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

Shares of BlackLine, Inc. (NASDAQ:BL) have earned a consensus recommendation of “Hold” from the twelve brokerages that are currently covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, six have given a hold recommendation and four have issued a buy recommendation on the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $66.00.

BL has been the topic of several analyst reports. Citigroup lifted their price target on shares of BlackLine from $64.00 to $73.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Truist Financial raised their price objective on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, November 11th. Piper Sandler reaffirmed a “neutral” rating and set a $60.00 target price on shares of BlackLine in a research report on Wednesday, November 20th. JMP Securities raised their price target on BlackLine from $81.00 to $86.00 and gave the stock a “market outperform” rating in a report on Friday, November 22nd. Finally, JPMorgan Chase & Co. boosted their price target on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th.

Insider Buying and Selling at BlackLine

In other BlackLine news, CFO Mark Partin sold 85,308 shares of the company’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $54.84, for a total value of $4,678,290.72. Following the completion of the transaction, the chief financial officer now owns 226,844 shares in the company, valued at approximately $12,440,124.96. This represents a 27.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Karole Morgan-Prager sold 10,000 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $55.00, for a total value of $550,000.00. Following the sale, the insider now owns 113,865 shares in the company, valued at $6,262,575. This trade represents a 8.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 158,516 shares of company stock worth $9,058,748. Insiders own 9.53% of the company’s stock.

Hedge Funds Weigh In On BlackLine

A number of large investors have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd acquired a new position in shares of BlackLine during the second quarter valued at approximately $537,000. Icon Wealth Advisors LLC increased its position in shares of BlackLine by 307.5% during the third quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company’s stock worth $907,000 after purchasing an additional 12,415 shares in the last quarter. Susquehanna Fundamental Investments LLC raised its stake in BlackLine by 430.5% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 90,403 shares of the technology company’s stock valued at $4,380,000 after purchasing an additional 73,362 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in BlackLine by 61.9% in the 3rd quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company’s stock valued at $1,416,000 after purchasing an additional 9,820 shares in the last quarter. Finally, Eagle Asset Management Inc. lifted its holdings in BlackLine by 74.0% in the 3rd quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company’s stock valued at $12,335,000 after purchasing an additional 86,931 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

BlackLine Trading Up 0.3 %

NASDAQ BL opened at $62.38 on Wednesday. BlackLine has a one year low of $43.37 and a one year high of $69.31. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69. The company has a market capitalization of $3.90 billion, a price-to-earnings ratio of 63.65, a price-to-earnings-growth ratio of 15.18 and a beta of 0.90. The company’s 50-day simple moving average is $60.45 and its two-hundred day simple moving average is $53.22.

About BlackLine

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.