BlackLine (NASDAQ:BL) Trading 5.6% Higher

BlackLine, Inc. (NASDAQ:BL) was up 5.6% on Monday . The stock traded as high as $56.17 and last traded at $55.82. Approximately 239,431 shares changed hands during mid-day trading, a decline of 74% from the average daily volume of 923,167 shares. The stock had previously closed at $52.85.

Wall Street Analysts Forecast Growth

BL has been the topic of several analyst reports. JPMorgan Chase & Co. dropped their target price on BlackLine from $50.00 to $47.00 and set an “underweight” rating on the stock in a report on Wednesday, August 7th. Morgan Stanley upgraded BlackLine from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $60.00 to $70.00 in a research note on Monday. Robert W. Baird decreased their target price on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Truist Financial lowered their target price on shares of BlackLine from $60.00 to $45.00 and set a “hold” rating on the stock in a report on Wednesday, August 7th. Finally, BTIG Research cut their price target on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $59.90.

BlackLine Stock Up 4.1 %

The firm has a market cap of $3.40 billion, a price-to-earnings ratio of 245.39, a P/E/G ratio of 12.80 and a beta of 0.89. The company has a debt-to-equity ratio of 2.74, a current ratio of 1.95 and a quick ratio of 1.95. The stock has a 50-day moving average of $49.50 and a 200-day moving average of $52.93.

BlackLine (NASDAQ:BL) last issued its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.08. The company had revenue of $160.51 million for the quarter, compared to analysts’ expectations of $158.21 million. BlackLine had a return on equity of 33.96% and a net margin of 19.46%. BlackLine’s revenue was up 11.0% on a year-over-year basis. During the same quarter last year, the business earned ($0.69) earnings per share. Sell-side analysts predict that BlackLine, Inc. will post 0.94 EPS for the current fiscal year.

Insider Buying and Selling at BlackLine

In other news, CRO Mark Woodhams sold 1,387 shares of the stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $51.70, for a total value of $71,707.90. Following the completion of the transaction, the executive now owns 97,582 shares of the company’s stock, valued at $5,044,989.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other BlackLine news, CRO Mark Woodhams sold 1,387 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $51.70, for a total value of $71,707.90. Following the completion of the transaction, the executive now directly owns 97,582 shares in the company, valued at $5,044,989.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Karole Morgan-Prager sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $50.00, for a total value of $500,000.00. Following the sale, the insider now owns 115,424 shares in the company, valued at $5,771,200. The disclosure for this sale can be found here. Insiders sold a total of 16,765 shares of company stock worth $851,418 over the last three months. Corporate insiders own 9.93% of the company’s stock.

Institutional Trading of BlackLine

Institutional investors have recently added to or reduced their stakes in the stock. Fifth Third Bancorp grew its position in shares of BlackLine by 13.0% during the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after buying an additional 266 shares during the period. Arizona State Retirement System grew its holdings in BlackLine by 2.3% during the second quarter. Arizona State Retirement System now owns 14,638 shares of the technology company’s stock worth $709,000 after buying an additional 325 shares in the last quarter. Covestor Ltd grew its holdings in BlackLine by 29.4% during the first quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock worth $97,000 after buying an additional 340 shares in the last quarter. Whittier Trust Co. raised its position in BlackLine by 9.7% in the 1st quarter. Whittier Trust Co. now owns 4,699 shares of the technology company’s stock valued at $303,000 after buying an additional 414 shares during the last quarter. Finally, TFO Wealth Partners LLC lifted its stake in BlackLine by 9,080.0% during the 4th quarter. TFO Wealth Partners LLC now owns 459 shares of the technology company’s stock valued at $312,000 after acquiring an additional 454 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors.

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.