BlackLine (NASDAQ:BL) Trading Up 5.6%

BlackLine, Inc. (NASDAQ:BL)’s stock price shot up 5.6% during mid-day trading on Monday . The stock traded as high as $56.17 and last traded at $55.82. 239,431 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 923,167 shares. The stock had previously closed at $52.85.

Analysts Set New Price Targets

Several research firms have issued reports on BL. BTIG Research dropped their price objective on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Robert W. Baird decreased their target price on BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. JMP Securities reaffirmed a “market outperform” rating and issued a $81.00 target price on shares of BlackLine in a research report on Monday, July 15th. Piper Sandler decreased their target price on BlackLine from $55.00 to $51.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Finally, Truist Financial decreased their target price on BlackLine from $60.00 to $45.00 and set a “hold” rating on the stock in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $59.90.

BlackLine Stock Down 1.8 %

The firm has a market cap of $3.35 billion, a price-to-earnings ratio of 235.35, a P/E/G ratio of 12.80 and a beta of 0.89. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.95 and a quick ratio of 1.95. The stock has a 50-day moving average of $49.67 and a 200-day moving average of $52.85.

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

Insider Activity

In other news, insider Karole Morgan-Prager sold 10,000 shares of the stock in a transaction 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 transaction, the insider now directly owns 115,424 shares in the company, valued at approximately $5,771,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other BlackLine news, insider Karole Morgan-Prager sold 10,000 shares of the business’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 transaction, the insider now directly owns 115,424 shares of the company’s stock, valued at $5,771,200. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark Partin sold 85,308 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $54.84, for a total value of $4,678,290.72. Following the completion of the transaction, the chief financial officer now directly owns 226,844 shares in the company, valued at $12,440,124.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 117,721 shares of company stock worth $6,379,052. Insiders own 9.93% of the company’s stock.

Hedge Funds Weigh In On BlackLine

Institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. increased its holdings in shares of BlackLine by 11.5% during the fourth quarter. Principal Financial Group Inc. now owns 6,571 shares of the technology company’s stock valued at $410,000 after acquiring an additional 680 shares in the last quarter. Norges Bank bought a new stake in shares of BlackLine during the fourth quarter valued at approximately $16,927,000. Campbell & CO Investment Adviser LLC bought a new stake in shares of BlackLine during the fourth quarter valued at approximately $1,076,000. PEAK6 Investments LLC increased its holdings in shares of BlackLine by 385.5% during the fourth quarter. PEAK6 Investments LLC now owns 59,484 shares of the technology company’s stock valued at $3,714,000 after acquiring an additional 47,233 shares in the last quarter. Finally, Hawk Ridge Capital Management LP increased its holdings in shares of BlackLine by 85.4% during the fourth quarter. Hawk Ridge Capital Management LP now owns 730,259 shares of the technology company’s stock valued at $45,597,000 after acquiring an additional 336,298 shares in the last quarter. 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.