BlackLine (NASDAQ:BL) Stock Rating Upgraded by Citigroup

BlackLine (NASDAQ:BL) was upgraded by stock analysts at Citigroup from a “neutral” rating to a “buy” rating in a research note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage presently has a $73.00 price objective on the technology company’s stock. Citigroup’s price objective indicates a potential upside of 22.38% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on the stock. Piper Sandler cut shares of BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 price target for the company. in a research report on Monday, January 6th. Morgan Stanley lifted their price objective on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. JMP Securities restated a “market outperform” rating and issued a $86.00 price objective on shares of BlackLine in a report on Wednesday. JPMorgan Chase & Co. lifted their price objective on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, October 25th. Finally, Truist Financial lifted their price objective on shares of BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a report on Monday, November 11th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $66.00.

BlackLine Price Performance

Shares of BL opened at $59.65 on Thursday. BlackLine has a 1-year low of $43.37 and a 1-year high of $69.31. The stock has a market cap of $3.73 billion, a PE ratio of 60.87, a P/E/G ratio of 12.60 and a beta of 0.91. The firm has a 50-day simple moving average of $61.28 and a two-hundred day simple moving average of $54.89. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69.

Insider Buying and Selling

In related news, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction that occurred on 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 transaction, the executive now owns 72,920 shares in the company, valued at $4,690,214.40. The trade was a 25.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 9.53% of the stock is owned by insiders.

Institutional Trading of BlackLine

Several institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC lifted its position in shares of BlackLine by 41.2% during the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock worth $39,000 after buying an additional 185 shares during the last quarter. Tidal Investments LLC lifted its position in shares of BlackLine by 1.6% during the 3rd quarter. Tidal Investments LLC now owns 13,539 shares of the technology company’s stock worth $747,000 after buying an additional 219 shares during the last quarter. Covestor Ltd lifted its position in shares of BlackLine by 31.9% during the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after buying an additional 337 shares during the last quarter. Quarry LP purchased a new stake in shares of BlackLine during the 2nd quarter worth approximately $32,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of BlackLine by 0.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 119,072 shares of the technology company’s stock worth $6,566,000 after buying an additional 753 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

About BlackLine

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.