BlackLine (NASDAQ:BL) Raised to “Buy” at StockNews.com

StockNews.com upgraded shares of BlackLine (NASDAQ:BL) from a hold rating to a buy rating in a research note issued to investors on Monday.

A number of other research firms have also recently commented on BL. Piper Sandler cut shares of BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 price objective for the company. in a research report on Monday, January 6th. JMP Securities reiterated a “market outperform” rating and issued a $86.00 price target on shares of BlackLine in a research note on Wednesday, January 15th. JPMorgan Chase & Co. boosted their price objective on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a report on Friday, October 25th. Morgan Stanley increased their target price on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Truist Financial boosted their price target on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research note on Monday, November 11th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $67.33.

BlackLine Price Performance

NASDAQ:BL opened at $61.72 on Monday. The company has a quick ratio of 2.69, a current ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine has a 12-month low of $43.37 and a 12-month high of $69.31. The stock’s 50 day moving average price is $61.27 and its two-hundred day moving average price is $55.51. The firm has a market capitalization of $3.86 billion, a price-to-earnings ratio of 62.98, a P/E/G ratio of 13.52 and a beta of 0.91.

Insider Buying and Selling

In other BlackLine news, CRO Mark Woodhams sold 24,408 shares of the firm’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 sale, the executive now owns 72,920 shares of the company’s stock, valued at approximately $4,690,214.40. This trade represents a 25.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 9.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Quarry LP acquired a new position in shares of BlackLine during the second quarter worth $32,000. GAMMA Investing LLC grew its position in BlackLine by 41.2% during the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock worth $39,000 after acquiring an additional 185 shares during the last quarter. Covestor Ltd raised its position in BlackLine by 31.9% in the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after purchasing an additional 337 shares during the last quarter. KBC Group NV raised its position in BlackLine by 44.0% in the fourth quarter. KBC Group NV now owns 2,180 shares of the technology company’s stock valued at $132,000 after purchasing an additional 666 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in shares of BlackLine during the second quarter valued at about $220,000. 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.