Brokerages Set BlackLine, Inc. (NASDAQ:BL) Price Target at $58.78

Shares of BlackLine, Inc. (NASDAQ:BL) have earned an average rating of “Hold” from the eleven analysts that are covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $58.78.

BL has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. decreased their price target on shares of BlackLine from $50.00 to $47.00 and set an “underweight” rating for the company in a report on Wednesday, August 7th. Truist Financial dropped their price target on shares of BlackLine from $60.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday, August 7th. Citigroup dropped their price target on shares of BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a research report on Friday, June 28th. Piper Sandler reduced their price objective on BlackLine from $55.00 to $51.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Finally, Robert W. Baird reduced their price objective on BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th.

Insiders Place Their Bets

In other BlackLine news, Director Barbara Whye sold 5,378 shares of the stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $52.01, for a total value of $279,709.78. Following the completion of the sale, the director now directly owns 6,777 shares in the company, valued at $352,471.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Karole Morgan-Prager sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $50.00, for a total value of $500,000.00. Following the completion of the sale, the insider now directly owns 115,424 shares of the company’s stock, valued at $5,771,200. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Barbara Whye sold 5,378 shares of the firm’s stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $52.01, for a total value of $279,709.78. Following the completion of the sale, the director now directly owns 6,777 shares of the company’s stock, valued at $352,471.77. The disclosure for this sale can be found here. Insiders sold 16,765 shares of company stock worth $851,418 over the last ninety days. 9.93% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BlackLine

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of BlackLine by 9.5% in the 1st quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock valued at $476,662,000 after purchasing an additional 642,772 shares in the last quarter. Hawk Ridge Capital Management LP raised its position in shares of BlackLine by 85.4% in the 4th quarter. Hawk Ridge Capital Management LP now owns 730,259 shares of the technology company’s stock worth $45,597,000 after acquiring an additional 336,298 shares in the last quarter. Squarepoint Ops LLC bought a new stake in BlackLine in the 2nd quarter valued at about $15,128,000. Norges Bank bought a new stake in BlackLine in the 4th quarter valued at about $16,927,000. Finally, Principal Financial Group Inc. increased its position in BlackLine by 3,945.7% in the 1st quarter. Principal Financial Group Inc. now owns 265,845 shares of the technology company’s stock valued at $17,168,000 after buying an additional 259,274 shares in the last quarter. Institutional investors own 95.13% of the company’s stock.

BlackLine Trading Up 0.1 %

BlackLine stock opened at $51.98 on Monday. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.95 and a current ratio of 1.95. The firm has a market cap of $3.21 billion, a price-to-earnings ratio of 226.00, a price-to-earnings-growth ratio of 12.21 and a beta of 0.89. BlackLine has a 1 year low of $43.37 and a 1 year high of $69.31. The firm’s 50 day moving average price is $49.11 and its two-hundred day moving average price is $53.63.

BlackLine (NASDAQ:BL) last posted its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.50 by $0.08. BlackLine had a net margin of 19.46% and a return on equity of 33.96%. The business had revenue of $160.51 million for the quarter, compared to analysts’ expectations of $158.21 million. During the same period in the previous year, the company posted ($0.69) EPS. BlackLine’s revenue was up 11.0% on a year-over-year basis. On average, research analysts predict that BlackLine will post 0.94 EPS for the current fiscal year.

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.