Truist Financial Cuts BlackLine (NASDAQ:BL) Price Target to $55.00

BlackLine (NASDAQ:BL) had its price target cut by Truist Financial from $60.00 to $55.00 in a research report released on Wednesday morning,Benzinga reports. They currently have a hold rating on the technology company’s stock.

A number of other equities research analysts also recently weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of BlackLine from $47.00 to $50.00 and gave the company an “underweight” rating in a research report on Friday, October 25th. JMP Securities reaffirmed a “market outperform” rating and issued a $86.00 price objective on shares of BlackLine in a report on Wednesday, January 15th. Piper Sandler reduced their target price on BlackLine from $60.00 to $58.00 and set an “underweight” rating on the stock in a report on Wednesday. BMO Capital Markets dropped their price target on BlackLine from $68.00 to $60.00 and set a “market perform” rating for the company in a research note on Wednesday. Finally, StockNews.com downgraded shares of BlackLine from a “buy” rating to a “hold” rating in a research note on Tuesday, February 4th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $66.40.

BlackLine Stock Performance

BL opened at $51.37 on Wednesday. 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 has a fifty day simple moving average of $61.15 and a 200 day simple moving average of $56.77. BlackLine has a 1 year low of $43.37 and a 1 year high of $69.31. The company has a market capitalization of $3.21 billion, a PE ratio of 52.42, a price-to-earnings-growth ratio of 9.14 and a beta of 0.92.

BlackLine (NASDAQ:BL) last released its quarterly earnings results on Tuesday, February 11th. The technology company reported $0.21 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.29). BlackLine had a net margin of 19.83% and a return on equity of 31.02%. Research analysts expect that BlackLine will post 1 EPS for the current year.

Insider Buying and Selling

In other BlackLine news, CRO Mark Woodhams sold 24,408 shares of the company’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $64.32, for a total value of $1,569,922.56. Following the completion of the transaction, the executive now owns 72,920 shares of the company’s stock, valued at $4,690,214.40. This represents a 25.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 9.93% of the stock is owned by corporate insiders.

Institutional Trading of BlackLine

Hedge funds and other institutional investors have recently made changes to their positions in the company. SBI Securities Co. Ltd. acquired a new stake in BlackLine during the 4th quarter worth approximately $31,000. Global Retirement Partners LLC raised its stake in shares of BlackLine by 568.4% during the fourth quarter. Global Retirement Partners LLC now owns 528 shares of the technology company’s stock valued at $32,000 after acquiring an additional 449 shares during the last quarter. Quadrant Capital Group LLC lifted its holdings in shares of BlackLine by 243.5% during the fourth quarter. Quadrant Capital Group LLC now owns 584 shares of the technology company’s stock worth $35,000 after purchasing an additional 414 shares during the period. GAMMA Investing LLC grew its stake in shares of BlackLine by 41.2% in the fourth quarter. GAMMA Investing LLC now owns 634 shares of the technology company’s stock worth $39,000 after purchasing an additional 185 shares during the last quarter. Finally, Headlands Technologies LLC bought a new stake in shares of BlackLine in the fourth quarter worth $50,000. 95.13% of the stock is currently owned by institutional investors.

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.