Truist Financial Issues Positive Forecast for BlackLine (NASDAQ:BL) Stock Price

BlackLine (NASDAQ:BL) had its target price raised by Truist Financial from $55.00 to $60.00 in a report issued on Monday morning,Benzinga reports. Truist Financial currently has a hold rating on the technology company’s stock.

BL has been the topic of a number of other reports. JPMorgan Chase & Co. lifted their price objective on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research report on Friday, October 25th. Robert W. Baird decreased their price objective on BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Piper Sandler raised their price objective on BlackLine from $51.00 to $60.00 and gave the company a “neutral” rating in a research note on Friday, November 8th. JMP Securities reissued a “market outperform” rating and issued a $81.00 price objective on shares of BlackLine in a research note on Monday, July 15th. Finally, BTIG Research decreased their price objective on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $62.60.

BlackLine Stock Up 2.0 %

BL stock opened at $62.39 on Monday. The business’s 50-day moving average is $54.69 and its two-hundred day moving average is $51.69. BlackLine has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The company has a debt-to-equity ratio of 2.42, a quick ratio of 1.95 and a current ratio of 2.69. The company has a market cap of $3.90 billion, a price-to-earnings ratio of 63.66, a P/E/G ratio of 14.98 and a beta of 0.90.

Insider Buying and Selling

In related news, CRO Mark Woodhams sold 1,387 shares of BlackLine stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $51.70, for a total transaction of $71,707.90. Following the completion of the transaction, the executive now directly owns 97,582 shares in the company, valued at approximately $5,044,989.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Karole Morgan-Prager sold 27,079 shares of the stock in a transaction dated Friday, October 18th. The shares were sold at an average price of $60.06, for a total value of $1,626,364.74. Following the completion of the sale, the insider now directly owns 113,865 shares in the company, valued at $6,838,731.90. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CRO Mark Woodhams sold 1,387 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $51.70, for a total transaction of $71,707.90. Following the completion of the transaction, the executive now directly owns 97,582 shares in the company, valued at $5,044,989.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 135,495 shares of company stock worth $7,560,534 in the last 90 days. Insiders own 9.93% of the company’s stock.

Institutional Trading of BlackLine

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP acquired a new stake in BlackLine during the second quarter worth $32,000. EntryPoint Capital LLC purchased a new position in BlackLine in the 1st quarter valued at approximately $36,000. 1620 Investment Advisors Inc. purchased a new stake in BlackLine during the 2nd quarter worth about $64,000. Covestor Ltd raised its holdings in BlackLine by 31.9% in the third quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock valued at $77,000 after acquiring an additional 337 shares in the last quarter. Finally, Fifth Third Bancorp grew its stake in shares of BlackLine by 13.0% during the second quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after purchasing an additional 266 shares in the last quarter. 95.13% of the stock is owned by institutional investors and hedge funds.

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.