BlackLine (NASDAQ:BL) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of BlackLine (NASDAQ:BL) from a hold rating to a buy rating in a research report released on Thursday.

Other equities research analysts have also recently issued reports about the company. Bank of America upgraded BlackLine from an “underperform” rating to a “buy” rating and upped their price objective for the stock from $50.00 to $75.00 in a research note on Thursday, January 30th. BMO Capital Markets dropped their price target on BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a research note on Wednesday. Piper Sandler decreased their price target on shares of BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a report on Wednesday. Citigroup reduced their price objective on BlackLine from $73.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, JPMorgan Chase & Co. raised their price target 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. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $66.40.

BlackLine Trading Up 0.6 %

Shares of BL opened at $52.26 on Thursday. The firm has a market capitalization of $3.27 billion, a price-to-earnings ratio of 53.33, a PEG ratio of 9.14 and a beta of 0.92. The company has a 50-day moving average of $61.62 and a 200 day moving average of $56.77. BlackLine has a 1-year low of $43.37 and a 1-year high of $69.31. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69.

BlackLine (NASDAQ:BL) last announced its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a net margin of 19.83% and a return on equity of 31.02%. On average, research analysts expect that BlackLine will post 1 EPS for the current year.

Insiders Place Their Bets

In other news, CRO Mark Woodhams sold 24,408 shares of the stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the sale, the executive now directly owns 72,920 shares of the company’s stock, valued at $4,690,214.40. This represents a 25.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 9.93% of the company’s stock.

Hedge Funds Weigh In On BlackLine

A number of large investors have recently bought and sold shares of the business. SBI Securities Co. Ltd. purchased a new stake in BlackLine in the 4th quarter worth $31,000. Global Retirement Partners LLC grew its position in shares of BlackLine by 568.4% in the fourth quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock valued at $32,000 after purchasing an additional 449 shares during the period. Quadrant Capital Group LLC increased its stake in shares of BlackLine by 243.5% during the fourth quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company’s stock worth $35,000 after purchasing an additional 414 shares in the last quarter. GAMMA Investing LLC raised its position in shares of 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 purchasing an additional 185 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of BlackLine during the 4th quarter worth about $50,000. Institutional investors and hedge funds 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.