BlackLine (NASDAQ:BL) Price Target Lowered to $47.00 at JPMorgan Chase & Co.

BlackLine (NASDAQ:BL) had its price objective reduced by JPMorgan Chase & Co. from $50.00 to $47.00 in a research report released on Wednesday, Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the technology company’s stock.

A number of other brokerages have also recently issued reports on BL. Truist Financial reduced their price objective on BlackLine from $60.00 to $45.00 and set a hold rating for the company in a report on Wednesday. Citigroup decreased their price objective on BlackLine from $62.00 to $54.00 and set a neutral rating on the stock in a report on Friday, June 28th. Robert W. Baird dropped their target price on BlackLine from $72.00 to $65.00 and set an outperform rating for the company in a report on Wednesday. BMO Capital Markets upped their price target on shares of BlackLine from $65.00 to $67.00 and gave the company a market perform rating in a research note on Wednesday, May 8th. Finally, Piper Sandler cut their price objective on shares of BlackLine from $55.00 to $51.00 and set a neutral rating for the company in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $58.78.

BlackLine Stock Up 0.9 %

NASDAQ:BL traded up $0.42 on Wednesday, hitting $49.75. 832 shares of the company’s stock were exchanged, compared to its average volume of 969,896. The firm has a 50-day moving average price of $46.96 and a 200-day moving average price of $55.61. BlackLine has a 52 week low of $43.37 and a 52 week high of $69.31. The company has a debt-to-equity ratio of 4.08, a current ratio of 2.30 and a quick ratio of 2.30. The company has a market cap of $3.08 billion, a P/E ratio of 214.48, a price-to-earnings-growth ratio of 5.32 and a beta of 0.86.

BlackLine (NASDAQ:BL) last released its earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.08. The business had revenue of $160.51 million for the quarter, compared to analyst estimates of $158.21 million. BlackLine had a return on equity of 9.07% and a net margin of 2.30%. BlackLine’s revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.69) earnings per share. As a group, analysts expect that BlackLine will post 1.1 EPS for the current fiscal year.

Insider Activity at BlackLine

In related news, insider Jimmy C. Duan bought 2,000 shares of the company’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 directly owns 50,360 shares in the company, valued at $2,403,682.80. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Jimmy C. Duan bought 2,000 shares of the 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 directly owns 50,360 shares in the company, valued at approximately $2,403,682.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Mark Partin sold 50,000 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $47.38, for a total value of $2,369,000.00. Following the sale, the chief financial officer now owns 229,341 shares in the company, valued at $10,866,176.58. The disclosure for this sale can be found here. 9.93% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On BlackLine

Large investors have recently bought and sold shares of the stock. CWM LLC raised its position in BlackLine by 94.8% during the 4th quarter. CWM LLC now owns 452 shares of the technology company’s stock valued at $28,000 after purchasing an additional 220 shares during the last quarter. Fifth Third Bancorp lifted its position in BlackLine by 13.0% during the second quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after purchasing an additional 266 shares during the period. NBC Securities Inc. lifted its holdings in BlackLine by 2.5% in the fourth quarter. NBC Securities Inc. now owns 11,854 shares of the technology company’s stock valued at $740,000 after acquiring an additional 285 shares during the period. Arizona State Retirement System raised its holdings in BlackLine by 2.3% in the 2nd quarter. Arizona State Retirement System now owns 14,638 shares of the technology company’s stock worth $709,000 after purchasing an additional 325 shares during the period. Finally, Covestor Ltd increased its stake in BlackLine by 29.4% in the 1st quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock worth $97,000 after buying an additional 340 shares in the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

BlackLine Company Profile

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.