DA Davidson Initiates Coverage on BlackLine (NASDAQ:BL)

Research analysts at DA Davidson began coverage on shares of BlackLine (NASDAQ:BL) in a research report issued on Tuesday, Marketbeat Ratings reports. The firm set a “buy” rating and a $58.00 price target on the technology company’s stock. DA Davidson’s price target points to a potential upside of 17.31% from the stock’s current price.

A number of other equities analysts also recently issued reports on the company. JMP Securities reissued a “market outperform” rating and set a $86.00 price target on shares of BlackLine in a research report on Wednesday, January 15th. Piper Sandler lowered their price objective on shares of BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a research note on Wednesday, February 12th. Citigroup cut their target price on shares of BlackLine from $73.00 to $70.00 and set a “buy” rating on the stock in a research report on Wednesday, February 12th. Truist Financial lowered their price target on shares of BlackLine from $60.00 to $55.00 and set a “hold” rating for the company in a research report on Wednesday, February 12th. Finally, Bank of America upgraded shares of BlackLine from an “underperform” rating to a “buy” rating and increased their price objective for the company from $50.00 to $75.00 in a research note on Thursday, January 30th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $65.64.

BlackLine Price Performance

BL stock opened at $49.44 on Tuesday. BlackLine has a 52 week low of $43.37 and a 52 week high of $69.09. The firm has a market capitalization of $3.11 billion, a P/E ratio of 34.10, a price-to-earnings-growth ratio of 10.80 and a beta of 1.03. The company has a fifty day simple moving average of $53.40 and a two-hundred day simple moving average of $56.80. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00.

BlackLine (NASDAQ:BL) last announced its earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a net margin of 24.67% and a return on equity of 21.63%. Analysts anticipate that BlackLine will post 0.9 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CRO Mark Woodhams sold 9,088 shares of the business’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. The trade was a 12.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 9.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of BL. Charles Schwab Investment Management Inc. raised its position in shares of BlackLine by 4.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 495,222 shares of the technology company’s stock worth $27,307,000 after acquiring an additional 20,027 shares during the period. Glenmede Trust Co. NA raised its holdings in BlackLine by 21.5% in the 3rd quarter. Glenmede Trust Co. NA now owns 17,801 shares of the technology company’s stock worth $982,000 after purchasing an additional 3,151 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in BlackLine by 0.6% in 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 purchasing an additional 753 shares during the period. Atom Investors LP purchased a new position in BlackLine during the third quarter worth approximately $285,000. Finally, Centiva Capital LP acquired a new stake in BlackLine in the third quarter valued at approximately $336,000. 95.13% of the stock is owned by institutional investors and hedge funds.

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.