BlackLine (NASDAQ:BL) Coverage Initiated by Analysts at DA Davidson

DA Davidson began coverage on shares of BlackLine (NASDAQ:BL) in a research report report published on Tuesday, Marketbeat reports. The firm issued a buy rating and a $58.00 price target on the technology company’s stock.

Several other research analysts have also recently commented on BL. StockNews.com cut shares of BlackLine from a “buy” rating to a “hold” rating in a report on Wednesday, February 26th. BMO Capital Markets lowered their price objective on BlackLine from $68.00 to $60.00 and set a “market perform” rating on the stock in a research note on Wednesday, February 12th. JMP Securities reaffirmed a “market outperform” rating and issued a $86.00 price objective on shares of BlackLine in a report on Wednesday, January 15th. Citigroup reduced their target price on BlackLine from $73.00 to $70.00 and set a “buy” rating on the stock in a report on Wednesday, February 12th. Finally, Bank of America raised BlackLine from an “underperform” rating to a “buy” rating and boosted their price target for the company from $50.00 to $75.00 in a research note on Thursday, January 30th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, BlackLine has a consensus rating of “Hold” and a consensus price target of $65.64.

BlackLine Stock Performance

BL opened at $49.13 on Tuesday. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.59 and a quick ratio of 2.69. The company has a market capitalization of $3.09 billion, a PE ratio of 33.88, a price-to-earnings-growth ratio of 10.80 and a beta of 1.03. The business has a fifty day simple moving average of $53.61 and a 200 day simple moving average of $56.86. BlackLine has a 1 year low of $43.37 and a 1 year high of $69.09.

BlackLine (NASDAQ:BL) last announced its earnings results on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a net margin of 24.67% and a return on equity of 21.63%. Research analysts expect that BlackLine will post 0.9 EPS for the current year.

Insider Transactions at BlackLine

In related news, CRO Mark Woodhams sold 9,088 shares of the firm’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $49.67, for a total transaction of $451,400.96. Following the sale, the executive now owns 65,414 shares of the company’s stock, valued at $3,249,113.38. This trade represents a 12.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 9.93% of the company’s stock.

Hedge Funds Weigh In On BlackLine

Several large investors have recently bought and sold shares of BL. SBI Securities Co. Ltd. acquired a new position in shares of BlackLine during the fourth quarter worth $31,000. Global Retirement Partners LLC increased its holdings in BlackLine by 568.4% in the fourth quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock valued at $32,000 after purchasing an additional 449 shares during the period. Quadrant Capital Group LLC raised its position in BlackLine by 243.5% during the 4th quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company’s stock worth $35,000 after purchasing an additional 414 shares during the last quarter. GAMMA Investing LLC lifted its holdings in BlackLine by 41.2% during the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock worth $39,000 after buying an additional 185 shares during the period. Finally, Headlands Technologies LLC acquired a new position in BlackLine during the 4th quarter worth about $50,000. 95.13% of the stock is currently owned by institutional investors.

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.