BlackLine (NASDAQ:BL) Stock Price Expected to Rise, Citigroup Analyst Says

BlackLine (NASDAQ:BL) had its target price hoisted by equities research analysts at Citigroup from $64.00 to $73.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. Citigroup’s price target suggests a potential upside of 13.25% from the stock’s previous close.

BL has been the subject of a number of other research reports. JMP Securities boosted their target price on BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a research note on Friday, November 22nd. JPMorgan Chase & Co. upped their price target on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research report on Friday, October 25th. Piper Sandler reaffirmed a “neutral” rating and set a $60.00 price target on shares of BlackLine in a research report on Wednesday, November 20th. Truist Financial upped their price target on BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a research report on Monday, November 11th. Finally, Morgan Stanley upped their price target on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $66.00.

BlackLine Trading Down 0.7 %

NASDAQ BL opened at $64.46 on Monday. BlackLine has a 1-year low of $43.37 and a 1-year high of $69.31. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. The stock has a 50-day moving average of $59.69 and a 200-day moving average of $52.67. The firm has a market cap of $4.03 billion, a PE ratio of 65.71, a price-to-earnings-growth ratio of 15.18 and a beta of 0.90.

Insider Buying and Selling

In other BlackLine news, CFO Mark Partin sold 5,648 shares of the stock in a transaction on Friday, September 27th. The stock was sold at an average price of $53.00, for a total transaction of $299,344.00. Following the sale, the chief financial officer now directly owns 226,844 shares in the company, valued at approximately $12,022,732. This trade represents a 2.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CRO Mark Woodhams sold 24,408 shares of the stock in a transaction 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 sale, the executive now owns 72,920 shares in the company, valued at approximately $4,690,214.40. This represents a 25.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 158,516 shares of company stock worth $9,058,748 in the last 90 days. 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 business. Point72 DIFC Ltd bought a new position in shares of BlackLine during the 2nd quarter valued at $537,000. Icon Wealth Advisors LLC lifted its holdings in shares of BlackLine by 307.5% during the 3rd quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company’s stock valued at $907,000 after buying an additional 12,415 shares during the period. Susquehanna Fundamental Investments LLC lifted its holdings in shares of BlackLine by 430.5% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 90,403 shares of the technology company’s stock valued at $4,380,000 after buying an additional 73,362 shares during the period. Victory Capital Management Inc. raised its holdings in BlackLine by 61.9% in the 3rd quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company’s stock worth $1,416,000 after purchasing an additional 9,820 shares during the period. Finally, Eagle Asset Management Inc. lifted its position in BlackLine by 74.0% during the third quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company’s stock valued at $12,335,000 after purchasing an additional 86,931 shares in the last quarter. 95.13% of the stock is currently owned by hedge funds and other institutional investors.

BlackLine Company Profile

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.