BlackLine, Inc. (NASDAQ:BL) Receives $65.64 Consensus Target Price from Brokerages

BlackLine, Inc. (NASDAQ:BL) has received a consensus recommendation of “Hold” from the twelve research firms that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, three have given a hold recommendation and seven have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $64.27.

Several research firms recently commented on BL. Piper Sandler dropped their price objective on shares of BlackLine from $60.00 to $58.00 and set an “underweight” rating on the stock in a research note on Wednesday, February 12th. DA Davidson started coverage on BlackLine in a research report on Tuesday, April 1st. They issued a “buy” rating and a $58.00 price target on the stock. Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and raised their price objective for the company from $50.00 to $75.00 in a research report on Thursday, January 30th. JMP Securities reissued a “market outperform” rating and issued a $86.00 target price on shares of BlackLine in a report on Wednesday, January 15th. Finally, Truist Financial reduced their price target on BlackLine from $55.00 to $40.00 and set a “hold” rating for the company in a report on Monday.

BlackLine Stock Down 1.3 %

Shares of NASDAQ:BL opened at $42.27 on Friday. The firm has a market capitalization of $2.67 billion, a P/E ratio of 29.15, a P/E/G ratio of 10.80 and a beta of 0.97. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.69 and a current ratio of 2.59. The stock has a 50 day moving average price of $51.55 and a 200-day moving average price of $56.54. BlackLine has a 52-week low of $40.82 and a 52-week high of $69.09.

BlackLine (NASDAQ:BL) last posted its quarterly earnings data 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 return on equity of 21.63% and a net margin of 24.67%. As a group, equities research analysts anticipate that BlackLine will post 0.9 EPS for the current fiscal year.

Insider Activity

In related news, CRO Mark Woodhams sold 9,088 shares of the company’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $49.67, for a total transaction of $451,400.96. Following the completion of the sale, the executive now owns 65,414 shares in the company, valued at approximately $3,249,113.38. This represents a 12.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 9.93% of the company’s stock.

Institutional Investors Weigh In On BlackLine

Large investors have recently made changes to their positions in the company. HighTower Advisors LLC increased its stake in shares of BlackLine by 2.5% in the 4th quarter. HighTower Advisors LLC now owns 6,475 shares of the technology company’s stock worth $393,000 after purchasing an additional 161 shares in the last quarter. GAMMA Investing LLC grew its holdings in BlackLine by 41.2% during 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. Arizona State Retirement System increased its position in BlackLine by 1.3% in the fourth quarter. Arizona State Retirement System now owns 15,322 shares of the technology company’s stock worth $931,000 after buying an additional 192 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in shares of BlackLine by 0.8% in the fourth quarter. Louisiana State Employees Retirement System now owns 25,100 shares of the technology company’s stock worth $1,525,000 after buying an additional 200 shares during the period. Finally, Asset Management One Co. Ltd. lifted its position in shares of BlackLine by 19.8% during the 4th quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company’s stock valued at $77,000 after buying an additional 209 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors.

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.