Brokerages Set BlackLine, Inc. (NASDAQ:BL) PT at $66.00

Shares of BlackLine, Inc. (NASDAQ:BL) have received an average recommendation of “Hold” from the twelve research firms that are covering the stock, Marketbeat reports. Two investment analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $66.00.

A number of brokerages have recently commented on BL. Piper Sandler reiterated a “neutral” rating and set a $60.00 price objective on shares of BlackLine in a research report on Wednesday, November 20th. JMP Securities upped their target price on BlackLine from $81.00 to $86.00 and gave the company a “market outperform” rating in a report on Friday, November 22nd. Morgan Stanley lifted their price target on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. JPMorgan Chase & Co. upped their price objective on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research note on Friday, October 25th. Finally, Truist Financial lifted their target price on shares of BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a research report on Monday, November 11th.

BlackLine Stock Down 2.1 %

BL stock opened at $61.20 on Wednesday. The firm has a market cap of $3.82 billion, a PE ratio of 62.45, a P/E/G ratio of 15.18 and a beta of 0.90. 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 2.42, a current ratio of 2.69 and a quick ratio of 2.69. The firm has a 50 day simple moving average of $60.74 and a 200 day simple moving average of $53.67.

Insider Buying and Selling at BlackLine

In other news, insider Karole Morgan-Prager sold 27,079 shares of BlackLine stock in a transaction dated 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 directly owns 113,865 shares in the company, valued at $6,838,731.90. The trade was a 19.21 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Mark Woodhams sold 24,408 shares of the business’s 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 of the company’s stock, valued at approximately $4,690,214.40. The trade was a 25.08 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 57,560 shares of company stock worth $3,531,114. 9.93% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On BlackLine

Several institutional investors and hedge funds have recently modified their holdings of BL. Engaged Capital LLC acquired a new stake in BlackLine in the 3rd quarter worth approximately $33,620,000. JPMorgan Chase & Co. lifted its stake in shares of BlackLine by 35.3% in the third quarter. JPMorgan Chase & Co. now owns 1,666,591 shares of the technology company’s stock worth $91,896,000 after buying an additional 435,271 shares during the last quarter. Conestoga Capital Advisors LLC boosted its holdings in shares of 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 position in BlackLine in the 2nd quarter valued at $15,128,000. Finally, Dimensional Fund Advisors LP raised its holdings in BlackLine by 65.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 579,481 shares of the technology company’s stock worth $28,076,000 after acquiring an additional 229,151 shares during the period. Institutional investors and hedge funds own 95.13% of the company’s stock.

About BlackLine

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.