BlackLine (NASDAQ:BL) Cut to Underweight at Piper Sandler

BlackLine (NASDAQ:BL) was downgraded by analysts at Piper Sandler from a “neutral” rating to an “underweight” rating in a research report issued on Monday,Finviz reports. They presently have a $60.00 target price on the technology company’s stock. Piper Sandler’s price objective would indicate a potential downside of 2.66% from the company’s current price.

A number of other brokerages also recently commented on BL. JPMorgan Chase & Co. boosted their target price on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. Truist Financial upped their price target on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Monday, November 11th. JMP Securities boosted their price target on BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a research note on Friday, November 22nd. Morgan Stanley raised their price objective on shares of BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Finally, Citigroup upped their target price on shares of BlackLine from $64.00 to $73.00 and gave the stock a “neutral” rating in a report on Monday, December 16th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, BlackLine currently has a consensus rating of “Hold” and an average price target of $66.00.

BlackLine Trading Up 2.2 %

Shares of NASDAQ:BL opened at $61.64 on Monday. The company has a 50 day moving average price of $61.11 and a 200 day moving average price of $54.16. The stock has a market capitalization of $3.85 billion, a price-to-earnings ratio of 62.90, a PEG ratio of 15.18 and a beta of 0.91. The company has a debt-to-equity ratio of 2.42, a quick ratio of 2.69 and a current ratio of 2.69. BlackLine has a 1-year low of $43.37 and a 1-year high of $69.31.

Insiders Place Their Bets

In related news, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the sale, the executive now directly owns 72,920 shares in the company, valued at approximately $4,690,214.40. This trade represents a 25.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Karole Morgan-Prager sold 27,079 shares of the company’s stock in a transaction on 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 transaction, the insider now owns 113,865 shares of the company’s stock, valued at $6,838,731.90. This trade represents a 19.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 51,787 shares of company stock valued at $3,212,790 in the last three months. 9.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On BlackLine

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC lifted its stake in BlackLine by 41.2% in the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock valued at $39,000 after purchasing an additional 185 shares during the last quarter. Tidal Investments LLC raised its stake in shares of BlackLine by 1.6% in the third quarter. Tidal Investments LLC now owns 13,539 shares of the technology company’s stock valued at $747,000 after buying an additional 219 shares during the period. Arizona State Retirement System grew its stake in shares of BlackLine by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 14,638 shares of the technology company’s stock worth $709,000 after acquiring an additional 325 shares during the period. Covestor Ltd increased its holdings in BlackLine by 31.9% in the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after acquiring an additional 337 shares during the last quarter. Finally, Quarry LP purchased a new stake in BlackLine in the 2nd quarter worth about $32,000. 95.13% of the stock is owned by hedge funds and other institutional investors.

BlackLine Company Profile

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.