BlackLine (NASDAQ:BL) Given Neutral Rating at Piper Sandler

Piper Sandler reaffirmed their neutral rating on shares of BlackLine (NASDAQ:BL) in a research report released on Wednesday,Benzinga reports. The firm currently has a $60.00 target price on the technology company’s stock.

A number of other brokerages also recently weighed in on BL. BTIG Research cut their price objective on BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Robert W. Baird dropped their price target on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Morgan Stanley boosted their price objective on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. JPMorgan Chase & Co. raised their target price on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. Finally, Truist Financial boosted their target price on shares of BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $64.10.

BlackLine Price Performance

NASDAQ BL opened at $62.70 on Wednesday. BlackLine has a fifty-two week low of $43.37 and a fifty-two week high of $69.31. The stock’s 50-day moving average is $56.26 and its two-hundred day moving average is $51.76. The firm has a market cap of $3.92 billion, a P/E ratio of 63.98, a price-to-earnings-growth ratio of 14.48 and a beta of 0.90. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69.

Insider Transactions at BlackLine

In related news, insider Karole Morgan-Prager sold 10,000 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $55.00, for a total value of $550,000.00. Following the completion of the transaction, the insider now directly owns 113,865 shares of the company’s stock, valued at $6,262,575. This trade represents a 8.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Partin sold 85,308 shares of BlackLine stock in a transaction on Monday, September 30th. The stock was sold at an average price of $54.84, for a total transaction of $4,678,290.72. Following the sale, the chief financial officer now owns 226,844 shares in the company, valued at $12,440,124.96. This represents a 27.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 134,108 shares of company stock worth $7,488,826. 9.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quadrature Capital Ltd boosted its stake in shares of BlackLine by 346.5% in the 1st quarter. Quadrature Capital Ltd now owns 31,846 shares of the technology company’s stock valued at $2,055,000 after purchasing an additional 24,713 shares in the last quarter. Cetera Investment Advisers acquired a new position in BlackLine in the first quarter valued at about $1,572,000. Comerica Bank grew its stake in BlackLine by 11.8% during the first quarter. Comerica Bank now owns 124,266 shares of the technology company’s stock worth $8,025,000 after buying an additional 13,066 shares during the last quarter. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of BlackLine during the first quarter worth approximately $907,000. Finally, Vanguard Group Inc. raised its stake in shares of BlackLine by 9.5% in the first quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock valued at $476,662,000 after acquiring an additional 642,772 shares during the last quarter. 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.