BlackLine, Inc. (NASDAQ:BL) Receives Consensus Rating of “Hold” from Analysts

BlackLine, Inc. (NASDAQ:BL) has received a consensus recommendation of “Hold” from the twelve analysts that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $63.56.

Several brokerages have recently weighed in on BL. William Blair upgraded BlackLine to a “hold” rating in a research report on Tuesday, May 7th. Robert W. Baird upped their target price on shares of BlackLine from $61.00 to $72.00 and gave the stock an “outperform” rating in a report on Wednesday, May 8th. Piper Sandler raised shares of BlackLine from an “underweight” rating to a “neutral” rating and raised their price target for the company from $55.00 to $62.00 in a report on Tuesday, April 23rd. BMO Capital Markets boosted their price target on shares of BlackLine from $65.00 to $67.00 and gave the company a “market perform” rating in a research report on Wednesday, May 8th. Finally, Citigroup lowered their price objective on BlackLine from $62.00 to $54.00 and set a “neutral” rating on the stock in a research report on Friday, June 28th.

Insider Activity at BlackLine

In other BlackLine news, CEO Owen Ryan acquired 3,000 shares of the stock in a transaction dated Friday, May 24th. The stock was purchased at an average cost of $49.88 per share, for a total transaction of $149,640.00. Following the acquisition, the chief executive officer now owns 145,948 shares in the company, valued at approximately $7,279,886.24. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CFO Mark Partin sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $47.38, for a total transaction of $2,369,000.00. Following the transaction, the chief financial officer now directly owns 229,341 shares in the company, valued at approximately $10,866,176.58. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Owen Ryan acquired 3,000 shares of the stock in a transaction on Friday, May 24th. The stock was bought at an average price of $49.88 per share, with a total value of $149,640.00. Following the transaction, the chief executive officer now directly owns 145,948 shares of the company’s stock, valued at approximately $7,279,886.24. The disclosure for this purchase can be found here. 9.53% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised 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 purchasing an additional 642,772 shares during the last quarter. Brown Advisory Inc. raised its holdings in shares of BlackLine by 2.5% during the fourth quarter. Brown Advisory Inc. now owns 1,899,804 shares of the technology company’s stock valued at $118,624,000 after acquiring an additional 45,950 shares in the last quarter. Conestoga Capital Advisors LLC lifted its stake in BlackLine by 3.5% in the fourth quarter. Conestoga Capital Advisors LLC now owns 1,414,835 shares of the technology company’s stock worth $88,342,000 after acquiring an additional 47,420 shares during the period. Northern Trust Corp boosted its holdings in BlackLine by 16.7% in the third quarter. Northern Trust Corp now owns 787,289 shares of the technology company’s stock valued at $43,671,000 after acquiring an additional 112,684 shares in the last quarter. Finally, Hawk Ridge Capital Management LP raised its holdings in BlackLine by 85.4% in the 4th quarter. Hawk Ridge Capital Management LP now owns 730,259 shares of the technology company’s stock worth $45,597,000 after purchasing an additional 336,298 shares in the last quarter. 95.13% of the stock is owned by hedge funds and other institutional investors.

BlackLine Stock Up 0.0 %

BL opened at $48.07 on Wednesday. BlackLine has a 12 month low of $43.79 and a 12 month high of $69.31. The company has a market cap of $2.97 billion, a PE ratio of 209.00, a price-to-earnings-growth ratio of 5.59 and a beta of 0.86. The company has a current ratio of 2.30, a quick ratio of 2.30 and a debt-to-equity ratio of 4.08. The company has a 50 day moving average of $51.88 and a 200 day moving average of $57.95.

BlackLine (NASDAQ:BL) last posted its quarterly earnings results on Tuesday, May 7th. The technology company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.22 by $0.10. The firm had revenue of $157.46 million during the quarter, compared to analyst estimates of $155.05 million. BlackLine had a return on equity of 9.07% and a net margin of 2.30%. On average, sell-side analysts expect that BlackLine will post 1.1 EPS for the current year.

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.