BlackLine (NASDAQ:BL) PT Lowered to $65.00

BlackLine (NASDAQ:BL) had its price target lowered by analysts at BTIG Research from $71.00 to $65.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. BTIG Research’s price target indicates a potential upside of 31.77% from the company’s previous close.

BL has been the subject of several other research reports. Citigroup cut their price objective on BlackLine from $62.00 to $54.00 and set a “neutral” rating for the company in a report on Friday, June 28th. JPMorgan Chase & Co. cut their price target on BlackLine from $50.00 to $47.00 and set an “underweight” rating for the company in a research note on Wednesday. Truist Financial lowered their price objective on shares of BlackLine from $60.00 to $45.00 and set a “hold” rating on the stock in a research note on Wednesday. Piper Sandler cut their target price on shares of BlackLine from $55.00 to $51.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, JMP Securities reiterated a “market outperform” rating and issued a $81.00 price target on shares of BlackLine in a research report on Monday, July 15th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $58.78.

BlackLine Trading Up 11.9 %

Shares of BlackLine stock traded up $5.24 during midday trading on Wednesday, reaching $49.33. 2,293,477 shares of the company’s stock traded hands, compared to its average volume of 976,313. The company has a market cap of $3.05 billion, a PE ratio of 214.48, a price-to-earnings-growth ratio of 5.32 and a beta of 0.86. The stock has a 50 day moving average of $46.96 and a 200-day moving average of $55.66. BlackLine has a 12 month low of $43.37 and a 12 month high of $69.31. The company has a debt-to-equity ratio of 4.08, a quick ratio of 2.30 and a current ratio of 2.30.

BlackLine (NASDAQ:BL) last announced its quarterly earnings data on Tuesday, August 6th. The technology company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.08. BlackLine had a net margin of 2.30% and a return on equity of 9.07%. The business had revenue of $160.51 million for the quarter, compared to analysts’ expectations of $158.21 million. During the same quarter in the prior year, the company earned ($0.69) earnings per share. The business’s revenue was up 11.0% compared to the same quarter last year. As a group, equities analysts expect that BlackLine will post 1.1 EPS for the current fiscal year.

Insider Activity

In other news, CEO Owen Ryan purchased 3,000 shares of the stock in a transaction dated Friday, May 24th. The shares were acquired at an average cost of $49.88 per share, for a total transaction of $149,640.00. Following the acquisition, the chief executive officer now owns 145,948 shares of the company’s stock, valued at $7,279,886.24. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Owen Ryan purchased 3,000 shares of the business’s stock in a transaction on Friday, May 24th. The shares were bought at an average cost of $49.88 per share, with a total value of $149,640.00. Following the transaction, the chief executive officer now owns 145,948 shares of the company’s stock, valued at $7,279,886.24. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark Partin sold 50,000 shares of BlackLine stock in a transaction on Tuesday, June 4th. The shares were sold at an average price of $47.38, for a total transaction of $2,369,000.00. Following the completion of the transaction, the chief financial officer now directly owns 229,341 shares of the company’s stock, valued at approximately $10,866,176.58. The disclosure for this sale can be found here. Insiders own 9.93% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Arizona State Retirement System raised its position in shares of BlackLine by 2.3% during the 2nd quarter. Arizona State Retirement System now owns 14,638 shares of the technology company’s stock valued at $709,000 after buying an additional 325 shares during the period. Rhumbline Advisers raised its stake in shares of BlackLine by 2.5% in the 2nd quarter. Rhumbline Advisers now owns 156,432 shares of the technology company’s stock valued at $7,579,000 after acquiring an additional 3,857 shares during the period. Versor Investments LP acquired a new stake in BlackLine in the 2nd quarter valued at approximately $1,212,000. nVerses Capital LLC purchased a new position in shares of BlackLine during the second quarter worth $145,000. Finally, Nicholas Company Inc. lifted its stake in BlackLine by 17.0% during the 2nd quarter. Nicholas Company Inc. now owns 131,675 shares of the technology company’s stock worth $6,380,000 after acquiring an additional 19,120 shares in the last quarter. 95.13% of the stock is currently owned by institutional investors and hedge funds.

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.