BlackLine, Inc. (NASDAQ:BL) Receives Average Rating of “Hold” from Analysts

Shares of BlackLine, Inc. (NASDAQ:BL) have earned a consensus recommendation of “Hold” from the twelve brokerages that are presently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating on the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $66.00.

A number of research analysts recently weighed in on BL shares. Truist Financial boosted their target price on BlackLine from $55.00 to $60.00 and gave the stock a “hold” rating in a report on Monday, November 11th. JMP Securities reiterated a “market outperform” rating and set a $86.00 target price on shares of BlackLine in a research report on Wednesday. Citigroup upgraded BlackLine from a “neutral” rating to a “buy” rating and set a $73.00 price objective for the company in a research report on Thursday. JPMorgan Chase & Co. upped their price objective on BlackLine from $47.00 to $50.00 and gave the stock an “underweight” rating in a research report on Friday, October 25th. Finally, Morgan Stanley upped their target price on BlackLine from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, November 15th.

Insider Buying and Selling

In other BlackLine news, CRO Mark Woodhams sold 24,408 shares of the stock in a transaction that occurred on 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 transaction, the executive now owns 72,920 shares in the company, valued at approximately $4,690,214.40. This represents a 25.08 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 9.53% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its holdings in shares of BlackLine by 13.6% in 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 in the last quarter. Point72 DIFC Ltd bought a new stake in BlackLine during the second quarter worth $537,000. Icon Wealth Advisors LLC lifted its holdings in BlackLine by 307.5% during the third quarter. Icon Wealth Advisors LLC now owns 16,452 shares of the technology company’s stock worth $907,000 after acquiring an additional 12,415 shares during the period. Susquehanna Fundamental Investments LLC increased its position in BlackLine by 430.5% in the second quarter. Susquehanna Fundamental Investments LLC now owns 90,403 shares of the technology company’s stock worth $4,380,000 after buying an additional 73,362 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in BlackLine by 61.9% in the third quarter. Victory Capital Management Inc. now owns 25,677 shares of the technology company’s stock worth $1,416,000 after buying an additional 9,820 shares during the last quarter. Institutional investors own 95.13% of the company’s stock.

BlackLine Stock Down 0.6 %

BL stock opened at $59.65 on Friday. 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 market capitalization of $3.73 billion, a PE ratio of 60.87, a PEG ratio of 12.60 and a beta of 0.91. BlackLine has a 1-year low of $43.37 and a 1-year high of $69.31. The business’s 50 day simple moving average is $61.28 and its 200 day simple moving average is $54.94.

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.