DA Davidson Issues Pessimistic Forecast for BlackLine (NASDAQ:BL) Stock Price

BlackLine (NASDAQ:BL) had its price target cut by DA Davidson from $58.00 to $55.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. DA Davidson’s target price suggests a potential upside of 21.57% from the stock’s previous close.

BL has been the subject of a number of other reports. JMP Securities reissued a “market outperform” rating and issued a $86.00 price target on shares of BlackLine in a research note on Wednesday, January 15th. BMO Capital Markets dropped their target price on shares of BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a report on Wednesday, February 12th. Piper Sandler decreased their price target on shares of BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a research note on Wednesday, February 12th. Truist Financial lowered their target price on shares of BlackLine from $55.00 to $40.00 and set a “hold” rating for the company in a report on Monday, April 7th. Finally, Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and increased their target price for the stock from $50.00 to $75.00 in a research note on Thursday, January 30th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, BlackLine presently has an average rating of “Hold” and a consensus target price of $64.00.

BlackLine Stock Down 1.8 %

BL opened at $45.24 on Monday. The company has a market cap of $2.85 billion, a P/E ratio of 31.20, a P/E/G ratio of 10.80 and a beta of 0.97. BlackLine has a 12 month low of $40.82 and a 12 month high of $66.25. The business’s 50-day moving average price is $49.31 and its 200-day moving average price is $56.26. The company has a current ratio of 2.59, a quick ratio of 2.69 and a debt-to-equity ratio of 2.00.

BlackLine (NASDAQ:BL) last released its quarterly earnings data 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 24.67% and a return on equity of 21.63%. On average, equities analysts expect that BlackLine will post 0.9 EPS for the current year.

Insider Buying and Selling at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of the firm’s stock in a transaction on Friday, February 21st. The shares were sold at an average price of $49.67, for a total transaction of $451,400.96. Following the completion of the transaction, the executive now directly owns 65,414 shares of the company’s stock, valued at approximately $3,249,113.38. This trade represents a 12.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 9.93% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BL. Geode Capital Management LLC raised its stake in shares of BlackLine by 0.3% in the third quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company’s stock valued at $70,704,000 after acquiring an additional 3,498 shares during the period. Tidal Investments LLC increased its stake in BlackLine by 1.6% in the 3rd quarter. Tidal Investments LLC now owns 13,539 shares of the technology company’s stock worth $747,000 after buying an additional 219 shares during the period. 272 Capital LP lifted its holdings in BlackLine by 30.8% during the 3rd quarter. 272 Capital LP now owns 68,437 shares of the technology company’s stock valued at $3,774,000 after buying an additional 16,107 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of BlackLine by 13.6% during the third quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock worth $16,033,000 after acquiring an additional 34,919 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in shares of BlackLine by 35.3% during the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock valued at $91,896,000 after acquiring an additional 435,271 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors.

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.