BlackLine (NASDAQ:BL) Reaches New 12-Month Low – Here’s What Happened

BlackLine, Inc. (NASDAQ:BL)’s stock price reached a new 52-week low during trading on Friday . The stock traded as low as $43.02 and last traded at $43.82, with a volume of 676571 shares trading hands. The stock had previously closed at $46.08.

Analyst Upgrades and Downgrades

BL has been the subject of several research reports. Citigroup decreased their target price on BlackLine from $73.00 to $70.00 and set a “buy” rating for the company in a research note on Wednesday, February 12th. BMO Capital Markets reduced their price target on shares of BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a research report on Wednesday, February 12th. Piper Sandler lowered their price objective on shares of BlackLine from $60.00 to $58.00 and set an “underweight” rating on the stock in a research report on Wednesday, February 12th. DA Davidson initiated coverage on BlackLine in a research report on Tuesday, April 1st. They set a “buy” rating and a $58.00 price target on the stock. Finally, Bank of America upgraded BlackLine from an “underperform” rating to a “buy” rating and upped their target price for the company from $50.00 to $75.00 in a report on Thursday, January 30th. 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $65.64.

BlackLine Price Performance

The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. The stock has a market capitalization of $2.78 billion, a P/E ratio of 30.41, a PEG ratio of 10.80 and a beta of 0.97. The stock’s fifty day moving average is $52.79 and its 200-day moving average is $56.73.

BlackLine (NASDAQ:BL) last released 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 21.63% and a net margin of 24.67%. On average, equities analysts anticipate that BlackLine, Inc. will post 0.9 earnings per share for the current year.

Insider Transactions at BlackLine

In other news, CRO Mark Woodhams sold 9,088 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $49.67, for a total transaction of $451,400.96. Following the completion of the transaction, the executive now directly owns 65,414 shares in the company, valued at $3,249,113.38. The trade was a 12.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.93% of the stock is owned by corporate insiders.

Institutional Trading of BlackLine

A number of institutional investors and hedge funds have recently modified their holdings of BL. Principal Financial Group Inc. raised its position in BlackLine by 13.6% in the third quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock worth $16,033,000 after purchasing an additional 34,919 shares in the last quarter. Weiss Asset Management LP bought a new stake in BlackLine in the third quarter valued at $1,506,000. JPMorgan Chase & Co. raised its stake in BlackLine by 35.3% during the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock worth $91,896,000 after acquiring an additional 435,271 shares in the last quarter. Conestoga Capital Advisors LLC lifted its holdings in shares of BlackLine by 20.2% during the fourth quarter. Conestoga Capital Advisors LLC now owns 2,113,882 shares of the technology company’s stock valued at $128,439,000 after acquiring an additional 354,784 shares during the period. Finally, Point72 Asset Management L.P. boosted its stake in shares of BlackLine by 63.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 317,991 shares of the technology company’s stock valued at $17,534,000 after purchasing an additional 122,849 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors.

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.