BlackLine (NASDAQ:BL) Price Target Lowered to $54.00 at Citigroup

BlackLine (NASDAQ:BL) had its price objective cut by Citigroup from $62.00 to $54.00 in a report released on Friday morning, Benzinga reports. They currently have a neutral rating on the technology company’s stock.

BL has been the subject of several other reports. Robert W. Baird boosted their price objective on BlackLine from $61.00 to $72.00 and gave the stock an outperform rating in a research report on Wednesday, May 8th. William Blair upgraded BlackLine to a hold rating in a research report on Tuesday, May 7th. BMO Capital Markets upped their target price on BlackLine from $65.00 to $67.00 and gave the stock a market perform rating in a research report on Wednesday, May 8th. Wolfe Research started coverage on BlackLine in a research report on Monday, March 18th. They issued a peer perform rating for the company. Finally, Piper Sandler upgraded BlackLine from an underweight rating to a neutral rating and upped their target price for the stock from $55.00 to $62.00 in a research report on Tuesday, April 23rd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $63.56.

BlackLine Stock Performance

Shares of NASDAQ BL opened at $48.05 on Friday. The company has a current ratio of 2.30, a quick ratio of 2.30 and a debt-to-equity ratio of 4.08. The stock has a 50 day simple moving average of $52.15 and a 200-day simple moving average of $58.05. The company has a market cap of $2.97 billion, a PE ratio of 208.91, a P/E/G ratio of 5.59 and a beta of 0.86. BlackLine has a 12-month low of $43.79 and a 12-month high of $69.31.

BlackLine (NASDAQ:BL) last issued its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.10. The business had revenue of $157.46 million during the quarter, compared to the consensus estimate of $155.05 million. BlackLine had a return on equity of 9.07% and a net margin of 2.30%. On average, equities research analysts forecast that BlackLine will post 1.1 EPS for the current year.

Insider Buying and Selling at BlackLine

In other BlackLine news, CFO Mark Partin sold 50,000 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $47.38, for a total transaction of $2,369,000.00. Following the sale, the chief financial officer now directly owns 229,341 shares of the company’s stock, valued at approximately $10,866,176.58. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other BlackLine news, CFO Mark Partin sold 50,000 shares of the business’s stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $47.38, for a total transaction of $2,369,000.00. Following the sale, the chief financial officer now directly owns 229,341 shares of the company’s stock, valued at approximately $10,866,176.58. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jimmy C. Duan bought 2,000 shares of the business’s stock in a transaction on Friday, May 31st. The shares were purchased at an average cost of $47.73 per share, for a total transaction of $95,460.00. Following the completion of the purchase, the insider now owns 50,360 shares in the company, valued at $2,403,682.80. The disclosure for this purchase can be found here. 9.53% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On BlackLine

A number of hedge funds have recently modified their holdings of BL. Vanguard Group Inc. increased its stake in shares of BlackLine by 9.5% in the first quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock worth $476,662,000 after acquiring an additional 642,772 shares during the last quarter. Hawk Ridge Capital Management LP boosted its holdings in BlackLine by 85.4% in the fourth quarter. Hawk Ridge Capital Management LP now owns 730,259 shares of the technology company’s stock worth $45,597,000 after purchasing an additional 336,298 shares in the last quarter. Norges Bank bought a new stake in BlackLine in the fourth quarter worth $16,927,000. Principal Financial Group Inc. boosted its holdings in BlackLine by 3,945.7% in the first quarter. Principal Financial Group Inc. now owns 265,845 shares of the technology company’s stock worth $17,168,000 after purchasing an additional 259,274 shares in the last quarter. Finally, Stanley Laman Group Ltd. bought a new stake in BlackLine in the fourth quarter worth $8,764,000. 95.13% of the stock is owned by institutional investors and hedge funds.

About BlackLine

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.