Citigroup Cuts BlackLine (NASDAQ:BL) Price Target to $63.00

BlackLine (NASDAQ:BL) had its target price reduced by Citigroup from $66.00 to $63.00 in a research report report published on Tuesday, Benzinga reports. They currently have a neutral rating on the technology company’s stock.

Several other equities research analysts also recently commented on the company. William Blair downgraded BlackLine from an outperform rating to a market perform rating in a report on Wednesday, February 14th. Piper Sandler upgraded shares of BlackLine from an underweight rating to a neutral rating and raised their target price for the stock from $55.00 to $62.00 in a report on Tuesday. Robert W. Baird cut their price target on shares of BlackLine from $65.00 to $61.00 and set an outperform rating on the stock in a report on Wednesday, February 14th. JPMorgan Chase & Co. lowered their price objective on shares of BlackLine from $55.00 to $52.00 and set an underweight rating on the stock in a research report on Wednesday, February 14th. Finally, JMP Securities restated a market outperform rating and issued a $81.00 target price on shares of BlackLine in a report on Wednesday, February 14th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Hold and a consensus price target of $62.20.

BlackLine Stock Performance

NASDAQ:BL opened at $58.89 on Tuesday. The company has a 50-day moving average of $62.04 and a 200-day moving average of $59.27. The firm has a market cap of $3.64 billion, a price-to-earnings ratio of -588.90, a price-to-earnings-growth ratio of 10.92 and a beta of 0.86. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 4.37. BlackLine has a twelve month low of $47.26 and a twelve month high of $69.31.

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

Insider Buying and Selling at BlackLine

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. CWM LLC increased its stake in BlackLine by 94.8% during the fourth quarter. CWM LLC now owns 452 shares of the technology company’s stock valued at $28,000 after acquiring an additional 220 shares during the period. CVA Family Office LLC bought a new position in BlackLine during the 4th quarter valued at about $38,000. Federated Hermes Inc. boosted its position in BlackLine by 505.2% in the third quarter. Federated Hermes Inc. now owns 926 shares of the technology company’s stock valued at $51,000 after buying an additional 773 shares in the last quarter. Operose Advisors LLC grew its stake in BlackLine by 291.2% during the third quarter. Operose Advisors LLC now owns 978 shares of the technology company’s stock worth $54,000 after buying an additional 728 shares during the last quarter. Finally, Cutler Group LLC CA acquired a new stake in shares of BlackLine during the third quarter worth approximately $74,000. 95.13% of the stock is currently owned by institutional investors and hedge funds.

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.