Analysts Set BlackLine, Inc. (NASDAQ:BL) Target Price at $58.78

Shares of BlackLine, Inc. (NASDAQ:BL) have earned a consensus rating of “Hold” from the eleven analysts that are presently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $58.78.

Several equities analysts have commented on the stock. JMP Securities reissued a “market outperform” rating and set a $81.00 target price on shares of BlackLine in a research report on Monday, July 15th. JPMorgan Chase & Co. lowered their price target on BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 7th. Citigroup lowered their price target on BlackLine from $62.00 to $54.00 and set a “neutral” rating on the stock in a research report on Friday, June 28th. BTIG Research lowered their price target on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Finally, Piper Sandler lowered their price target on BlackLine from $55.00 to $51.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th.

BlackLine Price Performance

BL opened at $51.30 on Monday. The stock has a fifty day moving average of $48.95 and a 200-day moving average of $53.74. The firm has a market capitalization of $3.17 billion, a P/E ratio of 223.04, a PEG ratio of 12.21 and a beta of 0.89. BlackLine has a 12-month low of $43.37 and a 12-month high of $69.31. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 2.74.

BlackLine (NASDAQ:BL) last announced its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.08. BlackLine had a return on equity of 33.96% and a net margin of 19.46%. The business had revenue of $160.51 million during the quarter, compared to analyst estimates of $158.21 million. During the same period last year, the company earned ($0.69) earnings per share. BlackLine’s quarterly revenue was up 11.0% compared to the same quarter last year. Equities analysts forecast that BlackLine will post 0.94 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Barbara Whye sold 5,378 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $52.01, for a total value of $279,709.78. Following the transaction, the director now owns 6,777 shares in the company, valued at approximately $352,471.77. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other BlackLine news, Director Barbara Whye sold 5,378 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $52.01, for a total transaction of $279,709.78. Following the transaction, the director now owns 6,777 shares in the company, valued at approximately $352,471.77. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Karole Morgan-Prager sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $50.00, for a total transaction of $500,000.00. Following the transaction, the insider now owns 115,424 shares in the company, valued at approximately $5,771,200. The disclosure for this sale can be found here. Insiders have sold 16,765 shares of company stock valued at $851,418 in the last three months. 9.93% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On BlackLine

Several large investors have recently modified their holdings of BL. Vanguard Group Inc. grew its holdings in BlackLine by 9.5% in 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. Hawk Ridge Capital Management LP raised its position in 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 during the period. Squarepoint Ops LLC bought a new stake in BlackLine in the second quarter worth about $15,128,000. Norges Bank bought a new stake in BlackLine in the fourth quarter worth about $16,927,000. Finally, Principal Financial Group Inc. raised its position in BlackLine by 3,945.7% in the first quarter. Principal Financial Group Inc. now owns 265,845 shares of the technology company’s stock worth $17,168,000 after acquiring an additional 259,274 shares during the period. Institutional investors own 95.13% of the company’s stock.

About BlackLine

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.