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

Shares of BlackLine, Inc. (NASDAQ:BL) have been given an average rating of “Hold” by the twelve analysts that are presently covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $65.64.

BL has been the topic of a number of recent research reports. Citigroup reduced their price target on shares of BlackLine from $73.00 to $70.00 and set a “buy” rating on the stock in a research report on Wednesday, February 12th. BMO Capital Markets decreased their price target on shares of BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a research report on Wednesday, February 12th. Piper Sandler lowered their price target on BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a report on Wednesday, February 12th. Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and upped their target price for the stock from $50.00 to $75.00 in a research report on Thursday, January 30th. Finally, Truist Financial dropped their target price on BlackLine from $60.00 to $55.00 and set a “hold” rating on the stock in a report on Wednesday, February 12th.

Insider Transactions at BlackLine

In other news, CRO Mark Woodhams sold 9,088 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $49.67, for a total value of $451,400.96. Following the completion of the sale, the executive now owns 65,414 shares of the company’s stock, valued at approximately $3,249,113.38. The trade was a 12.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 9.93% of the company’s stock.

Hedge Funds Weigh In On BlackLine

Hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. increased its stake in BlackLine by 13.6% during the third quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock valued at $16,033,000 after purchasing an additional 34,919 shares during the last quarter. Weiss Asset Management LP bought a new stake in shares of BlackLine during the 3rd quarter valued at about $1,506,000. Charles Schwab Investment Management Inc. raised its stake in BlackLine by 4.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 495,222 shares of the technology company’s stock worth $27,307,000 after acquiring an additional 20,027 shares during the period. JPMorgan Chase & Co. raised its stake in BlackLine by 35.3% during the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock worth $91,896,000 after acquiring an additional 435,271 shares during the period. Finally, Conestoga Capital Advisors LLC lifted its holdings in BlackLine by 20.2% in the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock worth $128,439,000 after acquiring an additional 354,784 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

BlackLine Trading Down 4.3 %

BL stock opened at $44.10 on Friday. The company has a quick ratio of 2.69, a current ratio of 2.59 and a debt-to-equity ratio of 2.00. The company has a market cap of $2.78 billion, a price-to-earnings ratio of 30.41, a PEG ratio of 10.80 and a beta of 0.97. The business has a fifty day simple moving average of $52.79 and a 200-day simple moving average of $56.77. BlackLine has a 52 week low of $43.02 and a 52 week high of $69.09.

BlackLine (NASDAQ:BL) last announced its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a return on equity of 21.63% and a net margin of 24.67%. On average, equities research analysts expect that BlackLine will post 0.9 EPS for the current year.

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.