BlackLine (NASDAQ:BL) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of BlackLine (NASDAQ:BL) from a hold rating to a buy rating in a report released on Wednesday.

BL has been the topic of several other reports. Piper Sandler lifted their price target on BlackLine from $46.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday. Morgan Stanley lowered their price objective on shares of BlackLine from $80.00 to $65.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Truist Financial cut their target price on shares of BlackLine from $55.00 to $40.00 and set a “hold” rating for the company in a research note on Monday, April 7th. BMO Capital Markets decreased their price target on shares of BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 12th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $86.00 price objective on shares of BlackLine in a research report on Wednesday, January 15th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, BlackLine presently has a consensus rating of “Hold” and an average target price of $60.75.

BlackLine Stock Performance

NASDAQ:BL opened at $53.17 on Wednesday. The firm has a market capitalization of $3.35 billion, a PE ratio of 36.67, a PEG ratio of 10.80 and a beta of 0.94. BlackLine has a 1 year low of $40.82 and a 1 year high of $66.25. The company has a current ratio of 2.59, a quick ratio of 2.69 and a debt-to-equity ratio of 2.00. The firm’s fifty day simple moving average is $47.50 and its 200 day simple moving average is $55.15.

BlackLine (NASDAQ:BL) last released its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) 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, sell-side analysts anticipate that BlackLine will post 0.9 EPS for the current year.

Insiders Place Their Bets

In related news, CRO Mark Woodhams sold 9,088 shares of the stock in a transaction dated 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 sale, the executive now owns 65,414 shares in the company, valued at $3,249,113.38. This trade represents a 12.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 8.60% of the company’s stock.

Institutional Trading of BlackLine

Hedge funds have recently modified their holdings of the company. Tidal Investments LLC grew its position in BlackLine by 1.6% during the 3rd quarter. Tidal Investments LLC now owns 13,539 shares of the technology company’s stock worth $747,000 after acquiring an additional 219 shares during the last quarter. Principal Financial Group Inc. boosted its stake in BlackLine by 13.6% in the third quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock worth $16,033,000 after purchasing an additional 34,919 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of BlackLine by 41.2% during the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock worth $39,000 after purchasing an additional 185 shares during the last quarter. Dakota Wealth Management acquired a new stake in shares of BlackLine in the fourth quarter valued at $244,000. Finally, KBC Group NV raised its holdings in shares of BlackLine by 44.0% in the fourth quarter. KBC Group NV now owns 2,180 shares of the technology company’s stock valued at $132,000 after buying an additional 666 shares during 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.