Analysts Set BlackLine, Inc. (NASDAQ:BL) Price Target at $61.20

Shares of BlackLine, Inc. (NASDAQ:BL) have received an average rating of “Hold” from the twelve analysts that are currently covering the firm, Marketbeat.com reports. Two investment 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. The average twelve-month price objective among brokers that have covered the stock in the last year is $62.10.

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, October 25th. JMP Securities reaffirmed a “market outperform” rating and set a $81.00 target price on shares of BlackLine in a research note on Monday, July 15th. Piper Sandler boosted their price target on shares of BlackLine from $51.00 to $60.00 and gave the stock a “neutral” rating in a research note on Friday. Morgan Stanley upgraded BlackLine from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $60.00 to $70.00 in a research report on Monday, September 30th. Finally, Robert W. Baird reduced their target price on BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th.

BlackLine Stock Performance

Shares of NASDAQ BL opened at $60.37 on Tuesday. The stock has a market cap of $3.75 billion, a PE ratio of 67.08, a price-to-earnings-growth ratio of 14.36 and a beta of 0.90. BlackLine has a 1 year low of $43.37 and a 1 year high of $69.31. The firm has a fifty day moving average price of $53.91 and a 200-day moving average price of $51.65. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.95 and a quick ratio of 1.95.

Insider Buying and Selling at BlackLine

In related news, CFO Mark Partin sold 85,308 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $54.84, for a total value of $4,678,290.72. Following the transaction, the chief financial officer now owns 226,844 shares of the company’s stock, valued at $12,440,124.96. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Mark Partin sold 85,308 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $54.84, for a total value of $4,678,290.72. Following the completion of the sale, the chief financial officer now directly owns 226,844 shares of the company’s stock, valued at $12,440,124.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Barbara Whye sold 5,378 shares of the firm’s stock in a transaction dated 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 directly owns 6,777 shares in the company, valued at $352,471.77. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 140,873 shares of company stock valued at $7,840,243 in the last three months. Company insiders own 9.93% of the company’s stock.

Hedge Funds Weigh In On BlackLine

A number of large investors have recently added to or reduced their stakes in BL. Vanguard Group Inc. increased its position in shares of 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 in the last quarter. Conestoga Capital Advisors LLC grew its stake in BlackLine by 24.9% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock worth $96,997,000 after buying an additional 350,143 shares during the last quarter. Geneva Capital Management LLC increased its position in BlackLine by 2.8% during the 3rd quarter. Geneva Capital Management LLC now owns 895,810 shares of the technology company’s stock valued at $49,395,000 after buying an additional 24,446 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in BlackLine by 65.4% in the second quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock valued at $28,076,000 after buying an additional 229,151 shares during the last quarter. Finally, Handelsbanken Fonder AB boosted its holdings in BlackLine by 40.7% in the third quarter. Handelsbanken Fonder AB now owns 404,400 shares of the technology company’s stock worth $22,299,000 after acquiring an additional 116,900 shares in 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.