BlackLine (NASDAQ:BL) Price Target Lowered to $60.00 at BMO Capital Markets

BlackLine (NASDAQ:BL) had its price target trimmed by BMO Capital Markets from $68.00 to $60.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a market perform rating on the technology company’s stock.

Other analysts also recently issued reports about the company. JPMorgan Chase & Co. increased their price objective on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research note on Friday, October 25th. StockNews.com lowered shares of BlackLine from a “buy” rating to a “hold” rating in a research note on Tuesday, February 4th. JMP Securities restated a “market outperform” rating and issued a $86.00 target price on shares of BlackLine in a research note on Wednesday, January 15th. Truist Financial increased 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, Citigroup upgraded BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price objective for the company in a research note on Thursday, January 16th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $66.40.

BlackLine Stock Performance

Shares of BL stock opened at $51.94 on Wednesday. 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 firm has a fifty day simple moving average of $61.62 and a two-hundred day simple moving average of $56.77. BlackLine has a 12 month low of $43.37 and a 12 month high of $69.31. The firm has a market capitalization of $3.25 billion, a PE ratio of 53.00, a price-to-earnings-growth ratio of 9.14 and a beta of 0.92.

BlackLine (NASDAQ:BL) last issued its quarterly earnings data on Tuesday, February 11th. The technology company reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.29). BlackLine had a net margin of 19.83% and a return on equity of 31.02%. Analysts forecast that BlackLine will post 1 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CRO Mark Woodhams sold 24,408 shares of BlackLine stock in a transaction that occurred 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 completion of the sale, the executive now directly owns 72,920 shares in the company, valued at $4,690,214.40. The trade was a 25.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 9.93% of the company’s stock.

Hedge Funds Weigh In On BlackLine

Institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. grew its holdings in BlackLine by 13.6% during the third quarter. Principal Financial Group Inc. now owns 290,775 shares of the technology company’s stock valued at $16,033,000 after purchasing an additional 34,919 shares during the period. Icon Wealth Advisors LLC lifted its position 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 in the last quarter. Victory Capital Management Inc. grew its stake in shares of BlackLine by 61.9% during the 3rd quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company’s stock valued at $1,416,000 after acquiring an additional 9,820 shares during the period. Weiss Asset Management LP purchased a new stake in BlackLine in the 3rd quarter worth approximately $1,506,000. Finally, Eagle Asset Management Inc. raised its stake in BlackLine by 74.0% during the 3rd quarter. Eagle Asset Management Inc. now owns 204,328 shares of the technology company’s stock worth $12,335,000 after acquiring an additional 86,931 shares during the period. Institutional investors 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.