BlackLine (NASDAQ:BL) Cut to “Hold” at StockNews.com

StockNews.com lowered shares of BlackLine (NASDAQ:BL) from a buy rating to a hold rating in a report released on Tuesday morning.

Other equities research analysts have also issued research reports about the company. Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and raised their price target for the stock from $50.00 to $75.00 in a research report on Thursday, January 30th. Truist Financial lifted their price target on shares of BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Morgan Stanley raised their price objective on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Citigroup raised shares of BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 target price for the company in a research note on Thursday, January 16th. Finally, JPMorgan Chase & Co. lifted their price target on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, BlackLine currently has an average rating of “Hold” and an average price target of $68.10.

BlackLine Trading Up 1.5 %

Shares of NASDAQ BL opened at $64.57 on Tuesday. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine has a twelve month low of $43.37 and a twelve month high of $69.31. The company’s fifty day moving average is $61.60 and its 200-day moving average is $56.20. The stock has a market cap of $4.03 billion, a price-to-earnings ratio of 65.89, a P/E/G ratio of 8.97 and a beta of 0.92.

Insider Buying and Selling

In other news, CRO Mark Woodhams sold 24,408 shares of the firm’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the sale, the executive now directly owns 72,920 shares of the company’s stock, valued at $4,690,214.40. This trade represents a 25.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 9.53% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On BlackLine

Several hedge funds have recently added to or reduced their stakes in BL. FMR LLC lifted its holdings in BlackLine by 1.3% during the 3rd quarter. FMR LLC now owns 5,153,275 shares of the technology company’s stock worth $284,152,000 after purchasing an additional 64,435 shares during the last quarter. Conestoga Capital Advisors LLC grew its stake in shares of BlackLine by 20.2% in the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock valued at $128,439,000 after acquiring an additional 354,784 shares in the last quarter. JPMorgan Chase & Co. increased its position in BlackLine by 35.3% during the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock worth $91,896,000 after acquiring an additional 435,271 shares during the period. Geode Capital Management LLC raised its stake in BlackLine by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 1,282,017 shares of the technology company’s stock worth $70,704,000 after purchasing an additional 3,498 shares in the last quarter. Finally, Geneva Capital Management LLC boosted its holdings in BlackLine by 2.8% in the 3rd quarter. Geneva Capital Management LLC now owns 895,810 shares of the technology company’s stock valued at $49,395,000 after purchasing an additional 24,446 shares during the period. Institutional investors and hedge funds own 95.13% of the company’s stock.

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.