Analysts Set BlackLine, Inc. (NASDAQ:BL) Price Target at $59.90

Shares of BlackLine, Inc. (NASDAQ:BL) have been given an average rating of “Hold” by the twelve brokerages that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $59.90.

BL has been the topic of several recent research reports. Robert W. Baird lowered their price objective on BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Piper Sandler dropped their price objective on shares of BlackLine from $55.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. JMP Securities restated a “market outperform” rating and set a $81.00 target price on shares of BlackLine in a research report on Monday, July 15th. Truist Financial reduced their price target on BlackLine from $60.00 to $45.00 and set a “hold” rating on the stock in a research report on Wednesday, August 7th. Finally, BTIG Research cut their target price on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th.

BlackLine Trading Up 2.2 %

BL stock opened at $57.62 on Friday. BlackLine has a one year low of $43.37 and a one year high of $69.31. The stock has a market cap of $3.56 billion, a price-to-earnings ratio of 250.52, a price-to-earnings-growth ratio of 13.57 and a beta of 0.90. The company has a fifty day moving average price of $51.28 and a two-hundred day moving average price of $52.22. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.95 and a quick ratio of 1.95.

BlackLine (NASDAQ:BL) last announced its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates 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 net margin of 19.46% and a return on equity of 33.96%. BlackLine’s quarterly revenue was up 11.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.69) EPS. Equities analysts anticipate that BlackLine will post 0.96 EPS for the current year.

Insiders Place Their Bets

In other BlackLine news, insider Karole Morgan-Prager sold 5,773 shares of the company’s stock in a transaction dated Wednesday, October 2nd. The stock was sold at an average price of $55.14, for a total value of $318,323.22. Following the completion of the transaction, the insider now owns 113,865 shares of the company’s stock, valued at $6,278,516.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CFO Mark Partin sold 85,308 shares of BlackLine stock in a transaction on Monday, September 30th. The shares were sold at an average price of $54.84, for a total transaction of $4,678,290.72. Following the transaction, the chief financial officer now owns 226,844 shares in the company, valued at approximately $12,440,124.96. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Karole Morgan-Prager sold 5,773 shares of the stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $55.14, for a total value of $318,323.22. Following the completion of the sale, the insider now owns 113,865 shares of the company’s stock, valued at $6,278,516.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 123,794 shares of company stock valued at $6,713,879. 9.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On BlackLine

A number of institutional investors have recently made changes to their positions in BL. Quarry LP acquired a new stake in shares of BlackLine during the second quarter worth $32,000. EntryPoint Capital LLC bought a new position in shares of BlackLine in the 1st quarter worth about $36,000. 1620 Investment Advisors Inc. acquired a new position in shares of BlackLine in the 2nd quarter valued at about $64,000. Covestor Ltd boosted its position in shares of BlackLine by 29.4% during the 1st quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock valued at $97,000 after purchasing an additional 340 shares in the last quarter. Finally, Fifth Third Bancorp grew its stake in BlackLine by 13.0% during the second quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after purchasing an additional 266 shares during the period. Institutional investors 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.