BMO Capital Markets Cuts BlackLine (NASDAQ:BL) Price Target to $60.00

BlackLine (NASDAQ:BL) had its price objective lowered by BMO Capital Markets from $68.00 to $60.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has a market perform rating on the technology company’s stock.

Other research analysts also recently issued reports about the stock. StockNews.com downgraded shares of BlackLine from a “buy” rating to a “hold” rating in a research report on Tuesday, February 4th. JPMorgan Chase & Co. lifted their price objective on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and raised their target price for the stock from $50.00 to $75.00 in a research report on Thursday, January 30th. Citigroup raised BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price target on the stock in a research report on Thursday, January 16th. Finally, 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. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, BlackLine has a consensus rating of “Hold” and a consensus price target of $66.40.

BlackLine Price Performance

Shares of NASDAQ:BL opened at $51.37 on Wednesday. BlackLine has a 12 month low of $43.37 and a 12 month high of $69.31. The stock has a market cap of $3.21 billion, a price-to-earnings ratio of 52.42, a PEG ratio of 9.14 and a beta of 0.92. The stock’s 50 day moving average price is $61.15 and its 200 day moving average price is $56.77. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69.

BlackLine (NASDAQ:BL) last released its earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a return on equity of 31.02% and a net margin of 19.83%. Equities research analysts anticipate that BlackLine will post 1 earnings per share for the current fiscal year.

Insider Transactions at BlackLine

In related news, CRO Mark Woodhams sold 24,408 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the sale, the executive now directly owns 72,920 shares in the company, valued at approximately $4,690,214.40. The trade was a 25.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 9.93% of the stock is currently owned by company insiders.

Institutional Trading of BlackLine

Several large investors have recently modified their holdings of the company. Comerica Bank lifted its holdings in shares of BlackLine by 18.9% during the fourth quarter. Comerica Bank now owns 168,230 shares of the technology company’s stock worth $10,222,000 after buying an additional 26,792 shares during the last quarter. Northern Trust Corp boosted its holdings in BlackLine by 14.9% in the 4th quarter. Northern Trust Corp now owns 745,397 shares of the technology company’s stock valued at $45,290,000 after purchasing an additional 96,523 shares during the period. Tudor Investment Corp ET AL acquired a new stake in BlackLine in the 4th quarter worth $280,000. Johnson Financial Group Inc. bought a new position in shares of BlackLine during the 4th quarter worth about $73,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of BlackLine during the fourth quarter valued at about $6,337,000. 95.13% of the stock is owned by institutional investors.

About BlackLine

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.