Truist Financial Has Lowered Expectations for BlackLine (NASDAQ:BL) Stock Price

BlackLine (NASDAQ:BL) had its price objective reduced by Truist Financial from $60.00 to $55.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the technology company’s stock. Truist Financial’s price target points to a potential upside of 5.24% from the company’s current price.

Other equities analysts have also issued research reports about the company. JPMorgan Chase & Co. boosted their price objective on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. StockNews.com lowered BlackLine from a “buy” rating to a “hold” rating in a research note on Tuesday, February 4th. Morgan Stanley boosted their price objective on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and boosted their price objective for the stock from $50.00 to $75.00 in a research note on Thursday, January 30th. Finally, BMO Capital Markets reduced their price objective on BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, BlackLine currently has a consensus rating of “Hold” and an average price target of $66.40.

BlackLine Stock Performance

Shares of NASDAQ:BL opened at $52.26 on Wednesday. The business’s fifty day moving average price is $61.62 and its two-hundred day moving average price is $56.77. BlackLine has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The stock has a market capitalization of $3.27 billion, a price-to-earnings ratio of 53.33, a price-to-earnings-growth ratio of 9.14 and a beta of 0.92. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69.

BlackLine (NASDAQ:BL) last announced its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a net margin of 19.83% and a return on equity of 31.02%. As a group, analysts predict that BlackLine will post 1 EPS for the current fiscal year.

Insider Activity

In other BlackLine news, 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 value of $1,569,922.56. Following the transaction, the executive now owns 72,920 shares of the company’s stock, valued at approximately $4,690,214.40. This represents a 25.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 9.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On BlackLine

Several hedge funds have recently added to or reduced their stakes in BL. Cetera Investment Advisers increased its holdings in shares of BlackLine by 5.6% in the second quarter. Cetera Investment Advisers now owns 25,701 shares of the technology company’s stock worth $1,245,000 after acquiring an additional 1,357 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in shares of BlackLine in the second quarter worth about $220,000. Procyon Advisors LLC increased its holdings in shares of BlackLine by 52.8% in the third quarter. Procyon Advisors LLC now owns 6,673 shares of the technology company’s stock worth $368,000 after acquiring an additional 2,305 shares in the last quarter. Creative Planning increased its holdings in shares of BlackLine by 88.9% in the third quarter. Creative Planning now owns 7,984 shares of the technology company’s stock worth $440,000 after acquiring an additional 3,758 shares in the last quarter. Finally, Everence Capital Management Inc. increased its holdings in shares of BlackLine by 95.5% in the third quarter. Everence Capital Management Inc. now owns 7,450 shares of the technology company’s stock worth $411,000 after acquiring an additional 3,640 shares in the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

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.