BlackLine (NASDAQ:BL) Raised to “Buy” at StockNews.com

BlackLine (NASDAQ:BL) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Monday.

A number of other research analysts also recently commented on the company. Morgan Stanley boosted their price target on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. JPMorgan Chase & Co. upped their price target on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. Truist Financial increased their price target on shares of BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Piper Sandler cut BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 target price for the company. in a research note on Monday, January 6th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $86.00 target price on shares of BlackLine in a report on Wednesday, January 15th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $67.33.

BlackLine Price Performance

Shares of NASDAQ BL opened at $64.90 on Monday. The firm has a market cap of $4.06 billion, a P/E ratio of 66.22, a price-to-earnings-growth ratio of 13.52 and a beta of 0.91. The business’s 50 day moving average is $61.41 and its 200-day moving average is $55.63. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine has a 1-year low of $43.37 and a 1-year high of $69.31.

Insider Transactions at BlackLine

In related news, CRO Mark Woodhams sold 24,408 shares of the stock in a transaction that occurred 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 completion of the sale, the executive now directly owns 72,920 shares of the company’s stock, 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. Company insiders own 9.93% of the company’s stock.

Institutional Investors Weigh In On BlackLine

Several large investors have recently modified their holdings of BL. GAMMA Investing LLC raised its position in shares of BlackLine by 41.2% in the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock valued at $39,000 after purchasing an additional 185 shares during the period. Tidal Investments LLC boosted its holdings in shares of BlackLine by 1.6% in the third quarter. Tidal Investments LLC now owns 13,539 shares of the technology company’s stock worth $747,000 after acquiring an additional 219 shares during the period. Covestor Ltd raised its stake in shares of BlackLine by 31.9% during the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after purchasing an additional 337 shares during the period. Quarry LP purchased a new stake in BlackLine during the 2nd quarter worth about $32,000. Finally, KBC Group NV grew its holdings in BlackLine by 44.0% during the 4th quarter. KBC Group NV now owns 2,180 shares of the technology company’s stock valued at $132,000 after buying an additional 666 shares in 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.