Truist Financial Issues Positive Forecast for BlackLine (NASDAQ:BL) Stock Price

BlackLine (NASDAQ:BL) had its target price increased by stock analysts at Truist Financial from $55.00 to $60.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “hold” rating on the technology company’s stock. Truist Financial’s target price points to a potential downside of 1.88% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Piper Sandler boosted their price objective on shares of BlackLine from $51.00 to $60.00 and gave the stock a “neutral” rating in a report on Friday, November 8th. BTIG Research lowered their price target on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Morgan Stanley upgraded BlackLine from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $60.00 to $70.00 in a report on Monday, September 30th. Robert W. Baird dropped their target price on BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $81.00 price target on shares of BlackLine in a research note on Monday, July 15th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, BlackLine currently has a consensus rating of “Hold” and a consensus price target of $62.60.

BlackLine Trading Down 2.2 %

NASDAQ BL opened at $61.15 on Monday. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 2.74. The stock’s 50-day simple moving average is $54.42 and its two-hundred day simple moving average is $51.62. BlackLine has a twelve month low of $43.37 and a twelve month high of $69.31. The company has a market capitalization of $3.80 billion, a price-to-earnings ratio of 62.40, a PEG ratio of 14.79 and a beta of 0.90.

Insider Buying and Selling at BlackLine

In other news, CFO Mark Partin sold 5,648 shares of the firm’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $53.00, for a total value of $299,344.00. Following the completion of the sale, the chief financial officer now directly owns 226,844 shares of the company’s stock, valued at approximately $12,022,732. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Mark Partin sold 5,648 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $53.00, for a total value of $299,344.00. Following the completion of the transaction, the chief financial officer now directly owns 226,844 shares of the company’s stock, valued at $12,022,732. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Karole Morgan-Prager sold 27,079 shares of BlackLine stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $60.06, for a total value of $1,626,364.74. Following the sale, the insider now directly owns 113,865 shares in the company, valued at approximately $6,838,731.90. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 135,495 shares of company stock valued at $7,560,534. 9.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in BlackLine by 9.5% during the 1st quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock valued at $476,662,000 after buying an additional 642,772 shares in the last quarter. Conestoga Capital Advisors LLC increased its holdings in shares of BlackLine by 24.9% during the third quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock valued at $96,997,000 after acquiring an additional 350,143 shares in the last quarter. Squarepoint Ops LLC purchased a new position in shares of BlackLine in the 2nd quarter worth about $15,128,000. Dimensional Fund Advisors LP boosted its stake in BlackLine by 65.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock worth $28,076,000 after purchasing an additional 229,151 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its position in BlackLine by 3,027.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 224,944 shares of the technology company’s stock valued at $12,403,000 after purchasing an additional 217,751 shares during the last quarter. 95.13% of the stock is currently owned by institutional investors.

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.