BlackLine (NASDAQ:BL) Downgraded to Underweight Rating by Piper Sandler

Piper Sandler downgraded shares of BlackLine (NASDAQ:BL) from a neutral rating to an underweight rating in a report released on Monday, Marketbeat Ratings reports. Piper Sandler currently has $60.00 price target on the technology company’s stock.

A number of other equities research analysts have also commented on BL. Truist Financial upped their price objective on shares of BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Citigroup upped their price target on shares of BlackLine from $64.00 to $73.00 and gave the company a “neutral” rating in a research report on Monday, December 16th. Morgan Stanley lifted their price objective on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. JMP Securities upped their target price on BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a research report on Friday, November 22nd. Finally, JPMorgan Chase & Co. lifted their target price on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. Three analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, BlackLine presently has a consensus rating of “Hold” and a consensus target price of $66.00.

BlackLine Stock Performance

Shares of BL stock opened at $58.95 on Monday. The stock has a market capitalization of $3.68 billion, a PE ratio of 60.15, a PEG ratio of 15.18 and a beta of 0.91. The business’s 50 day simple moving average is $61.15 and its 200 day simple moving average is $54.33. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69. BlackLine has a one year low of $43.37 and a one year high of $69.31.

Insider Buying and Selling

In other BlackLine news, CRO Mark Woodhams sold 24,408 shares of the company’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the sale, the executive now directly owns 72,920 shares of the company’s stock, valued at approximately $4,690,214.40. This represents a 25.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Karole Morgan-Prager sold 27,079 shares of BlackLine stock in a transaction on Friday, October 18th. The stock was sold at an average price of $60.06, for a total value of $1,626,364.74. Following the sale, the insider now owns 113,865 shares in the company, valued at $6,838,731.90. This trade represents a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 9.93% of the stock is currently owned by company insiders.

Institutional Trading of BlackLine

Several hedge funds have recently made changes to their positions in BL. GAMMA Investing LLC grew its holdings in BlackLine by 41.2% during the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock valued at $39,000 after buying an additional 185 shares in the last quarter. Quarry LP bought a new position in shares of BlackLine during the 2nd quarter valued at about $32,000. Covestor Ltd lifted its holdings in shares of BlackLine by 31.9% in the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after acquiring an additional 337 shares during the last quarter. Hardy Reed LLC purchased a new stake in BlackLine during the third quarter valued at about $244,000. Finally, Sanctuary Advisors LLC purchased a new position in BlackLine in the 2nd quarter worth approximately $220,000. 95.13% of the stock is currently owned by institutional investors.

BlackLine Company Profile

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.