BlackLine (NASDAQ:BL) Price Target Lowered to $55.00 at DA Davidson

BlackLine (NASDAQ:BL) had its price objective lowered by DA Davidson from $58.00 to $55.00 in a research report report published on Monday morning,Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

Several other research analysts have also recently weighed in on BL. StockNews.com cut shares of BlackLine from a “buy” rating to a “hold” rating in a research report on Wednesday, February 26th. BMO Capital Markets decreased their target price on shares of BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a report on Wednesday, February 12th. Truist Financial cut their price target on shares of BlackLine from $55.00 to $40.00 and set a “hold” rating for the company in a report on Monday, April 7th. Citigroup decreased their price objective on BlackLine from $73.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, February 12th. Finally, Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and raised their target price for the stock from $50.00 to $75.00 in a research note on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $64.00.

BlackLine Stock Up 1.0 %

Shares of NASDAQ BL opened at $46.05 on Monday. The stock has a market cap of $2.90 billion, a PE ratio of 31.76, a P/E/G ratio of 10.80 and a beta of 0.97. 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 12-month low of $40.82 and a 12-month high of $66.25. The company has a 50-day moving average of $49.71 and a 200 day moving average of $56.33.

BlackLine (NASDAQ:BL) last posted its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) 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 predict that BlackLine will post 0.9 EPS for the current fiscal year.

Insider Activity

In other BlackLine news, CRO Mark Woodhams sold 9,088 shares of the stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $49.67, for a total transaction of $451,400.96. Following the sale, the executive now directly owns 65,414 shares in the company, valued at $3,249,113.38. This represents a 12.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 9.93% of the company’s stock.

Hedge Funds Weigh In On BlackLine

Several institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. grew its stake in BlackLine by 13.6% during the 3rd quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock worth $16,033,000 after purchasing an additional 34,919 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of BlackLine by 35.3% during the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock worth $91,896,000 after buying an additional 435,271 shares in the last quarter. Conestoga Capital Advisors LLC grew its position in shares of BlackLine by 20.2% during the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock worth $128,439,000 after buying an additional 354,784 shares in the last quarter. Pacer Advisors Inc. increased its stake in shares of BlackLine by 154.1% during the fourth quarter. Pacer Advisors Inc. now owns 4,159 shares of the technology company’s stock worth $253,000 after buying an additional 2,522 shares during the period. Finally, Sei Investments Co. raised its holdings in BlackLine by 6.2% in the fourth quarter. Sei Investments Co. now owns 147,381 shares of the technology company’s stock valued at $8,955,000 after acquiring an additional 8,558 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

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.