BlackLine (NASDAQ:BL) Cut to “Underweight” at Piper Sandler

Piper Sandler cut shares of BlackLine (NASDAQ:BL) from a neutral rating to an underweight rating in a research note issued to investors on Monday, MarketBeat reports. The firm currently has $60.00 price target on the technology company’s stock.

A number of other research firms have also recently commented on BL. Morgan Stanley upped their target price on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. JPMorgan Chase & Co. upped their price objective on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. Citigroup increased their price objective on shares of BlackLine from $64.00 to $73.00 and gave the stock a “neutral” rating in a research report on Monday, December 16th. Truist Financial boosted their target price on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Finally, JMP Securities raised their price target on BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a research report on Friday, November 22nd. Three research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, BlackLine has an average rating of “Hold” and an average price target of $66.00.

BlackLine Trading Down 1.1 %

Shares of BL opened at $57.09 on Monday. BlackLine has a 12-month low of $43.37 and a 12-month high of $69.31. The firm has a market capitalization of $3.57 billion, a P/E ratio of 58.26, a P/E/G ratio of 15.18 and a beta of 0.91. The firm has a 50-day moving average price of $61.16 and a 200 day moving average price of $54.41. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42.

Insiders Place Their Bets

In other BlackLine news, insider Karole Morgan-Prager sold 27,079 shares of BlackLine stock in a transaction on Friday, October 18th. The shares were sold at an average price of $60.06, for a total value of $1,626,364.74. Following the transaction, the insider now directly owns 113,865 shares in the company, valued at approximately $6,838,731.90. The trade was a 19.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CRO Mark Woodhams sold 24,408 shares of the stock in a transaction dated 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 sale, the executive now owns 72,920 shares of the company’s stock, valued at $4,690,214.40. This trade represents a 25.08 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 9.93% of the company’s stock.

Institutional Investors Weigh In On BlackLine

Several hedge funds have recently modified their holdings of BL. Rhumbline Advisers raised its position in BlackLine by 2.5% during the second quarter. Rhumbline Advisers now owns 156,432 shares of the technology company’s stock worth $7,579,000 after acquiring an additional 3,857 shares during the last quarter. Arizona State Retirement System lifted its stake in BlackLine by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 14,638 shares of the technology company’s stock valued at $709,000 after buying an additional 325 shares in the last quarter. ClariVest Asset Management LLC grew its holdings in BlackLine by 318.2% during the 2nd quarter. ClariVest Asset Management LLC now owns 23,552 shares of the technology company’s stock valued at $1,141,000 after buying an additional 17,920 shares during the last quarter. Pier Capital LLC increased its position in BlackLine by 9.0% during the second quarter. Pier Capital LLC now owns 149,817 shares of the technology company’s stock worth $7,259,000 after buying an additional 12,396 shares in the last quarter. Finally, American Century Companies Inc. increased its position in BlackLine by 17.0% during the second quarter. American Century Companies Inc. now owns 17,351 shares of the technology company’s stock worth $841,000 after buying an additional 2,520 shares in the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

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.