Bank of America upgraded shares of BlackLine (NASDAQ:BL – Free Report) from an underperform rating to a buy rating in a report published on Thursday morning, MarketBeat Ratings reports. The brokerage currently has $75.00 target price on the technology company’s stock, up from their prior target price of $50.00.
A number of other brokerages have also recently commented on BL. Truist Financial upped their price target on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Piper Sandler cut shares of BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 target price on the stock. in a research note on Monday, January 6th. Morgan Stanley upped their price target on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. JMP Securities restated a “market outperform” rating and set a $86.00 price objective on shares of BlackLine in a research report on Wednesday, January 15th. Finally, StockNews.com raised BlackLine from a “hold” rating to a “buy” rating in a report on Monday. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $68.10.
View Our Latest Stock Analysis on BL
BlackLine Stock Up 0.9 %
Insider Activity at BlackLine
In related news, CRO Mark Woodhams sold 24,408 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the completion of the sale, the executive now owns 72,920 shares of the company’s stock, valued at $4,690,214.40. This represents a 25.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 9.93% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in BL. Principal Financial Group Inc. lifted its position in BlackLine by 13.6% during the 3rd quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock worth $16,033,000 after acquiring an additional 34,919 shares during the period. Icon Wealth Advisors LLC raised its stake in shares of BlackLine by 307.5% in the third quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company’s stock worth $907,000 after purchasing an additional 12,415 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of BlackLine by 61.9% during the third quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company’s stock worth $1,416,000 after purchasing an additional 9,820 shares during the period. Weiss Asset Management LP purchased a new stake in BlackLine in the third quarter valued at approximately $1,506,000. Finally, Eagle Asset Management Inc. increased its holdings in BlackLine by 74.0% in the 3rd quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company’s stock worth $12,335,000 after buying an additional 86,931 shares during the period. 95.13% of the stock is currently owned by hedge funds and other institutional investors.
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.
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