BlackLine, Inc. (NASDAQ:BL) Receives Consensus Recommendation of “Hold” from Analysts

Shares of BlackLine, Inc. (NASDAQ:BL) have been assigned an average rating of “Hold” from the twelve research firms that are currently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, six have issued a hold recommendation and four have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $59.90.

BL has been the subject of several recent research reports. Piper Sandler reduced their target price on shares of BlackLine from $55.00 to $51.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. JMP Securities restated a “market outperform” rating and set a $81.00 target price on shares of BlackLine in a report on Monday, July 15th. Citigroup reduced their target price on shares of BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a report on Friday, June 28th. JPMorgan Chase & Co. reduced their target price on shares of BlackLine from $50.00 to $47.00 and set an “underweight” rating for the company in a report on Wednesday, August 7th. Finally, Truist Financial reduced their target price on shares of BlackLine from $60.00 to $45.00 and set a “hold” rating for the company in a report on Wednesday, August 7th.

Insider Activity

In other news, CFO Mark Partin sold 5,648 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $53.00, for a total value of $299,344.00. Following the transaction, the chief financial officer now directly owns 226,844 shares of the company’s stock, valued at $12,022,732. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction, the executive now directly owns 97,582 shares of the company’s stock, valued at $5,044,989.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark Partin sold 5,648 shares of the firm’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $53.00, for a total transaction of $299,344.00. Following the transaction, the chief financial officer now directly owns 226,844 shares in the company, valued at approximately $12,022,732. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 123,794 shares of company stock valued at $6,713,879 over the last ninety days. 9.93% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On BlackLine

Hedge funds have recently bought and sold shares of the business. Quarry LP bought a new position in BlackLine during the second quarter worth about $32,000. EntryPoint Capital LLC bought a new position in BlackLine during the first quarter worth about $36,000. 1620 Investment Advisors Inc. bought a new position in BlackLine during the second quarter worth about $64,000. Covestor Ltd increased its holdings in BlackLine by 29.4% in the 1st quarter. Covestor Ltd now owns 1,495 shares of the technology company’s stock valued at $97,000 after buying an additional 340 shares during the period. Finally, Fifth Third Bancorp increased its holdings in BlackLine by 13.0% in the 2nd quarter. Fifth Third Bancorp now owns 2,306 shares of the technology company’s stock valued at $112,000 after buying an additional 266 shares during the period. 95.13% of the stock is owned by institutional investors.

BlackLine Stock Up 1.5 %

BlackLine stock opened at $59.19 on Friday. The stock has a market capitalization of $3.66 billion, a PE ratio of 257.35, a price-to-earnings-growth ratio of 13.57 and a beta of 0.90. BlackLine has a twelve month low of $43.37 and a twelve month high of $69.31. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 2.74. The company has a 50 day moving average of $51.89 and a 200-day moving average of $52.26.

BlackLine (NASDAQ:BL) last released its quarterly earnings results on Tuesday, August 6th. The technology company reported $0.58 earnings per share for the quarter, beating 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 company had revenue of $160.51 million during the quarter, compared to analysts’ expectations of $158.21 million. During the same quarter in the prior year, the company earned ($0.69) earnings per share. The business’s quarterly revenue was up 11.0% compared to the same quarter last year. On average, equities research analysts anticipate that BlackLine will post 0.96 EPS for the current fiscal year.

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.