BlackLine (NASDAQ:BL) Price Target Raised to $86.00

BlackLine (NASDAQ:BL) had its target price raised by JMP Securities from $81.00 to $86.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a market outperform rating on the technology company’s stock.

A number of other equities analysts have also recently issued reports on the stock. Morgan Stanley upped their price target on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Piper Sandler reiterated a “neutral” rating and issued a $60.00 price target on shares of BlackLine in a research note on Wednesday, November 20th. Truist Financial upped their price target on shares of BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. upped their price target on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Finally, Robert W. Baird decreased their target price on BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $64.10.

BlackLine Stock Performance

Shares of BL stock opened at $62.70 on Friday. BlackLine has a 12 month low of $43.37 and a 12 month high of $69.31. The stock has a market cap of $3.92 billion, a PE ratio of 63.98, a price-to-earnings-growth ratio of 14.48 and a beta of 0.90. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. The company’s fifty day moving average price is $56.26 and its 200-day moving average price is $51.70.

Insider Buying and Selling

In other BlackLine news, CFO Mark Partin sold 5,648 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $53.00, for a total value 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 $12,022,732. This represents a 2.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Karole Morgan-Prager sold 27,079 shares of the company’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $60.06, for a total value of $1,626,364.74. Following the completion of the transaction, the insider now owns 113,865 shares of the company’s stock, valued at $6,838,731.90. The trade was a 19.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 134,108 shares of company stock valued at $7,488,826. 9.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BL. Vanguard Group Inc. boosted its position in shares of BlackLine by 9.5% during the 1st 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 last quarter. Engaged Capital LLC bought a new position in shares of BlackLine during the 3rd quarter valued at approximately $33,620,000. Conestoga Capital Advisors LLC boosted its position in shares of BlackLine by 24.9% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock valued at $96,997,000 after acquiring an additional 350,143 shares during the last quarter. Squarepoint Ops LLC bought a new position in shares of BlackLine during the 2nd quarter valued at approximately $15,128,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of BlackLine by 65.4% during the 2nd 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 last quarter. 95.13% of the stock is currently owned by institutional investors.

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.