BlackLine, Inc. (NASDAQ:BL) Receives Average Rating of “Hold” from Brokerages

BlackLine, Inc. (NASDAQ:BL) has earned an average rating of “Hold” from the twelve research firms that are presently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $66.40.

BL has been the topic of several recent analyst reports. Truist Financial cut their price target on shares of BlackLine from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, February 12th. StockNews.com cut BlackLine from a “buy” rating to a “hold” rating in a research note on Wednesday, February 26th. Piper Sandler lowered their price target on BlackLine from $60.00 to $58.00 and set an “underweight” rating on the stock in a report on Wednesday, February 12th. Morgan Stanley lifted their price objective on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and increased their target price for the company from $50.00 to $75.00 in a report on Thursday, January 30th.

BlackLine Trading Up 5.1 %

NASDAQ BL opened at $49.89 on Monday. The stock has a 50-day moving average of $55.68 and a 200-day moving average of $56.68. The company has a current ratio of 2.59, a quick ratio of 2.69 and a debt-to-equity ratio of 2.00. BlackLine has a 1-year low of $43.37 and a 1-year high of $69.09. The firm has a market cap of $3.13 billion, a PE ratio of 34.41, a price-to-earnings-growth ratio of 10.80 and a beta of 1.03.

BlackLine (NASDAQ:BL) last released its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a net margin of 24.67% and a return on equity of 21.63%. As a group, sell-side analysts forecast that BlackLine will post 0.9 EPS for the current year.

Insider Activity at BlackLine

In other news, CRO Mark Woodhams sold 9,088 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $49.67, for a total value of $451,400.96. Following the completion of the transaction, the executive now owns 65,414 shares of the company’s stock, valued at $3,249,113.38. This represents a 12.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 9.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio bought a new position in shares of BlackLine during the 4th quarter valued at about $4,361,000. Castleark Management LLC purchased a new stake in shares of BlackLine in the fourth quarter worth about $1,510,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in BlackLine by 32.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 157,535 shares of the technology company’s stock valued at $9,572,000 after buying an additional 38,463 shares in the last quarter. Woodline Partners LP bought a new stake in BlackLine in the 4th quarter worth approximately $365,000. Finally, Sone Capital Management LLC bought a new stake in BlackLine in the 4th quarter worth approximately $4,934,000. 95.13% of the stock is owned by hedge funds and other institutional investors.

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.