Brokerages Set BlackLine, Inc. (NASDAQ:BL) PT at $62.78

Shares of BlackLine, Inc. (NASDAQ:BL) have received a consensus rating of “Hold” from the twelve ratings firms that are presently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $62.78.

Several analysts have recently weighed in on BL shares. Citigroup lowered their target price on shares of BlackLine from $62.00 to $54.00 and set a “neutral” rating on the stock in a report on Friday, June 28th. Piper Sandler decreased their price objective on shares of BlackLine from $62.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, July 12th. Robert W. Baird boosted their price objective on shares of BlackLine from $61.00 to $72.00 and gave the stock an “outperform” rating in a report on Wednesday, May 8th. JMP Securities reissued a “market outperform” rating and set a $81.00 price objective on shares of BlackLine in a report on Monday, July 15th. Finally, BMO Capital Markets boosted their price objective on shares of BlackLine from $65.00 to $67.00 and gave the stock a “market perform” rating in a report on Wednesday, May 8th.

BlackLine Trading Down 1.3 %

NASDAQ BL opened at $45.57 on Friday. The firm has a market cap of $2.82 billion, a PE ratio of 198.13, a P/E/G ratio of 5.32 and a beta of 0.86. The firm’s fifty day moving average is $47.17 and its two-hundred day moving average is $55.92. The company has a debt-to-equity ratio of 4.08, a quick ratio of 2.30 and a current ratio of 2.30. BlackLine has a one year low of $43.79 and a one year high of $69.31.

BlackLine (NASDAQ:BL) last issued its earnings results on Tuesday, May 7th. The technology company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.10. The business had revenue of $157.46 million for the quarter, compared to the consensus estimate of $155.05 million. BlackLine had a net margin of 2.30% and a return on equity of 9.07%. Analysts expect that BlackLine will post 1.1 earnings per share for the current year.

Insider Buying and Selling at BlackLine

In other news, insider Jimmy C. Duan acquired 2,000 shares of the business’s stock in a transaction dated Friday, May 31st. The stock was acquired at an average price of $47.73 per share, with a total value of $95,460.00. Following the completion of the transaction, the insider now directly owns 50,360 shares in the company, valued at approximately $2,403,682.80. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, insider Jimmy C. Duan acquired 2,000 shares of the business’s stock in a transaction dated Friday, May 31st. The stock was acquired at an average price of $47.73 per share, with a total value of $95,460.00. Following the completion of the transaction, the insider now directly owns 50,360 shares in the company, valued at approximately $2,403,682.80. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Mark Partin sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $47.38, for a total transaction of $2,369,000.00. Following the transaction, the chief financial officer now directly owns 229,341 shares of the company’s stock, valued at approximately $10,866,176.58. The disclosure for this sale can be found here. Insiders own 9.93% of the company’s stock.

Institutional Investors Weigh In On BlackLine

Several large investors have recently made changes to their positions in BL. Trust Point Inc. purchased a new position in shares of BlackLine in the fourth quarter valued at $741,000. Stratos Wealth Partners LTD. boosted its stake in shares of BlackLine by 8.8% in the fourth quarter. Stratos Wealth Partners LTD. now owns 11,156 shares of the technology company’s stock valued at $697,000 after purchasing an additional 907 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in BlackLine by 4.6% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 26,257 shares of the technology company’s stock valued at $1,639,000 after acquiring an additional 1,150 shares during the last quarter. Wakefield Asset Management LLLP boosted its stake in BlackLine by 11.2% during the 4th quarter. Wakefield Asset Management LLLP now owns 12,711 shares of the technology company’s stock valued at $794,000 after acquiring an additional 1,276 shares during the last quarter. Finally, Conestoga Capital Advisors LLC boosted its stake in BlackLine by 3.5% during the 4th quarter. Conestoga Capital Advisors LLC now owns 1,414,835 shares of the technology company’s stock valued at $88,342,000 after acquiring an additional 47,420 shares during the last quarter. Institutional investors and hedge funds own 95.13% of the company’s stock.

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.