BlackLine, Inc. (NASDAQ:BL) Given Average Recommendation of “Hold” by Analysts

BlackLine, Inc. (NASDAQ:BL) has been assigned a consensus rating of “Hold” from the twelve analysts that are presently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $58.78.

A number of research firms have recently weighed in on BL. Robert W. Baird cut their price objective on BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Citigroup lowered their price target on shares of BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a report on Friday, June 28th. JPMorgan Chase & Co. reduced their price objective on shares of BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a report on Wednesday, August 7th. Truist Financial dropped their target price on BlackLine from $60.00 to $45.00 and set a “hold” rating on the stock in a report on Wednesday, August 7th. Finally, BTIG Research lowered their price objective on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th.

BlackLine Price Performance

BL opened at $50.01 on Monday. The stock’s 50-day moving average price is $48.77 and its 200 day moving average price is $53.88. BlackLine has a 12-month low of $43.37 and a 12-month high of $69.31. The firm has a market cap of $3.11 billion, a price-to-earnings ratio of 217.43, a PEG ratio of 12.21 and a beta of 0.89. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 2.74.

BlackLine (NASDAQ:BL) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.50 by $0.08. The business had revenue of $160.51 million during the quarter, compared to analyst estimates of $158.21 million. BlackLine had a net margin of 19.46% and a return on equity of 33.96%. The business’s revenue for the quarter was up 11.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.69) earnings per share. As a group, sell-side analysts expect that BlackLine will post 0.94 earnings per share for the current year.

Insider Activity

In other news, insider Karole Morgan-Prager sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $50.00, for a total value of $500,000.00. Following the completion of the sale, the insider now directly owns 115,424 shares of the company’s stock, valued at $5,771,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Karole Morgan-Prager sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $50.00, for a total transaction of $500,000.00. Following the completion of the sale, the insider now owns 115,424 shares in the company, valued at $5,771,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CRO Mark Woodhams sold 1,387 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $51.70, for a total value of $71,707.90. Following the sale, the executive now directly owns 97,582 shares of the company’s stock, valued at $5,044,989.40. The disclosure for this sale can be found here. Insiders have sold 16,765 shares of company stock valued at $851,418 in the last ninety days. 9.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Quarry LP acquired a new position in BlackLine during the second quarter worth $32,000. YHB Investment Advisors Inc. acquired a new stake in BlackLine in the first quarter valued at $33,000. EntryPoint Capital LLC purchased a new stake in shares of BlackLine during the 1st quarter worth $36,000. 1620 Investment Advisors Inc. acquired a new position in shares of BlackLine during the 2nd quarter worth $64,000. Finally, Covestor Ltd increased its holdings in shares of BlackLine by 29.4% in the 1st quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock valued at $97,000 after purchasing an additional 340 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

BlackLine Company Profile

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.