Morgan Stanley Issues Positive Forecast for BlackLine (NASDAQ:BL) Stock Price

BlackLine (NASDAQ:BL) had its price objective increased by Morgan Stanley from $70.00 to $80.00 in a research report released on Friday morning,Benzinga reports. They currently have an overweight rating on the technology company’s stock.

Several other research analysts have also recently weighed in on the company. Truist Financial raised their target price on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, November 11th. BTIG Research reduced their target price on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Robert W. Baird cut their price objective on BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. boosted their target price on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Finally, Piper Sandler lifted their price target on BlackLine from $51.00 to $60.00 and gave the stock a “neutral” rating in a research note on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $63.60.

BlackLine Stock Down 2.1 %

BL stock opened at $59.31 on Friday. The firm’s 50-day moving average is $55.16 and its two-hundred day moving average is $51.70. The company has a current ratio of 2.69, a quick ratio of 1.95 and a debt-to-equity ratio of 2.42. The company has a market capitalization of $3.71 billion, a price-to-earnings ratio of 60.52, a price-to-earnings-growth ratio of 14.40 and a beta of 0.90. BlackLine has a 52 week low of $43.37 and a 52 week high of $69.31.

Insider Transactions at BlackLine

In other BlackLine news, CRO Mark Woodhams sold 1,387 shares of the company’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $51.70, for a total transaction of $71,707.90. Following the completion of the sale, the executive now owns 97,582 shares of the company’s stock, valued at $5,044,989.40. This represents a 1.40 % 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. Also, CFO Mark Partin sold 5,648 shares of BlackLine stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $53.00, for a total transaction of $299,344.00. Following the completion of the transaction, the chief financial officer now directly owns 226,844 shares in the company, valued at approximately $12,022,732. This represents a 2.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 135,495 shares of company stock worth $7,560,534 in the last 90 days. 9.93% of the stock is owned by insiders.

Institutional Trading of BlackLine

Several hedge funds have recently added to or reduced their stakes in BL. Vanguard Group Inc. boosted its position in shares of BlackLine by 9.5% in the first quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock valued at $476,662,000 after acquiring an additional 642,772 shares during the period. Engaged Capital LLC bought a new position in shares of BlackLine during the 3rd quarter worth about $33,620,000. Conestoga Capital Advisors LLC lifted its stake in shares of BlackLine by 24.9% in the third quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock valued at $96,997,000 after buying an additional 350,143 shares during the period. Squarepoint Ops LLC acquired a new stake in BlackLine during the second quarter worth about $15,128,000. Finally, Dimensional Fund Advisors LP increased its stake in BlackLine by 65.4% during the second quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock valued at $28,076,000 after acquiring an additional 229,151 shares during the period. 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.