BlackLine (NASDAQ:BL) Shares Gap Up – Still a Buy?

BlackLine, Inc. (NASDAQ:BL) gapped up prior to trading on Thursday . The stock had previously closed at $62.89, but opened at $66.25. BlackLine shares last traded at $65.18, with a volume of 112,995 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. JMP Securities restated a “market outperform” rating and issued a $86.00 price objective on shares of BlackLine in a report on Wednesday, January 15th. StockNews.com raised BlackLine from a “hold” rating to a “buy” rating in a report on Monday, January 27th. Truist Financial boosted their target price on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Morgan Stanley increased their price target on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, Citigroup raised shares of BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price objective for the company in a report on Thursday, January 16th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, BlackLine currently has a consensus rating of “Hold” and an average target price of $68.10.

BlackLine Trading Up 0.6 %

The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of 65.15, a P/E/G ratio of 14.24 and a beta of 0.91. The business has a 50-day moving average of $61.56 and a two-hundred day moving average of $55.85.

Insider Transactions at BlackLine

In related news, CRO Mark Woodhams sold 24,408 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the transaction, 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 document filed with the SEC, which is available at this hyperlink. 9.93% of the stock is owned by insiders.

Institutional Trading of BlackLine

A number of large investors have recently bought and sold shares of the stock. Global Retirement Partners LLC raised its stake in shares of BlackLine by 568.4% in the fourth quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock valued at $32,000 after acquiring an additional 449 shares during the last quarter. GAMMA Investing LLC raised its position in BlackLine by 41.2% in the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock valued at $39,000 after purchasing an additional 185 shares during the last quarter. Quarry LP acquired a new position in BlackLine in the second quarter worth $32,000. Asset Management One Co. Ltd. boosted its stake in BlackLine by 19.8% in the fourth quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company’s stock worth $77,000 after purchasing an additional 209 shares in the last quarter. Finally, Covestor Ltd grew its holdings in shares of BlackLine by 31.9% during the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after purchasing an additional 337 shares during the last quarter. 95.13% of the stock is currently owned by 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.