BlackLine (NASDAQ:BL) PT Lowered to $54.00 at Citigroup

BlackLine (NASDAQ:BL) had its target price cut by Citigroup from $62.00 to $54.00 in a research report sent to investors on Friday morning, Benzinga reports. They currently have a neutral rating on the technology company’s stock.

A number of other equities research analysts have also commented on the stock. BMO Capital Markets upped their price objective on shares of BlackLine from $65.00 to $67.00 and gave the company a market perform rating in a research note on Wednesday, May 8th. Piper Sandler raised shares of BlackLine from an underweight rating to a neutral rating and upped their price objective for the company from $55.00 to $62.00 in a research note on Tuesday, April 23rd. William Blair upgraded shares of BlackLine to a hold rating in a research report on Tuesday, May 7th. Wolfe Research initiated coverage on shares of BlackLine in a research report on Monday, March 18th. They set a peer perform rating on the stock. Finally, Robert W. Baird boosted their target price on shares of BlackLine from $61.00 to $72.00 and gave the company an outperform rating in a research report on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, BlackLine has an average rating of Hold and an average price target of $63.56.

BlackLine Trading Up 1.3 %

NASDAQ:BL opened at $48.45 on Friday. The firm’s fifty day moving average is $52.36 and its 200-day moving average is $58.19. The company has a debt-to-equity ratio of 4.08, a quick ratio of 2.30 and a current ratio of 2.30. BlackLine has a 52 week low of $43.79 and a 52 week high of $69.31. The firm has a market cap of $3.00 billion, a P/E ratio of 210.65, a P/E/G ratio of 5.44 and a beta of 0.86.

BlackLine (NASDAQ:BL) last posted its quarterly earnings data on Tuesday, May 7th. The technology company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.10. BlackLine had a net margin of 2.30% and a return on equity of 9.07%. The company had revenue of $157.46 million for the quarter, compared to analyst estimates of $155.05 million. Equities analysts expect that BlackLine will post 1.1 earnings per share for the current year.

Insiders Place Their Bets

In other BlackLine news, insider Jimmy C. Duan acquired 2,000 shares of the stock in a transaction on Friday, May 31st. The shares were purchased at an average price of $47.73 per share, for a total transaction of $95,460.00. Following the completion of the acquisition, the insider now owns 50,360 shares in the company, valued at approximately $2,403,682.80. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Owen Ryan bought 3,000 shares of the stock in a transaction dated Friday, May 24th. The stock was bought at an average price of $49.88 per share, for a total transaction of $149,640.00. Following the completion of the acquisition, the chief executive officer now directly owns 145,948 shares in the company, valued at approximately $7,279,886.24. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jimmy C. Duan bought 2,000 shares of the stock in a transaction dated Friday, May 31st. The stock was purchased at an average price of $47.73 per share, with a total value of $95,460.00. Following the acquisition, the insider now owns 50,360 shares of the company’s stock, valued at $2,403,682.80. The disclosure for this purchase can be found here. Corporate insiders own 9.93% of the company’s stock.

Institutional Trading of BlackLine

Several institutional investors and hedge funds have recently made changes to their positions in the company. CWM LLC raised its holdings in shares of BlackLine by 94.8% in the fourth quarter. CWM LLC now owns 452 shares of the technology company’s stock valued at $28,000 after purchasing an additional 220 shares during the last quarter. NBC Securities Inc. raised its holdings in shares of BlackLine by 2.5% in the fourth quarter. NBC Securities Inc. now owns 11,854 shares of the technology company’s stock valued at $740,000 after purchasing an additional 285 shares during the last quarter. Covestor Ltd raised its holdings in shares of BlackLine by 29.4% in the first quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock valued at $97,000 after purchasing an additional 340 shares during the last quarter. Portside Wealth Group LLC grew its position in BlackLine by 4.6% during the fourth quarter. Portside Wealth Group LLC now owns 8,091 shares of the technology company’s stock valued at $505,000 after buying an additional 359 shares during the period. Finally, Whittier Trust Co. grew its position in BlackLine by 9.7% during the first quarter. Whittier Trust Co. now owns 4,699 shares of the technology company’s stock valued at $303,000 after buying an additional 414 shares during the period. Hedge funds and other institutional investors own 95.13% of the company’s stock.

About BlackLine

BlackLine, Inc provides cloud-based solutions to automate and streamline accounting and finance operations worldwide. It offers financial close management solutions, such as account reconciliations that provides a centralized workspace for users to collaborate on account reconciliations; transaction matching that analyzes and reconciles individual transactions; task management to create and manage processes and task lists; and financial reporting analytics that enables analysis and validation of financial data.