Analysts Set BlackLine, Inc. (NASDAQ:BL) Target Price at $59.90

Shares of BlackLine, Inc. (NASDAQ:BL) have earned an average recommendation of “Hold” from the twelve research firms that are currently covering the company, Marketbeat reports. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $59.90.

BL has been the topic of several research reports. BTIG Research lowered their price objective on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Piper Sandler lowered their price target on BlackLine from $55.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Citigroup reduced their price objective on BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a research note on Friday, June 28th. Truist Financial decreased their price objective on BlackLine from $60.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday, August 7th. Finally, Robert W. Baird dropped their price objective on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th.

BlackLine Stock Performance

Shares of BL opened at $56.04 on Friday. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 2.74. BlackLine has a 52-week low of $43.37 and a 52-week high of $69.31. The stock has a 50 day moving average price of $51.03 and a 200 day moving average price of $52.28. The company has a market capitalization of $3.46 billion, a price-to-earnings ratio of 243.65, a price-to-earnings-growth ratio of 13.57 and a beta of 0.90.

BlackLine (NASDAQ:BL) last announced its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.50 by $0.08. BlackLine had a net margin of 19.46% and a return on equity of 33.96%. The firm had revenue of $160.51 million for the quarter, compared to analyst estimates of $158.21 million. During the same period last year, the business earned ($0.69) EPS. BlackLine’s revenue for the quarter was up 11.0% compared to the same quarter last year. Research analysts predict that BlackLine will post 0.96 EPS for the current fiscal year.

Insider Activity at BlackLine

In other news, CRO Mark Woodhams sold 1,387 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $51.70, for a total transaction of $71,707.90. Following the sale, the executive now owns 97,582 shares of the company’s stock, valued at $5,044,989.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CRO Mark Woodhams sold 1,387 shares of the firm’s stock in a transaction on 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 owns 97,582 shares in the company, valued at $5,044,989.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, 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 transaction of $500,000.00. Following the completion of the sale, the insider now owns 115,424 shares in the company, valued at $5,771,200. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 123,794 shares of company stock worth $6,713,879 over the last 90 days. Company insiders own 9.93% of the company’s stock.

Institutional Investors Weigh In On BlackLine

Hedge funds have recently modified their holdings of the company. Quarry LP acquired a new position in BlackLine in the second quarter valued at $32,000. EntryPoint Capital LLC purchased a new position in shares of BlackLine during the 1st quarter worth about $36,000. 1620 Investment Advisors Inc. purchased a new stake in BlackLine in the second quarter valued at approximately $64,000. Covestor Ltd increased its position 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 purchasing an additional 340 shares during the last quarter. Finally, Fifth Third Bancorp raised its stake in BlackLine by 13.0% during the second quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock worth $112,000 after purchasing an additional 266 shares during the period. 95.13% of the stock is owned by institutional investors and hedge funds.

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.