BlackLine (NASDAQ:BL) Given New $55.00 Price Target at Truist Financial

BlackLine (NASDAQ:BL) had its price objective upped by Truist Financial from $45.00 to $55.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a “hold” rating on the technology company’s stock. Truist Financial’s price target would indicate a potential downside of 0.92% from the company’s previous close.

Several other research analysts have also issued reports on the stock. BTIG Research cut their target price on shares of BlackLine from $71.00 to $65.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Piper Sandler cut their target price on shares of BlackLine from $55.00 to $51.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Morgan Stanley raised shares of BlackLine from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $60.00 to $70.00 in a research note on Monday, September 30th. JPMorgan Chase & Co. increased their target price on shares of BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. Finally, Robert W. Baird cut their target price 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. Two equities research 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. Based on data from MarketBeat.com, BlackLine has an average rating of “Hold” and an average price target of $61.20.

BlackLine Trading Up 0.3 %

NASDAQ:BL opened at $55.51 on Thursday. The firm’s fifty day moving average is $53.00 and its 200-day moving average is $51.77. The company has a debt-to-equity ratio of 2.74, a quick ratio of 1.95 and a current ratio of 1.95. BlackLine has a 52 week low of $43.37 and a 52 week high of $69.31. The firm has a market cap of $3.45 billion, a P/E ratio of 61.68, a P/E/G ratio of 13.75 and a beta of 0.90.

BlackLine (NASDAQ:BL) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $158.21 million. During the same period in the prior year, the firm posted ($0.69) EPS. The company’s quarterly revenue was up 11.0% on a year-over-year basis. Equities analysts expect that BlackLine will post 0.96 earnings per share for the current year.

Insider Activity

In other news, insider Karole Morgan-Prager sold 10,000 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $50.00, for a total value 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Karole Morgan-Prager sold 10,000 shares of the stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $50.00, for a total value 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Barbara Whye sold 5,378 shares of the stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $52.01, for a total transaction of $279,709.78. Following the completion of the sale, the director now owns 6,777 shares of the company’s stock, valued at approximately $352,471.77. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 150,873 shares of company stock worth $8,340,243 over the last quarter. Insiders own 9.93% of the company’s stock.

Hedge Funds Weigh In On BlackLine

Several institutional investors have recently added to or reduced their stakes in BL. Quarry LP bought a new position in BlackLine during the second quarter valued at 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 boosted its position in BlackLine by 31.9% during the third 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 boosted 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 purchasing an additional 266 shares during the period. Institutional investors own 95.13% of the company’s stock.

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.