Citigroup Forecasts Strong Price Appreciation for BlackLine (NASDAQ:BL) Stock

BlackLine (NASDAQ:BL) had its price objective increased by equities research analysts at Citigroup from $64.00 to $73.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. Citigroup’s target price suggests a potential upside of 13.25% from the stock’s current price.

BL has been the topic of a number of other research reports. Piper Sandler reiterated a “neutral” rating and set a $60.00 price objective on shares of BlackLine in a research note on Wednesday, November 20th. JPMorgan Chase & Co. boosted 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. Truist Financial boosted their target price on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Monday, November 11th. JMP Securities boosted their target price on BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a report on Friday, November 22nd. Finally, Morgan Stanley boosted their target price on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $66.00.

BlackLine Trading Down 0.7 %

NASDAQ BL opened at $64.46 on Monday. The stock has a market capitalization of $4.03 billion, a price-to-earnings ratio of 65.71, a PEG ratio of 15.18 and a beta of 0.90. The stock’s 50 day moving average price is $59.69 and its two-hundred day moving average price is $52.67. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69. BlackLine has a 52 week low of $43.37 and a 52 week high of $69.31.

Insider Activity

In related news, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the sale, the executive now directly owns 72,920 shares in the company, valued at approximately $4,690,214.40. This trade represents a 25.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Mark Partin sold 85,308 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $54.84, for a total value of $4,678,290.72. Following the completion of the sale, the chief financial officer now owns 226,844 shares in the company, valued at approximately $12,440,124.96. The trade was a 27.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 158,516 shares of company stock worth $9,058,748 over the last 90 days. 9.93% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BlackLine

Several hedge funds have recently made changes to their positions in the stock. Quarry LP purchased a new position in shares of BlackLine in the 2nd quarter worth about $32,000. 1620 Investment Advisors Inc. purchased a new position in shares of BlackLine in the 2nd quarter worth about $64,000. Covestor Ltd boosted 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 purchasing an additional 337 shares in the last quarter. Fifth Third Bancorp boosted its holdings in shares of BlackLine by 13.0% in the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after purchasing an additional 266 shares in the last quarter. Finally, nVerses Capital LLC purchased a new position in shares of BlackLine in the 2nd quarter worth about $145,000. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

BlackLine Company Profile

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.