BlackLine (NASDAQ:BL) Stock Rating Lowered by Piper Sandler

BlackLine (NASDAQ:BL) was downgraded by equities researchers at Piper Sandler from a “neutral” rating to an “underweight” rating in a research note issued on Monday,Finviz reports. They currently have a $60.00 price target on the technology company’s stock. Piper Sandler’s target price would indicate a potential downside of 2.66% from the stock’s current price.

Other equities analysts have also issued research reports about the stock. Truist Financial increased their price target on shares of BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Citigroup upped their price target on shares of BlackLine from $64.00 to $73.00 and gave the company a “neutral” rating in a report on Monday, December 16th. JMP Securities boosted their target price on BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a research note on Friday, November 22nd. Morgan Stanley raised their price objective on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, JPMorgan Chase & Co. upped their target price on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, BlackLine currently has a consensus rating of “Hold” and an average price target of $66.00.

BlackLine Trading Up 2.2 %

NASDAQ BL opened at $61.64 on Monday. BlackLine has a 52 week low of $43.37 and a 52 week high of $69.31. The business has a 50 day moving average price of $61.11 and a 200-day moving average price of $54.16. 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 company has a market cap of $3.85 billion, a price-to-earnings ratio of 62.90, a P/E/G ratio of 15.18 and a beta of 0.91.

Insider Buying and Selling

In related news, insider Karole Morgan-Prager sold 27,079 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 113,865 shares in the company, valued at approximately $6,838,731.90. The trade was a 19.21 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CRO Mark Woodhams sold 24,408 shares of the company’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total value of $1,569,922.56. Following the transaction, the executive now owns 72,920 shares in the company, valued at $4,690,214.40. This trade represents a 25.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,787 shares of company stock valued at $3,212,790. Corporate insiders own 9.93% of the company’s stock.

Institutional Trading of BlackLine

Institutional investors and hedge funds have recently bought and sold shares of the business. Rhumbline Advisers increased its position in shares of BlackLine by 2.5% in the second quarter. Rhumbline Advisers now owns 156,432 shares of the technology company’s stock valued at $7,579,000 after buying an additional 3,857 shares in the last quarter. Arizona State Retirement System grew its stake in shares of BlackLine by 2.3% in the second quarter. Arizona State Retirement System now owns 14,638 shares of the technology company’s stock valued at $709,000 after buying an additional 325 shares in the last quarter. ClariVest Asset Management LLC lifted its holdings in BlackLine by 318.2% in the 2nd quarter. ClariVest Asset Management LLC now owns 23,552 shares of the technology company’s stock worth $1,141,000 after buying an additional 17,920 shares in the last quarter. Pier Capital LLC raised its position in shares of BlackLine by 9.0% in the 2nd quarter. Pier Capital LLC now owns 149,817 shares of the technology company’s stock valued at $7,259,000 after purchasing an additional 12,396 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in BlackLine by 17.0% during the 2nd quarter. American Century Companies Inc. now owns 17,351 shares of the technology company’s stock valued at $841,000 after acquiring an additional 2,520 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

BlackLine Company Profile

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.