on Monday, July 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, BlackLine has an average rating of “Hold” and a consensus target price of $62.60.

BlackLine Trading Down 2.2 %

NASDAQ BL opened at $61.15 on Monday. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 2.74. BlackLine has a 52 week low of $43.37 and a 52 week high of $69.31. The business has a 50 day moving average price of $54.42 and a 200-day moving average price of $51.62. The company has a market cap of $3.80 billion, a price-to-earnings ratio of 62.40, a P/E/G ratio of 14.79 and a beta of 0.90.

Insider Buying and Selling

In related news, CFO Mark Partin sold 85,308 shares of BlackLine stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $54.84, for a total value of $4,678,290.72. Following the sale, the chief financial officer now owns 226,844 shares of the company’s stock, valued at approximately $12,440,124.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other BlackLine news, insider Karole Morgan-Prager sold 27,079 shares of the company’s stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the sale, the insider now directly owns 113,865 shares of the company’s stock, valued at $6,838,731.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark Partin sold 85,308 shares of BlackLine stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $54.84, for a total transaction of $4,678,290.72. Following the completion of the transaction, the chief financial officer now owns 226,844 shares of the company’s stock, valued at $12,440,124.96. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 135,495 shares of company stock worth $7,560,534. Insiders own 9.93% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of BL. Vanguard Group Inc. boosted its position in shares of BlackLine by 9.5% in the first quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock valued at $476,662,000 after acquiring an additional 642,772 shares during the period. Conestoga Capital Advisors LLC boosted its holdings in BlackLine by 24.9% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock valued at $96,997,000 after purchasing an additional 350,143 shares during the period. Geneva Capital Management LLC grew its position in shares of BlackLine by 2.8% during the 3rd quarter. Geneva Capital Management LLC now owns 895,810 shares of the technology company’s stock valued at $49,395,000 after purchasing an additional 24,446 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of BlackLine by 65.4% in the second quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock worth $28,076,000 after buying an additional 229,151 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in BlackLine by 4.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 495,222 shares of the technology company’s stock valued at $27,307,000 after buying an additional 20,027 shares during the period. 95.13% of the stock is owned by institutional investors.

BlackLine Company Profile

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.