BlackLine, Inc. (NASDAQ:BL) Receives $61.80 Average Price Target from Brokerages

Shares of BlackLine, Inc. (NASDAQ:BL) have received an average recommendation of “Hold” from the eleven brokerages that are covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $62.20.

Several brokerages have weighed in on BL. JMP Securities reissued a “market outperform” rating and set a $81.00 price objective on shares of BlackLine in a report on Wednesday, February 14th. Citigroup lowered their price objective on BlackLine from $66.00 to $63.00 and set a “neutral” rating for the company in a report on Tuesday. William Blair downgraded BlackLine from an “outperform” rating to a “market perform” rating in a report on Wednesday, February 14th. Robert W. Baird lowered their target price on shares of BlackLine from $65.00 to $61.00 and set an “outperform” rating for the company in a research note on Wednesday, February 14th. Finally, Piper Sandler raised shares of BlackLine from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $55.00 to $62.00 in a report on Tuesday.

BlackLine Trading Up 5.3 %

NASDAQ BL opened at $61.46 on Friday. The stock has a market cap of $3.80 billion, a P/E ratio of -614.60, a PEG ratio of 10.19 and a beta of 0.86. The company’s fifty day simple moving average is $62.04 and its 200-day simple moving average is $59.27. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 4.37. BlackLine has a 52 week low of $47.26 and a 52 week high of $69.31.

BlackLine (NASDAQ:BL) last announced its earnings results on Tuesday, February 13th. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.28. BlackLine had a positive return on equity of 2.15% and a negative net margin of 1.50%. The business had revenue of $155.73 million for the quarter, compared to analyst estimates of $154.24 million. Equities research analysts predict that BlackLine will post 1.02 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Thomas Unterman sold 750 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $60.00, for a total value of $45,000.00. Following the completion of the sale, the director now owns 51,470 shares of the company’s stock, valued at $3,088,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other BlackLine news, Director Thomas Unterman sold 750 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $60.00, for a total value of $45,000.00. Following the sale, the director now directly owns 51,470 shares in the company, valued at $3,088,200. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kevin B. Thompson sold 4,500 shares of the stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $57.50, for a total transaction of $258,750.00. Following the sale, the director now directly owns 11,000 shares of the company’s stock, valued at $632,500. The disclosure for this sale can be found here. 9.53% of the stock is owned by insiders.

Institutional Trading of BlackLine

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. CWM LLC raised its holdings in shares of BlackLine by 94.8% during the fourth quarter. CWM LLC now owns 452 shares of the technology company’s stock valued at $28,000 after acquiring an additional 220 shares during the period. Arizona State Retirement System increased its stake in BlackLine by 1.6% in the 3rd quarter. Arizona State Retirement System now owns 14,639 shares of the technology company’s stock valued at $812,000 after buying an additional 227 shares during the period. NBC Securities Inc. increased its stake in BlackLine by 2.5% in the 4th quarter. NBC Securities Inc. now owns 11,854 shares of the technology company’s stock valued at $740,000 after buying an additional 285 shares during the period. Portside Wealth Group LLC increased its stake in BlackLine by 4.6% in the 4th quarter. Portside Wealth Group LLC now owns 8,091 shares of the technology company’s stock valued at $505,000 after buying an additional 359 shares during the period. Finally, TFO Wealth Partners LLC increased its stake in BlackLine by 9,080.0% in the 4th quarter. TFO Wealth Partners LLC now owns 459 shares of the technology company’s stock valued at $312,000 after buying an additional 454 shares during the period. 95.13% of the stock is owned by institutional investors and hedge funds.

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.