BlackLine (NASDAQ:BL) Upgraded to Buy at StockNews.com

BlackLine (NASDAQ:BLGet Free Report) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a report released on Monday.

Several other research firms also recently weighed in on BL. Piper Sandler downgraded shares of BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 price target for the company. in a research note on Monday, January 6th. JPMorgan Chase & Co. increased their target price on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, October 25th. Citigroup raised shares of BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price target on the stock in a report on Thursday, January 16th. Morgan Stanley boosted their price objective on shares of BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Finally, JMP Securities restated a “market outperform” rating and set a $86.00 price target on shares of BlackLine in a report on Wednesday, January 15th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, BlackLine has a consensus rating of “Hold” and an average target price of $67.33.

Read Our Latest Stock Report on BlackLine

BlackLine Stock Up 5.2 %

Shares of NASDAQ BL opened at $64.90 on Monday. The stock has a market capitalization of $4.06 billion, a P/E ratio of 66.22, a PEG ratio of 13.52 and a beta of 0.91. BlackLine has a one year low of $43.37 and a one year high of $69.31. The firm’s 50 day simple moving average is $61.41 and its two-hundred day simple moving average is $55.63. 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 Buying and Selling at BlackLine

In related news, CRO Mark Woodhams sold 24,408 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the sale, the executive now directly owns 72,920 shares of the company’s stock, valued at approximately $4,690,214.40. This represents a 25.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 9.93% of the stock is owned by company insiders.

Hedge Funds Weigh In On BlackLine

Several hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC boosted its stake in BlackLine by 41.2% during the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock valued at $39,000 after buying an additional 185 shares during the last quarter. Tidal Investments LLC grew its stake in shares of BlackLine by 1.6% in the 3rd quarter. Tidal Investments LLC now owns 13,539 shares of the technology company’s stock worth $747,000 after buying an additional 219 shares in the last quarter. Covestor Ltd increased its stake in BlackLine by 31.9% during the third 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. Quarry LP purchased a new position in shares of BlackLine in the 2nd quarter worth approximately $32,000. Finally, KBC Group NV increased its position in BlackLine by 44.0% during the fourth quarter. KBC Group NV now owns 2,180 shares of the technology company’s stock valued at $132,000 after acquiring an additional 666 shares during the last quarter. Hedge funds and other institutional investors own 95.13% of the company’s stock.

BlackLine Company Profile

(Get Free Report)

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.

Recommended Stories

Analyst Recommendations for BlackLine (NASDAQ:BL)

Receive News & Ratings for BlackLine Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BlackLine and related companies with MarketBeat.com's FREE daily email newsletter.