BlackLine, Inc. (NASDAQ:BL) Receives Consensus Rating of “Hold” from Analysts

Shares of BlackLine, Inc. (NASDAQ:BL) have received an average recommendation of “Hold” from the eleven brokerages that are currently covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $61.80.

A number of brokerages have weighed in on BL. Piper Sandler lowered their price objective on BlackLine from $60.00 to $55.00 and set an “underweight” rating for the company in a research note on Wednesday, February 14th. The Goldman Sachs Group raised their price target on shares of BlackLine from $49.00 to $54.00 and gave the stock a “sell” rating in a research report on Tuesday, January 23rd. JPMorgan Chase & Co. dropped their price target on shares of BlackLine from $55.00 to $52.00 and set an “underweight” rating for the company in a research note on Wednesday, February 14th. William Blair downgraded shares of BlackLine from an “outperform” rating to a “market perform” rating in a research note on Wednesday, February 14th. Finally, Robert W. Baird decreased their price objective on shares of BlackLine from $65.00 to $61.00 and set an “outperform” rating for the company in a report on Wednesday, February 14th.

Insider Activity

In related news, Director Kevin B. Thompson sold 4,500 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $57.50, for a total value of $258,750.00. Following the sale, the director now owns 11,000 shares of the company’s stock, valued at approximately $632,500. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other BlackLine news, Director Thomas Unterman sold 750 shares of the business’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $60.00, for a total transaction of $45,000.00. Following the completion of the transaction, the director now owns 51,470 shares in the company, valued at approximately $3,088,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kevin B. Thompson sold 4,500 shares of the firm’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $57.50, for a total value of $258,750.00. Following the transaction, the director now directly owns 11,000 shares in the company, valued at $632,500. The disclosure for this sale can be found here. Company insiders own 9.93% of the company’s stock.

Hedge Funds Weigh In On BlackLine

A number of institutional investors and hedge funds have recently bought and sold shares of BL. Vanguard Group Inc. boosted its stake in BlackLine by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 6,738,189 shares of the technology company’s stock valued at $420,733,000 after purchasing an additional 79,649 shares in the last quarter. Brown Advisory Inc. boosted its stake in BlackLine by 2.5% during the fourth quarter. Brown Advisory Inc. now owns 1,899,804 shares of the technology company’s stock valued at $118,624,000 after buying an additional 45,950 shares in the last quarter. Conestoga Capital Advisors LLC grew its holdings in BlackLine by 3.5% during the fourth quarter. Conestoga Capital Advisors LLC now owns 1,414,835 shares of the technology company’s stock worth $88,342,000 after acquiring an additional 47,420 shares during the period. Alliancebernstein L.P. raised its position in BlackLine by 1.1% in the second quarter. Alliancebernstein L.P. now owns 1,298,929 shares of the technology company’s stock worth $69,908,000 after acquiring an additional 13,731 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. lifted its holdings in BlackLine by 40.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,296,306 shares of the technology company’s stock valued at $87,203,000 after acquiring an additional 374,813 shares during the last quarter. Institutional investors own 95.13% of the company’s stock.

BlackLine Trading Down 1.4 %

BL opened at $57.85 on Friday. The firm has a market capitalization of $3.58 billion, a P/E ratio of -578.50, a P/E/G ratio of 10.60 and a beta of 0.86. The firm’s 50 day moving average is $62.19 and its 200-day moving average is $59.07. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 4.37. BlackLine has a 52-week low of $47.26 and a 52-week high of $69.31.

BlackLine (NASDAQ:BL) last released its quarterly earnings results on Tuesday, February 13th. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.28. The firm had revenue of $155.73 million for the quarter, compared to the consensus estimate of $154.24 million. BlackLine had a negative net margin of 1.50% and a positive return on equity of 2.15%. Analysts expect that BlackLine will post 1.02 EPS for the current fiscal year.

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.