BlackLine (NASDAQ:BL) Price Target Cut to $55.00 by Analysts at Piper Sandler

BlackLine (NASDAQ:BL) had its target price reduced by equities research analysts at Piper Sandler from $62.00 to $55.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. Piper Sandler’s price objective suggests a potential upside of 14.85% from the company’s current price.

Several other equities analysts also recently commented on BL. Robert W. Baird boosted their price target on shares of BlackLine from $61.00 to $72.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 8th. Citigroup dropped their price target on shares of BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Friday, June 28th. Wolfe Research assumed coverage on shares of BlackLine in a research note on Monday, March 18th. They issued a “peer perform” rating for the company. BMO Capital Markets lifted their price objective on shares of BlackLine from $65.00 to $67.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 8th. Finally, William Blair raised shares of BlackLine to a “hold” rating in a research report on Tuesday, May 7th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, BlackLine has an average rating of “Hold” and a consensus target price of $62.78.

BlackLine Stock Up 1.5 %

Shares of NASDAQ BL opened at $47.89 on Friday. BlackLine has a 1 year low of $43.79 and a 1 year high of $69.31. The company has a debt-to-equity ratio of 4.08, a current ratio of 2.30 and a quick ratio of 2.30. The company has a 50 day simple moving average of $50.29 and a 200-day simple moving average of $57.29. The company has a market capitalization of $2.96 billion, a P/E ratio of 208.22, a P/E/G ratio of 5.44 and a beta of 0.86.

BlackLine (NASDAQ:BL) last posted its earnings results on Tuesday, May 7th. The technology company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.10. BlackLine had a net margin of 2.30% and a return on equity of 9.07%. The firm had revenue of $157.46 million during the quarter, compared to the consensus estimate of $155.05 million. On average, equities research analysts predict that BlackLine will post 1.1 earnings per share for the current year.

Insider Buying and Selling at BlackLine

In other BlackLine news, insider Jimmy C. Duan purchased 2,000 shares of BlackLine stock in a transaction on Friday, May 31st. The shares were bought at an average price of $47.73 per share, with a total value of $95,460.00. Following the completion of the acquisition, the insider now directly owns 50,360 shares of the company’s stock, valued at $2,403,682.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CFO Mark Partin sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The shares were 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 owns 229,341 shares of the company’s stock, valued at $10,866,176.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jimmy C. Duan purchased 2,000 shares of the business’s stock in a transaction on Friday, May 31st. The shares were bought at an average cost of $47.73 per share, for a total transaction of $95,460.00. Following the purchase, the insider now owns 50,360 shares of the company’s stock, valued at $2,403,682.80. The disclosure for this purchase can be found here. Insiders own 9.93% of the company’s stock.

Hedge Funds Weigh In On BlackLine

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in BlackLine by 9.5% during the first quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock worth $476,662,000 after purchasing an additional 642,772 shares during the period. Brown Advisory Inc. increased its position in shares of BlackLine by 2.5% in the fourth quarter. Brown Advisory Inc. now owns 1,899,804 shares of the technology company’s stock worth $118,624,000 after acquiring an additional 45,950 shares in the last quarter. Conestoga Capital Advisors LLC increased its position in shares of 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 in the last quarter. Hawk Ridge Capital Management LP increased its position in shares of BlackLine by 85.4% in the fourth quarter. Hawk Ridge Capital Management LP now owns 730,259 shares of the technology company’s stock worth $45,597,000 after acquiring an additional 336,298 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of BlackLine by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 448,171 shares of the technology company’s stock worth $27,984,000 after acquiring an additional 13,062 shares in the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

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.