BlackLine’s (BL) Neutral Rating Reiterated at Piper Sandler

BlackLine (NASDAQ:BL)‘s stock had its “neutral” rating reissued by research analysts at Piper Sandler in a research note issued on Wednesday,Benzinga reports. They currently have a $60.00 price target on the technology company’s stock. Piper Sandler’s price objective points to a potential downside of 2.91% from the company’s current price.

A number of other research analysts have also recently weighed in on the company. BTIG Research lowered their price objective on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Robert W. Baird lowered their price objective on BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Morgan Stanley boosted their price target on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Truist Financial boosted their price target on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Finally, JPMorgan Chase & Co. boosted their price target on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $63.60.

BlackLine Stock Up 5.6 %

BL stock opened at $61.80 on Wednesday. BlackLine has a twelve month low of $43.37 and a twelve month high of $69.31. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. The stock has a market cap of $3.86 billion, a P/E ratio of 63.08, a PEG ratio of 13.54 and a beta of 0.90. The business’s 50-day moving average price is $55.75 and its 200-day moving average price is $51.67.

Insiders Place Their Bets

In other news, CFO Mark Partin sold 85,308 shares of the business’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $54.84, for a total transaction of $4,678,290.72. Following the transaction, the chief financial officer now owns 226,844 shares of the company’s stock, valued at approximately $12,440,124.96. The trade was a 27.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Karole Morgan-Prager sold 27,079 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $60.06, for a total value of $1,626,364.74. Following the transaction, the insider now directly owns 113,865 shares in the company, valued at approximately $6,838,731.90. This represents a 19.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 134,108 shares of company stock valued at $7,488,826 in the last quarter. 9.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On BlackLine

Large investors have recently modified their holdings of the stock. EntryPoint Capital LLC purchased a new position in BlackLine during the 1st quarter valued at $36,000. Quarry LP purchased a new stake in shares of BlackLine in the 2nd quarter worth $32,000. 1620 Investment Advisors Inc. purchased a new stake in shares of BlackLine in the 2nd quarter worth $64,000. Covestor Ltd lifted its holdings in shares of BlackLine by 31.9% in the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after buying an additional 337 shares during the period. Finally, Fifth Third Bancorp lifted its holdings in shares of BlackLine by 13.0% in the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after buying an additional 266 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.