BlackLine (NASDAQ:BL) Receives Buy Rating from Citigroup

Citigroup reaffirmed their buy rating on shares of BlackLine (NASDAQ:BL) in a research note published on Wednesday morning, Marketbeat.com reports. Citigroup currently has a $67.00 price objective on the technology company’s stock, up from their prior price objective of $58.00.

BL has been the subject of a number of other reports. Piper Sandler raised their price objective on shares of BlackLine from $46.00 to $50.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 7th. Morgan Stanley dropped their price objective on shares of BlackLine from $80.00 to $65.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Truist Financial raised their target price on shares of BlackLine from $40.00 to $45.00 and gave the stock a “hold” rating in a research report on Thursday, May 8th. DA Davidson decreased their target price on shares of BlackLine from $58.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Finally, The Goldman Sachs Group decreased their target price on shares of BlackLine from $51.00 to $43.00 and set a “sell” rating on the stock in a research report on Thursday, April 17th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $60.31.

BlackLine Trading Up 1.1%

Shares of BL opened at $56.56 on Wednesday. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.66 and a quick ratio of 1.66. The firm has a 50 day simple moving average of $55.83 and a 200-day simple moving average of $53.42. BlackLine has a 1-year low of $40.82 and a 1-year high of $66.25. The stock has a market cap of $3.52 billion, a price-to-earnings ratio of 40.99, a price-to-earnings-growth ratio of 9.24 and a beta of 0.93.

Insiders Place Their Bets

In other BlackLine news, CAO Michelle D. Stalick sold 795 shares of BlackLine stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $55.14, for a total value of $43,836.30. Following the transaction, the chief accounting officer owned 25,235 shares in the company, valued at $1,391,457.90. This trade represents a 3.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CRO Mark Woodhams sold 1,856 shares of BlackLine stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $54.65, for a total transaction of $101,430.40. Following the completion of the transaction, the executive owned 61,390 shares in the company, valued at approximately $3,354,963.50. This trade represents a 2.93% decrease in their position. The disclosure for this sale can be found here. 8.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On BlackLine

A number of hedge funds have recently made changes to their positions in BL. Quadrant Capital Group LLC lifted its holdings in shares of BlackLine by 243.5% during the 4th quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company’s stock valued at $35,000 after acquiring an additional 414 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of BlackLine during the 4th quarter valued at $50,000. Huntington National Bank lifted its holdings in shares of BlackLine by 596.4% during the 4th quarter. Huntington National Bank now owns 968 shares of the technology company’s stock valued at $59,000 after acquiring an additional 829 shares in the last quarter. Johnson Financial Group Inc. acquired a new position in shares of BlackLine during the 4th quarter valued at $73,000. Finally, Strs Ohio acquired a new position in shares of BlackLine during the 1st quarter valued at $82,000. Institutional investors and hedge funds own 95.13% of the company’s stock.

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.