BlackLine (NASDAQ:BL) Price Target Raised to $86.00

BlackLine (NASDAQ:BL) had its target price increased by investment analysts at JMP Securities from $81.00 to $86.00 in a report released on Friday,Benzinga reports. The firm currently has a “market outperform” rating on the technology company’s stock. JMP Securities’ price target would suggest a potential upside of 39.16% from the stock’s previous close.

A number of other research firms have also issued reports on BL. Robert W. Baird reduced their price target on shares of BlackLine from $72.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. 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 report on Friday, October 25th. Truist Financial boosted their price target on shares of BlackLine from $55.00 to $60.00 and gave the company a “hold” rating in a report on Monday, November 11th. BTIG Research cut their price objective on BlackLine from $71.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, Morgan Stanley boosted their target price on BlackLine from $70.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $64.10.

BlackLine Stock Up 5.6 %

NASDAQ:BL opened at $61.80 on Friday. The business’s fifty day moving average price is $55.75 and its 200 day moving average price is $51.67. The firm has a market capitalization of $3.86 billion, a price-to-earnings ratio of 63.06, a PEG ratio of 13.54 and a beta of 0.90. The company has a current ratio of 2.69, a quick ratio of 2.69 and a debt-to-equity ratio of 2.42. BlackLine has a 1-year low of $43.37 and a 1-year high of $69.31.

Insider Activity

In related news, insider Karole Morgan-Prager sold 27,079 shares of the stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $60.06, for a total transaction of $1,626,364.74. Following the completion of the sale, the insider now owns 113,865 shares in the company, valued at $6,838,731.90. This represents a 19.21 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark Partin sold 5,648 shares of BlackLine stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $53.00, for a total value of $299,344.00. Following the completion of the transaction, the chief financial officer now directly owns 226,844 shares in the company, valued at approximately $12,022,732. This represents a 2.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 134,108 shares of company stock valued at $7,488,826. Insiders own 9.93% of the company’s stock.

Institutional Trading of BlackLine

A number of hedge funds have recently bought and sold shares of BL. Fifth Third Bancorp lifted its position in BlackLine by 13.0% in 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. Arizona State Retirement System increased its stake in BlackLine by 2.3% in the second quarter. Arizona State Retirement System now owns 14,638 shares of the technology company’s stock valued at $709,000 after acquiring an additional 325 shares during the period. Covestor Ltd grew its stake 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 buying an additional 337 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of BlackLine during the first quarter worth approximately $36,000. Finally, Louisiana State Employees Retirement System raised its stake in shares of BlackLine by 2.4% in the second quarter. Louisiana State Employees Retirement System now owns 25,800 shares of the technology company’s stock valued at $1,250,000 after acquiring an additional 600 shares during the last quarter. 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.