BlackLine (NASDAQ:BL) Given New $40.00 Price Target at Truist Financial

BlackLine (NASDAQ:BL) had its target price lowered by Truist Financial from $55.00 to $40.00 in a report published on Monday morning,Benzinga reports. The brokerage currently has a hold rating on the technology company’s stock.

A number of other analysts have also recently commented on the stock. Piper Sandler decreased their price target on shares of BlackLine from $60.00 to $58.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 12th. DA Davidson started coverage on BlackLine in a research note on Tuesday, April 1st. They issued a “buy” rating and a $58.00 price objective for the company. JMP Securities reiterated a “market outperform” rating and set a $86.00 target price on shares of BlackLine in a research report on Wednesday, January 15th. Citigroup reduced their price target on BlackLine from $73.00 to $70.00 and set a “buy” rating for the company in a research report on Wednesday, February 12th. Finally, StockNews.com cut BlackLine from a “buy” rating to a “hold” rating in a research report on Wednesday, February 26th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $64.27.

BlackLine Stock Performance

Shares of BL opened at $42.83 on Monday. The firm has a market capitalization of $2.70 billion, a P/E ratio of 29.54, a PEG ratio of 10.80 and a beta of 0.97. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. BlackLine has a one year low of $40.82 and a one year high of $69.09. The business has a fifty day moving average of $52.41 and a 200 day moving average of $56.70.

BlackLine (NASDAQ:BL) last released 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 anticipate that BlackLine will post 0.9 EPS for the current year.

Insider Buying and Selling

In other news, CRO Mark Woodhams sold 9,088 shares of BlackLine 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 owns 65,414 shares in the company, valued at $3,249,113.38. This trade represents a 12.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 9.93% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On BlackLine

Several institutional investors have recently bought and sold shares of BL. Conestoga Capital Advisors LLC boosted its stake in BlackLine by 20.2% during the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock valued at $128,439,000 after buying an additional 354,784 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of BlackLine by 35.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock valued at $91,896,000 after acquiring an additional 435,271 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of BlackLine by 0.3% in the third quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company’s stock valued at $70,704,000 after purchasing an additional 3,498 shares in the last quarter. Topline Capital Management LLC bought a new stake in BlackLine in the fourth quarter worth $60,572,000. Finally, American Century Companies Inc. increased its position in BlackLine by 12,538.0% in the fourth quarter. American Century Companies Inc. now owns 896,665 shares of the technology company’s stock worth $54,481,000 after purchasing an additional 889,570 shares during the last quarter. 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.