BlackLine (NASDAQ:BL) Given “Market Outperform” Rating at JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of BlackLine (NASDAQ:BL) in a report published on Wednesday,Benzinga reports. JMP Securities currently has a $86.00 target price on the technology company’s stock.

Several other research firms have also weighed in on BL. Piper Sandler lowered BlackLine from a “neutral” rating to an “underweight” rating and set a $60.00 price objective on the stock. in a research note on Monday, January 6th. Citigroup raised their target price on BlackLine from $64.00 to $73.00 and gave the company a “neutral” rating in a report on Monday, December 16th. JPMorgan Chase & Co. raised their target price on BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a report on Friday, October 25th. Truist Financial lifted their price objective on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Monday, November 11th. Finally, Morgan Stanley lifted their price objective on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $66.00.

BlackLine Stock Performance

NASDAQ BL opened at $58.67 on Wednesday. The firm has a market capitalization of $3.67 billion, a P/E ratio of 59.87, a P/E/G ratio of 12.60 and a beta of 0.91. BlackLine has a 1-year low of $43.37 and a 1-year high of $69.31. The company has a debt-to-equity ratio of 2.42, a current ratio of 2.69 and a quick ratio of 2.69. The business’s 50-day simple moving average is $61.29 and its 200-day simple moving average is $54.77.

Insider Activity

In related news, CRO Mark Woodhams sold 24,408 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $64.32, for a total transaction of $1,569,922.56. Following the completion of the transaction, the executive now owns 72,920 shares in the company, valued at $4,690,214.40. The trade was a 25.08 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Karole Morgan-Prager sold 27,079 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $60.06, for a total value of $1,626,364.74. Following the transaction, the insider now owns 113,865 shares of the company’s stock, valued at $6,838,731.90. This represents a 19.21 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 9.53% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its position in BlackLine by 41.2% during the 4th quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock worth $39,000 after acquiring an additional 185 shares during the period. Quarry LP acquired a new position in BlackLine during the 2nd quarter worth $32,000. Covestor Ltd boosted its position in 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 acquiring an additional 337 shares during the period. Hardy Reed LLC acquired a new position in BlackLine during the 3rd quarter worth $244,000. Finally, Sanctuary Advisors LLC acquired a new position in BlackLine during the 2nd quarter worth $220,000. Institutional investors and hedge funds own 95.13% of the company’s stock.

BlackLine Company Profile

BlackLine, Inc operates a cloud-based software platform which is designed to transform accounting and finance operations for organizations of all types and sizes. Its scalable platform supports critical accounting processes such as the financial close, account reconciliations, intercompany accounting, and controls assurance.