BlackLine (NASDAQ:BL) Price Target Lowered to $60.00 at BMO Capital Markets

BlackLine (NASDAQ:BL) had its price objective trimmed by BMO Capital Markets from $68.00 to $60.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a market perform rating on the technology company’s stock.

Several other research firms have also issued reports on BL. JPMorgan Chase & Co. increased their price objective on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Piper Sandler dropped their target price on shares of BlackLine from $60.00 to $58.00 and set an “underweight” rating for the company in a research report on Wednesday. StockNews.com lowered shares of BlackLine from a “buy” rating to a “hold” rating in a research report on Tuesday, February 4th. Truist Financial raised their price objective on shares of BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Finally, Bank of America upgraded shares of BlackLine from an “underperform” rating to a “buy” rating and lifted their target price for the company from $50.00 to $75.00 in a research note on Thursday, January 30th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, BlackLine presently has an average rating of “Hold” and an average target price of $66.40.

BlackLine Trading Down 1.7 %

Shares of BlackLine stock opened at $51.37 on Wednesday. The company’s fifty day moving average price is $61.15 and its two-hundred day moving average price is $56.77. The firm has a market capitalization of $3.21 billion, a PE ratio of 52.42, a price-to-earnings-growth ratio of 9.14 and a beta of 0.92. BlackLine has a 52-week low of $43.37 and a 52-week 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 posted its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a return on equity of 31.02% and a net margin of 19.83%. On average, analysts expect that BlackLine will post 1 EPS for the current year.

Insider Buying and Selling

In related news, CRO Mark Woodhams sold 24,408 shares of the firm’s stock in a transaction dated 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 9.93% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BL. HighTower Advisors LLC boosted its holdings in BlackLine by 2.5% during the fourth quarter. HighTower Advisors LLC now owns 6,475 shares of the technology company’s stock worth $393,000 after buying an additional 161 shares during the last quarter. GAMMA Investing LLC grew its holdings in BlackLine by 41.2% during the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock valued at $39,000 after purchasing an additional 185 shares during the period. Arizona State Retirement System increased its stake in BlackLine by 1.3% in the fourth quarter. Arizona State Retirement System now owns 15,322 shares of the technology company’s stock valued at $931,000 after purchasing an additional 192 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in BlackLine by 0.8% in the fourth quarter. Louisiana State Employees Retirement System now owns 25,100 shares of the technology company’s stock valued at $1,525,000 after purchasing an additional 200 shares in the last quarter. Finally, Asset Management One Co. Ltd. raised its holdings in BlackLine by 19.8% in the fourth quarter. Asset Management One Co. Ltd. now owns 1,266 shares of the technology company’s stock worth $77,000 after purchasing an additional 209 shares during the period. Institutional investors own 95.13% of the company’s stock.

About BlackLine

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.