Piper Sandler Raises BlackLine (NASDAQ:BL) Price Target to $60.00

BlackLine (NASDAQ:BL) had its price target upped by Piper Sandler from $51.00 to $60.00 in a report published on Friday,Benzinga reports. The brokerage currently has a neutral rating on the technology company’s stock.

Several other research analysts have also weighed in on BL. Robert W. Baird reduced 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. Truist Financial lifted their target price on BlackLine from $45.00 to $55.00 and gave the stock a “hold” rating in a report on Thursday, October 31st. BTIG Research lowered their price target on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. JPMorgan Chase & Co. lifted their price objective on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, October 25th. Finally, 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. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, BlackLine has a consensus rating of “Hold” and a consensus target price of $62.10.

BlackLine Trading Up 1.5 %

NASDAQ BL opened at $60.37 on Friday. BlackLine has a 12 month low of $43.37 and a 12 month high of $69.31. The stock has a 50-day simple moving average of $53.91 and a 200 day simple moving average of $51.59. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 2.74. The company has a market capitalization of $3.75 billion, a PE ratio of 61.60, a P/E/G ratio of 14.36 and a beta of 0.90.

Insider Activity at BlackLine

In other news, Director Barbara Whye sold 5,378 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $52.01, for a total transaction of $279,709.78. Following the sale, the director now owns 6,777 shares in the company, valued at $352,471.77. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In other BlackLine news, Director Barbara Whye sold 5,378 shares of the company’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $52.01, for a total value of $279,709.78. Following the sale, the director now owns 6,777 shares in the company, valued at $352,471.77. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CRO Mark Woodhams sold 1,387 shares of BlackLine stock in a transaction that occurred 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 transaction, the executive now 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 140,873 shares of company stock valued at $7,840,243. Insiders own 9.93% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of BlackLine by 9.5% in the first quarter. Vanguard Group Inc. now owns 7,380,961 shares of the technology company’s stock valued at $476,662,000 after purchasing an additional 642,772 shares during the last quarter. Conestoga Capital Advisors LLC increased its position in BlackLine by 24.9% during the 3rd quarter. Conestoga Capital Advisors LLC now owns 1,759,098 shares of the technology company’s stock worth $96,997,000 after buying an additional 350,143 shares during the period. Squarepoint Ops LLC acquired a new stake in shares of BlackLine during the second quarter worth $15,128,000. Dimensional Fund Advisors LP boosted its position in shares of BlackLine by 65.4% in the second quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock valued at $28,076,000 after acquiring an additional 229,151 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in BlackLine by 3,027.3% during the third quarter. Assenagon Asset Management S.A. now owns 224,944 shares of the technology company’s stock worth $12,403,000 after acquiring an additional 217,751 shares during the period. 95.13% of the stock is owned by institutional investors.

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.