Brokerages Set BlackLine (NASDAQ:BL) Price Target at $60.67

BlackLine (NASDAQ:BL) has received a consensus recommendation of “Hold” from the twelve brokerages that are presently covering the firm, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $61.0833.

BL has been the topic of a number of analyst reports. Citigroup reiterated a “buy” rating and set a $67.00 price objective (up previously from $58.00) on shares of BlackLine in a research note on Wednesday, July 16th. DA Davidson initiated coverage on BlackLine in a research note on Wednesday. They set a “neutral” rating and a $56.00 price objective on the stock. BMO Capital Markets upped their price objective on BlackLine from $60.00 to $63.00 and gave the stock a “market perform” rating in a research note on Wednesday. Cantor Fitzgerald initiated coverage on BlackLine in a research note on Tuesday, June 3rd. They set a “neutral” rating and a $58.00 price objective on the stock. Finally, Raymond James Financial upgraded BlackLine from a “market perform” rating to an “outperform” rating and set a $67.00 price objective on the stock in a research note on Tuesday, July 29th.

BlackLine Trading Down 4.3%

NASDAQ BL opened at $48.35 on Thursday. The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of 37.48, a PEG ratio of 6.66 and a beta of 0.91. The stock’s 50 day moving average price is $55.66 and its two-hundred day moving average price is $52.90. The company has a debt-to-equity ratio of 1.61, a quick ratio of 1.66 and a current ratio of 1.64. BlackLine has a 52 week low of $40.82 and a 52 week high of $66.25.

BlackLine (NASDAQ:BL) last announced its quarterly earnings data on Tuesday, August 5th. The technology company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.01. BlackLine had a return on equity of 15.95% and a net margin of 13.05%. The company had revenue of $172.03 million for the quarter, compared to analysts’ expectations of $170.87 million. During the same quarter in the prior year, the business posted $0.58 EPS. The business’s revenue was up 7.2% compared to the same quarter last year. As a group, analysts anticipate that BlackLine will post 0.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other BlackLine news, CRO Mark Woodhams sold 1,856 shares of the company’s stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $54.65, for a total value of $101,430.40. Following the transaction, the executive directly owned 61,390 shares of the company’s stock, valued at $3,354,963.50. This represents a 2.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Michelle D. Stalick sold 795 shares of the company’s 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 completion of the transaction, the chief accounting officer directly owned 25,235 shares in the company, valued at approximately $1,391,457.90. This represents a 3.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. 8.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BL. Atlantic Union Bankshares Corp acquired a new position in BlackLine in the 2nd quarter valued at $27,000. Caitong International Asset Management Co. Ltd acquired a new stake in shares of BlackLine during the 2nd quarter worth $33,000. Quadrant Capital Group LLC grew 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 worth $35,000 after purchasing an additional 414 shares in the last quarter. Huntington National Bank grew its holdings in shares of BlackLine by 57.5% during the 2nd quarter. Huntington National Bank now owns 1,235 shares of the technology company’s stock worth $70,000 after purchasing an additional 451 shares in the last quarter. Finally, Johnson Financial Group Inc. acquired a new stake in shares of BlackLine during the 4th quarter worth $73,000. 95.13% of the stock is owned by institutional investors and hedge funds.

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.