JMP Securities Increases BlackLine (NASDAQ:BL) Price Target to $86.00

BlackLine (NASDAQ:BL) had its price objective increased by JMP Securities from $81.00 to $86.00 in a research report sent to investors on Friday morning,Benzinga reports. JMP Securities currently has a market outperform rating on the technology company’s stock.

BL has been the subject of several other research reports. Piper Sandler reissued a “neutral” rating and issued a $60.00 price target on shares of BlackLine in a research note on Wednesday, November 20th. Robert W. Baird lowered their price objective on BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Morgan Stanley lifted their target price on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Truist Financial increased 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. Finally, JPMorgan Chase & Co. boosted their price objective on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, October 25th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $64.10.

BlackLine Trading Up 0.1 %

Shares of BL opened at $62.77 on Friday. BlackLine has a 12-month low of $43.37 and a 12-month high of $69.31. The firm has a market capitalization of $3.92 billion, a P/E ratio of 64.30, a P/E/G ratio of 14.72 and a beta of 0.90. The firm has a 50-day moving average price of $56.26 and a 200 day moving average price of $51.64. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42.

Insider Transactions at BlackLine

In other BlackLine news, CFO Mark Partin sold 85,308 shares of the stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $54.84, for a total value of $4,678,290.72. Following the sale, the chief financial officer now owns 226,844 shares of the company’s stock, valued at $12,440,124.96. This trade represents a 27.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Karole Morgan-Prager sold 10,000 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $55.00, for a total value of $550,000.00. Following the transaction, the insider now directly owns 113,865 shares of the company’s stock, valued at approximately $6,262,575. This represents a 8.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 134,108 shares of company stock valued at $7,488,826. 9.53% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. EntryPoint Capital LLC purchased a new stake in BlackLine during the first quarter worth approximately $36,000. Quarry LP purchased a new stake in BlackLine in the 2nd quarter valued at approximately $32,000. 1620 Investment Advisors Inc. acquired a new position in BlackLine during the second quarter worth $64,000. Covestor Ltd grew its stake in shares of BlackLine by 31.9% during the 3rd quarter. Covestor Ltd now owns 1,392 shares of the technology company’s stock worth $77,000 after purchasing an additional 337 shares during the period. Finally, Fifth Third Bancorp grew its position 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 buying an additional 266 shares during the period. Hedge funds and other institutional investors own 95.13% of the company’s stock.

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.